Increasingly done through read-only bank connections rather than a phone call or a letter, which is faster and harder to falsify. It confirms the statements belong to the account the remittance will draw from.
Related terms
Submission
A completed merchant file sent to a funder for underwriting.
Underwriting
A funder’s assessment of whether a merchant’s receipts can absorb a daily remittance, and on what terms.
Merchant application
The signed form capturing the merchant’s business details, requested amount and authorisation to pull information.