Pepper Pay Underwriting Documentation Requirements
Based on a combination of risk level and volume, merchants may be required to submit additional documentation.
The bank may request additional documentation, require reserves or other restrictions based upon the information received, the business model, financial concerns, or many other factors.
MCCs That Typically Accept EBT Payments
| Requirement | Level I & Level II | Moderate & High |
|---|---|---|
| Complete Merchant Application and Agreement signed by an owner or officer of the business. (Note: a manager or general manager is not necessarily an owner or officer. If so, please provide official proof). If additional MID, an Additional Location Form | Yes | Yes |
| Ultimate Beneficial Owner (UBO) - Ultimate Beneficiary Owners (UBO) need to be listed on the application for each owner that owns 25% or more of the business (part of app). If there is no beneficial ownership, an individual with significant responsibility to control, manage or direct the legal entity must be listed on the application and a Certificate of No Beneficial Ownership may be required. | Yes | Yes |
| Completed fee schedule (part of app) | Yes | Yes |
| Signed Bank Disclosure (part of app) | Yes | Yes |
| Personal guarantee (part of app) | Yes | Yes |
| List of all URL's and mobile app's (marketing and card accepting) associated with processing accounts (required for e-commerce Merchants) (part of app) | Yes | Yes |
| A complete site survey executed by the ISO or 3rd party vendor where applicable (part of app) | As applicable | As applicable |
| Copy of Government Issued Photo ID that is not expired (Ex. Driver's license, Passport or other government issued picture ID) *For non-US citizens, EAD and ITIN are required additionally |
Yes | Yes |
| Copy of preprinted voided check with Merchant name/address or bank account reference on bank letterhead. | Yes | Yes |
| Completed MO/TO Internet Questionnaire | Yes (if MOTO, eCommerce over $250K) | Yes |
Business identification. One of the following is required:
|
Yes | Yes |
| Most recent consecutive three months Merchant processing statements. (Not required for startups). |
Yes (if volume is greater than $150K monthly) | Yes |
| Most recent consecutive three months Merchant bank account statements OR a bank account reference on bank letterhead signed by a bank officer. | Yes | Yes |
| Most recent personal tax return from primary Merchant owner or officer. | As requested | As requested |
| Most recent two years of CPA or management prepared, preferably audited, Merchant financial statements and/or tax returns. Tax returns must include supporting schedules. Financial statements must minimally include income statements and balance sheets. | Yes (if greater than $1M) | Yes (if volume is greater than $125K monthly) |
| Copies of brochures/catalogs/ads/order forms for card-not-present Merchants without detailed websites. | No | Yes |
| Executive Summary detailing the transaction flow, risk assessment & exposure, financial and credit analysis, and approval justification and loss prevention strategy/mitigates. | No | Yes (High Risk, only if requested) |