What if I Don’t Have Bank Statements?

So you’re a brand new business, huh? Let’s say you opened up your very own cake shop. You sell the best cakes in the entire city! You’re off to a good start. But you realize you need to open a merchant account to take credit card payments from your customers. It makes sense. This could (will) lead to an increase in sales.

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But potential merchant account providers need bank statements and you are a brand new business. So what do you do?

The first thing you should realize is that bank statements are provided to show liquidity. Your provider is going to want to see a liquidity that can protect you and them against potential chargebacks from customers. It should be a rare case, but it can happen.

If you don’t have business bank statements, what can you do? In this situation (which is extremely common, so don’t worry!), you can provide personal bank statements to show underwriting liquidity to make them comfortable in approving your account.

If you have little liquidity (after all, you probably poured some of your savings into the new business), don’t fret! Accounts planning to process under $50k monthly can typically be approved with all documents excluding bank statements. This will give you time to build a rapport with your provider. When the time comes to increase your monthly limit, your reputation should allow for you to get the increase approved without issue.