Is a Credit Check Required?

If you want to accept credit or debit cards, an identity verification and compliance check is required by law, regardless of the credit card processor you go with.

A credit check is nothing to be afraid of, it's primary purpose is to protect you and the financial institution from fraud and identity theft. It's a simple process that will not take more than a few minutes to complete. Read below to understand the different types of credit applications we offer. You can also Message us or Book a Call and we'll go over everything with you in more detail & help you select the best option for your situation.

Hard Credit Check vs. Soft Credit Check

• Hard Credit Check: This may slightly impact your credit score, lowering it by a few points temporarily. However, this impact is minimal and should only last for a short time. Experian (one of the three major US Credit Bureaus) says "FICO® reports that a single hard inquiry lowers your score by five points or less, and your score typically rebounds in just a few months..."
• Soft Credit Check: This has absolutely zero impact on your credit score. It's a great option if you are (1) planning a big purchase (house, new car, etc.) within 6 months, or (2) actively working to rebuild your credit.

Comparing Application Types

If you decide to move forward, we offer two different application types for you to select from:

• Pros: This is a more simple application, it will not require a copy of a voided check or bank letter.
• Cons: This may slightly impact your credit score, lowering it by a few points temporarily (see Hard Credit Check vs. Soft Credit Check section above for full details).

• Pros: Absolutely zero impact on your credit score (see Hard Credit Check vs. Soft Credit Check section above for full details).
• Cons: This application requires that you verify your bank account, one of the following is required:
  1. A picture of a voided check (if your business is registered as a Sole Proprietor or Single Member LLC, the check can be in your name. Otherwise, it must be in the business name).
  2. An official letter from your bank which includes the business name, full routing and full account number.

We're Here to Help.

We want you to feel comfortable knowing that these checks are not only required but also beneficial in protecting your business. A single credit inquiry won't significantly impact your score, and it's a necessary step to ensure the security and integrity of the financial systems we rely on.

Your application will be processed with the utmost care and compliance, and you can trust that we are here to support you every step of the way.

Questions? Let's chat. Message us or Book a Call. We'll go over everything in more detail & help you select the best option for your situation.