When submitting your Sonder Payments merchant account application, there are a few pieces of additional information that will help the underwriting process go much quicker. If you can submit these items along with your application, your account should be approved in as little as 48 hours, meaning you can start processing sooner rather than later.
Here’s what we need, along with a brief explanation about how each helps the underwriting process:
- Driver’s License: This is required as a fraud prevention method. Basically, we want to make sure that the person submitting the application is who they say they are. Please submit a current driver’s license for the contact person listed on the application.
- Business License or Registration: This is our fraud prevention method against falsified businesses. By submitting your business license, you can prove that your business is operating legally.
- Voided Check: As part of your application, you will provide information for the account to which you want deposits made. This voided check helps us verify that the account is legitimate and that it is connected to either the business or individual that is completing the application. If you do not have a voided check, a bank statement will be sufficient
- Past Processing Statements: Processing statements are the easiest way for underwriters to get a feel for the company’s credit history and transaction volume. While these are not technically required, it greatly expedites the underwriting process. As a rule of thumb, we recommend providing statements from the three most recent months to ensure that the information is as accurate as possible. Companies that have not accepted cards previously can submit bank statements as a substitute if they wish to begin processing sooner.
While the above four items are universal, there are a few additional items that may be requested for specific business types:
Merchants must provide links to the following items on the company’s website. These allow underwriters to better predict the transaction activities of the business:
- Refund Policy
- Terms & Conditions
NOTE: For businesses that are already accepting cards directly on their website, the shopping cart should be accessible for underwriting to review. This allows us to see how Sonder Payments can best integrate into your existing online payments systems without changing the customer experience.
Merchants must provide photographs of the following to prove that the business is operating at the location listed in the application:
- Signage: The outside of the store should clearly show the business’s name or “doing business as” (DBA) name.
- Inventory: Inventory should match the business category in which the merchant purports to operate.
If you have any questions about the above requirements, please contact Sonder Support by emailing email@example.com or calling (314) 255-5826.