A complete one is a signed application, four consecutive months of full bank statements, bank verification and a short note explaining anything unusual. Underwriters work a queue, and a file that needs a follow-up goes behind the files that do not.
ISO
A firm that sources merchants and places their files with funders, earning points on funded volume without deploying its own capital.
Underwriting
A funder’s assessment of whether a merchant’s receipts can absorb a daily remittance, and on what terms.
Decline
A funder’s refusal to make an offer on a submitted file.
Pipeline
The set of merchants a broker is working, grouped by stage from first contact through to funded.
Verification of bank
Confirmation from the merchant’s bank of account ownership, standing and sometimes balances.
Merchant application
The signed form capturing the merchant’s business details, requested amount and authorisation to pull information.
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