Canmor does not require merchant confidential information to be sent through the web site. Canmor will contact the merchant by telephone and obtain the required information.
How fast will I know if I have been approved?
Once the application has been received by Canmor and all the required information and documents have been received, we will generally know within the first 24 hours.
Do I need to change my Bank? Or my bank account?
No, you use the same bank and the same bank account.
Do you do a Credit Check? Do I have to pay?
Yes, a Credit Check will be done on your business and on you the owner. This is necessary to arrive at a risk assessment on your business. Every merchant applying to accept credit card must undergo this assessment. Please remember, not every merchant applying to accept credit cards will be approved.
No, you do not pay for the credit check or the assessment process.
How do you decide if I am Approved or not?
As mentioned in 2. Above, credit check and risk assessment are two very important factor. Other considerations are the type of business you operate, your estimated monthly credit card volume and the average size of your transaction and the industry segment you operate in.
Some business operate in an industry that we are unable to provide service; these are known as Prohibited merchants and are set by Visa and Mastercard, Processors, laws of Canada and a number of other factors.
What documentation do I need?
If you are a sole ownership, you will need to provide 1.) A Void cheque of your business bank account; 2.) copy of your business registration or license; and, 3.) Proof that the business is operating, Hydro bill, telephone bill, etc. Note: the invoices must be addressed to your business.
If you are a Limited Company, you will need to provide 1.) A Void cheque, 2.) copy of your Articles of Incorporation; and 3.) proof that your business is operating, Hydro bill, telephone bill, etc. Note: the invoices must be addressed to your business. Depending upon what business industry you operate in you may be asked to provide Financial Statements (this is common for businesses that take payment and the product/service is delivered to the customer at a later date).