What is always required?
The application itself, owner identification, the business tax ID, and proof of the bank account where funds will settle. Owners holding 25% or more must be listed individually, and the listed owners should account for a majority of the business. A personal guarantee is expected on most applications.
When are processing statements required?
For lower-volume card-present businesses, identity, tax ID and bank verification often run electronically and statements are not needed. Statements are typically requested when the average ticket is high, when a single transaction can be large, or when goods and services are delivered well after payment is taken.
What else might underwriting ask for?
Formation documents such as articles of organisation or incorporation, a business licence where the industry requires one, a copy of the website terms and refund policy for online acceptance, and supplier or fulfilment agreements where delivery timing is a factor. Requests are specific to the risk being assessed, not a fixed list.
Why does the voided cheque matter so much?
The settlement account has to match the legal business name on the application. A mismatch between the two is one of the most common reasons an otherwise straightforward application stalls, and it is entirely avoidable by checking before submission.