Validation and Enhancements
The information below outlines the various reasons an account could get pended with the Stax underwriting team, the “why” behind their request, and documentation that can be provided to remediate. Your Partner Success Associate’s (PSA’s: [email protected]) are ready to help answer any questions your team may have to resolve a pended account and get your merchants one step closer to processing!
Helpful Tip: If documentation is uploaded to an application, you do not need to let our PSA team know. But, if a field is changed in the application, please be sure to send a quick Slack or email over to the Stax team so we can alert our underwriting team.
Key Sections
Documentation needed for validating business bank accounts.
Instructions for lifting credit freezes for verification.
Required documents for validating signer information.
Detailed Documentation
Bank Verification Documentation
The Business bank account information provided could not be validated OR the bank verification was previously validating but is now failing. Please provide one (1) of the following acceptable forms of documentation (Please note: personal bank accounts are only acceptable for sole proprietorships):
- Voided check
- MUST include the merchant's Legal Name or DBA
- Full account and routing numbers
- Bank verification letter (BVL)
- MUST be on Official Bank letterhead
- Bank letter MUST include the Bank Name and Branch Address
- Bank letter and Void check MUST have Merchant Legal Name or DBA Name (if DBA is utilized)
- Bank letter and Void check MUST include the full account number (no truncated numbers)
- Bank letter and Void check MUST include the routing number
- Bank letter MUST include a signature and contact telephone number of an employee of the bank
- Bank letter MUST include “this account is active and is in good standing with the bank”
Frozen Credit
Stax needs to be able to verify a passing score to ensure the merchant is in good financial standing to accept what is essentially a short-term loan from our sponsor bank while the funds are being transferred from their customer's bank account into their own.
- Please ask the merchant to lift the credit freeze on their report for Experian so we can run credit (soft pull). Instructions from Experian HERE.
- Please allow 72 business hours before the freeze is reinstated.
Signer Verification
Additional documentation is needed to validate the signer information provided, as it cannot be verified via electronic resources. The following documentation is acceptable:
- A copy of a government-issued photo identification showing the name and date of birth for the signer.
- A document showing the name and physical address for the signer.
- A document showing the name and Tax Identification Number for the signer.
Additional Information
Updated 11 days ago