What documents will Dharma ask for?
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 your EIN or Taxpayer ID number
If you’re already accepting credit cards, we’ll also require three months of current processing statements for our review. If you have the need to accept large-ticket orders (over $1,000) then please also be ready to provide statements that indicate transactions of this value, or past invoices reflective of those volumes.
Depending on the nature of your business, it’s possible that our underwriters may have additional documentation requests. They’re not as common, but we may request to see bank statements, tax returns, financial documents, or business contracts to verify or confirm certain information. Because credit card processing is essentially a service of micro-loans, our underwriters will want to ensure that all new accounts meet their internal risk requirements and don’t pose any future concerns. We’ll certainly let you know if and when our underwriters have additional documentation requests.