Important reminders when applying for Quickbooks Payments/Merchant Services

When you make a request for a QuickBooks Payments merchant account, your application may be in pending or review status. This article addresses the most common reasons for these types of application status.

The following are some of the reasons why a QuickBooks Payments application may be pending or in review status:

• Description of products and services
• Address discrepancy
• Non-profit documents
• Personal guarantee
• Financial documentation
• Verify personal information
• Invalid Social Insurance Number
• Prohibited or unsupported business types
• 3 months statements
• Face-to-face
• 90 days

Description of products and services

Intuit Payment Solutions needs to know exactly what the credit card charges will be for. This response in your application should be as detailed as possible.

Address discrepancy

Intuit Payment Solutions needs to verify the residential address listed on your application against the data pulled from the credit reporting agency. To verify this information, we require a utility bill listing the service address. If the bill is not in your name, it will still be accepted.

If you do not have a utility bill, a lease agreement will suffice. Bank or credit card statements, along with mobile phone bills, will not satisfy this requirement.

Non-profit documents

In order for Intuit Payment Solutions to approve a credit card processing account as a non-profit, we require evidence of your non-profit status on a federal level. If you do not plan to accept donations through the merchant account, you can personally guarantee the account.

Personal guarantee

Intuit Payment Solutions requires a personal guarantor on all accounts. We run a credit report to ensure that any possible debts of the business can be absorbed by the guarantor.

Financial documentation

If you do not wish to provide a personal guarantor, or if your estimated monthly processing volume is high, we are required to have on file 3 months of your business bank statements, 2 years of business tax returns, and either 2 years of CPA-prepared financial statements or 2 years of profit and loss statements.

If you have existing merchant accounts with Intuit Payment Solutions, we combine the estimated volume of your open accounts to determine whether financials will be requested.

Verify personal information

In order for Intuit Payment Solutions to generate a credit report for underwriting a merchant account, we need to have the following data: legal name, residential address, and Social Insurance Number. If we are unable to obtain a credit report, we will need to verify all three pieces of data.

Invalid Social Insurance Number

A Social Insurance Number is required on all applications. If none is received, if there is a discrepancy in the number you provided, or if you provided your tax ID in lieu of the Social Insurance Number, we will request verification of the correct number.

Prohibited or unsupported business types

For a list of business operations prohibited from signing up for Payments, see our Acceptable Use Policy and our Canadian terms of service.

3 months statements

In certain cases, we will ask for 3 months of your business bank statements from the account listed on your application to confirm that the estimated processing volume on your application is being processed through your business at the time of the application. If you indicated on your application that you have had a processor in the past, you may be asked for processing statements instead.

Face-to-face

Due to our risk parameters, there are certain types of products and services that we require be offered or performed on a face-to-face basis with your customers. By agreeing to these terms, you acknowledge that the merchant account will not be used to process transactions for any non face-to-face sales or service.

90 days

To limit our risk, you must agree that no transactions will be processed more than 90 days in advance. If you currently bill annually or semi-annually, you will need to begin billing quarterly to process your payments through the merchant account.

Money movement services are provided by Intuit Canada Payments Inc.