Adding Merchant Accounts is easy, but the applications take time to be approved on the backend. This is why we ask you to tackle this step early on. We would hate for your merchant account to keep you from launching.
Merchant Accounts through Enrollsy are provided by two of our partners. ACHQ provides ACH (Electronic Check) capabilities and TillPayments provides Credit/Debit Card capabilities.
Here are some tips to successfully complete your Merchant Account Application:
Payment Processing Volumes
You will notice that both applications ask for your payment processing volumes on a single, daily, monthly, and annual basis. If you exceed this limit at any point, your payments will be blocked! Please take the time to think through what these limits look like for your company. Keep in mind you can change them later, but will need to reach out the respective payment processing company.
Online Portal Access
Be sure to remember who you give online portal access to. This portal will be helpful later as you begin to reconcile your accounts. Learn more about accessing these accounts.
Follow-Up Emails
Keep an eye out for emails sent from us-support@tillpayments.com, no-reply@merchantapp.io, and achq@enrollsy.com after completing your application. Additional information may be required from you.
Ownership Information
The merchant account application requires ownership information and personal information for a person who has financial ownership or authority over their bank account and finances. This applies to non-profit and for-profit organizations alike. This requirement was set forth around 2015 as an extension of the Patriot Act. So, if you haven't applied for a merchant account since that time, this may be news to you, but please know this is a universal requirement in the US. To learn more, please select the Beneficial Ownership Requirements document attached below.