Corporate Financials
Required by underwriting to approve your account.
Corporate Financials
A corporate balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time, showing its assets (what it owns), liabilities (what it owes), and equity (the owners' interest). It follows the fundamental formula: Assets = Liabilities + Equity. In an accounting system like QuickBooks, a balance sheet can be generated instantly by selecting the Balance Sheet report and choosing the desired date.
An income statement, also known as a profit and loss statement, is a financial report that shows a company's revenues, expenses, and net profit or loss over a specific period of time. It measures performance by summarizing how much the business earned and what it spent during that timeframe. In an accounting system like QuickBooks, an income statement can be generated instantly by selecting the Profit & Loss report and choosing the desired date.
Requirement Summary
Corporate financials are mandatory when applying for a merchant account to assess a business's financial stability, which helps payment processors evaluate risk, determine creditworthiness, and ensure the business can handle chargebacks and refunds. This requirement is industry standard. Financial statements provide a comprehensive view of a company's financial health, allowing processors to verify its ability to meet obligations and operate long-term, which reduces the processor's exposure to potential financial loss.
Upload Financials
If you have generated your financial documents, you can upload them now through our encrypted upload portal. All documents are transmitted using 256-bit encryption to ensure confidentiality and compliance with card brand security standards. Remember, you'll need to submit your Signature Page if you haven't done so already. Once submitted, our underwriting team will review your documents promptly and proceed with final account approval and setup.