Applications will either be completed through an online portal or submitted via fax, email, or snail mail to us (addresses and contact information below). Here’s what should be in your packet:
1) Completed application (see Fill Out An Application! Part 1 for detailed instructions)
2) Cover letter, if desired. Here’s where you can let us know any details or explanations you may wish to let us know up front.
3) Imprinted voided check for the business checking account listed on the application
4) Entity formation document: Articles of Incorporation, Articles of Organization, Business License, and/or DBA/Fictitious Business Name statement (whatever applies to you). Note: A non-profit organization should include a copy of their 501c3 document.
5) Rent roll, or list of current property addresses managed, for property management companies only. This includes Sole Proprietorships doing real estate.
These are the things everyone will need. The rest can depend on what you put down for your processing limits on the application (see Fill Out An Application! Part 1 for more explanation on choosing limits).
We have developed three tiers in reference to the limits, or levels of processing. Because each of these tiers carries different risk, there are specific guidelines related to each one. Keep in mind that if you apply for both ACH/eCheck and credit cards, your monthly volume will be the combination of the two (one from each application), but the maximum ticket will simply be the higher of the two.
- Monthly volume does not exceed $10K
- Maximum ticket does not exceed $500
- Monthly volume does not exceed $30K
- Maximum ticket does not exceed $1,500
For both Tier 0 and Tier 1, you’re good to go with the documents listed above. Nothing else is needed.
- Monthly volume does not exceed $100K
- Maximum ticket does not exceed $5K
For Tier 2, you will also need to provide two months of the most current bank statements for the settlement account. This account should also match your voided check.
- Monthly volume exceeds $100K
- Maximum ticket exceeds $5K
For Tier 3, you will need the two months of most current bank statements as indicated above, as well as two subsequent years of business financials. This should be for the most recent, full financial years. You can submit full copies of your corporate tax returns. You could also choose to submit two years of both Balance Sheets (Assets/Liabilities) and P&L (Income/Expense). Be sure the business name is printed legibly on the financials and that it matches either the legal or DBA name you have listed on the application.
The only other time you need to submit two years of financials will be if you do not have a signer for the Personal Guaranty.
Generally, these are the required documents to get your application processing and reviewed. Occasionally you may be asked for a driver’s license or utility bill, but that is not typical.
As soon as you get everything together, you can send these items to NewAccounts@forte.net or fax them to 469.675.8740. You can also snail mail to: New Accounts, c/o Forte Payment Systems, 500 W. Bethany Drive, Suite 200, Allen, TX 75013. Bear in mind that with all things snail, it will take longer to process.
After the click of the button or the lick of the stamp, you’re probably ready to start swiping. There is a process to get you to that next level. Find out what happens now in Fill Out An Application! Part 3.