When you apply online you will receive an email normally within 1 - 3 business days informing you if you have passed the initial stage or not. If so, you will receive an email with a list of supporting documents to return. Once all forms and supporting documents have been received, your application will be assessed, then you will be contacted with a decision. You will also be contacted if any questions regarding your application arise.

During busy periods the application process may take 14 - 28 days (from the time of receiving your documents) due to the amount of applications we receive. However we try and get the whole process done in as little as 10 - 14 working days

Why is the set-up time longer than some other accounts?

The reason it can take a slightly longer time is that as so many banking systems are computerised now and only see applications as black and white, we actually take the time to talk to the customer, listen to their actual needs and if turned down try and help to get the account they want. Unfortunately this can mean that the application process is slightly longer. However with a success rate of over 90%, what would you prefer?

Potential email problems

With both accounts you will be updated via email. If you have not received your emails please check all spam filters and junk mail folders before contacting us as this can often be the reason for missing emails. AOL is especially well known for deleting or junking email.

Product Descriptions

When filling in the application please make sure that you are as precise as possible with your product descriptions. Some customers have unfortunately been refused an account because they have failed to give an accurate description. For example - someone who is selling herbal products, may simply put 'Health care supplements'. However this can easily be misconstrued to mean pharmaceutical tablets, pills etc. However, if a description of '100% herbal products such as vitamins and protein supplements' had been entered then it would have passed the initial stage

This also works in reverse. For example if you are renting out accommodation that you own and have control of (no third party). However you fail to mention that you will also be supplying flights etc. and do not have the necessary bonding, then your application will be rejected

Turnover Estimates

On the application you will be asked to give an estimated monthly online turnover. These will most likely be guesstimates as 90% of applicants have not yet started to trade online. Because of this please do not over exaggerate these estimates as they can hinder you application and final merchant account (if offered). Certain applicants think by exaggerating the amounts we will be more keen to help them. However this is not the case whatsoever. Not only will we help any company big or small, the fact that you have put very large monthly turnovers may mean you are actually deemed a higher risk. Therefore receiving different terms to those advertised (see disclaimer below) or not receiving an account at all

Providing false details and business descriptions

A number of businesses try to apply using false details and/or business descriptions e.g selling DVD's but in fact selling medication. As you can imagine this wastes alot of time for all parties involved, chiefly us. For this reason, anyone who knowingly provides wrong business information will be charged a £150 + VAT Fee

This practice is illegal and is classed under UK law as 'trying to acquire products or services under false pretenses'. As you can imagine we take this very seriously and anyone caught doing so will have their business details past over to the appropriate authorities

Any company who changes their business model must inform us as soon as possible, otherwise their account could be closed with immediate effect and no refund given

Disclaimer

Please note that due to an applicants status and/or business model and following a full risk assessment of an application, we are unfortunately sometimes required to increase two specific elements: the settlement period and the rolling reserve, in order to increase the merchant's chance of obtaining a merchant facility with one of our sponsor banks

Indeed a longer settlement period and a larger rolling reserve are more likely to reassure our processing bank that we have taken sufficient steps to mitigate the risk exposure on an account.

As you can imagine we are unable to tell who will have their settlement period and rolling reserve increased until an application has been put in and is being processed. Please be reassured that you are under no obligation to continue with the application if the new terms offered no longer meet your requirements. If this is the case than simply reply to the relevant email and your application will be terminated

For more information on our merchant accounts please click here