When opening a new account, there are few documents we’ll always need: Voided Check, or proof of your bank account in the form of a bank letter, signed by your bank representative. Proof of your legal entity, typically in the form of an IRS letter or any other document showing [...]
Terminal applications are closely related to MCC codes. All credit card terminals have a specific software downloaded to them, to allow for specific transaction types. Thus, having an incorrect terminal application may result in your terminal not allowing certain types of transactions. The “standard” terminal application is known as the [...]
A personal guaranty is part of our agreement stating that in the event that the business is unable to pay for merchant services fees, that you as an individual will compensate us instead. It’s quite rare that a personal guaranty is enacted, but it is put into place to protect [...]
Yes, you will. As a financial institution, we’re required per the Patriot Act to verify the identity of any individual opening a new merchant account. You can read through the requirements here. This applies to nonprofits as well, although we do not require a personal guaranty for nonprofit signers.
Yes, you certainly can. We are happy to assist with the setup of your merchant account. In the interest of full disclosure, this is why many new merchants opt not to sign up with a full-service MSP like Dharma: If your anticipated sales volume is relatively low (under $10,000/month, and [...]