Cathy Beardsley, president and CEO of Segpay, has outlined eight steps for merchants to expedite the onboarding process with new acquiring partners. The recommendations, published on November 13, 2026, address common delays stemming from extensive documentation requirements by acquiring banks under Visa and Mastercard rules.
Streamlining the Onboarding Process
Adding a new acquiring partner, whether directly through a bank or via a payment facilitator, can result in an onboarding process lasting up to two months. Beardsley notes that a significant portion of these delays is due to the volume of documentation required by acquiring banks. This includes standard corporate records and detailed policies that underwriters must review against a merchant's actual business practices. For example, if a policy states that a site uses age verification or blocks a specific jurisdiction, underwriters must confirm the functionality of these controls.
Preparation is key to reducing the back-and-forth that slows onboarding. When paperwork is complete, the website is ready, and policies align with company practices, underwriters can focus on completing the review rather than chasing information. Missing documents, inconsistent information, and unverified safeguards can halt the process. Beardsley highlights that careful preparation can reduce these delays.
One merchant recently completed the pipeline in less than two weeks, an unusual speed attributed to the merchant's understanding of requirements, preparedness, and engagement throughout the review. While such rapid approval is uncommon, merchants can avoid many preventable delays by speaking with their provider before submitting an application. This initial conversation can clarify requirements, identify necessary documents, and uncover potential problems early.
Eight Steps for Merchants
Beardsley's eight steps aim to keep applications moving:
- Gather Corporate Documents: Merchants should prepare a complete business package, including articles of incorporation, bylaws, and shareholder agreements for corporations, or articles of organization, operating agreements, and ownership documents for limited liability companies. All names, addresses, and ownership details must be consistent across the application and supporting records.
- Complete Your W-9: Form W-9, "Request for Taxpayer Identification Number and Certification," provides tax information for acquirers and payment facilitators. Businesses typically enter their employer identification number (EIN). The legal name and tax information on the form must match IRS records and the application.
- Prepare to Verify Owners and Directors: Documentation for beneficial owners, shareholders, and directors is required. Each individual may need to provide a valid driver's license or passport, along with a utility bill or other accepted document to confirm residential address. Identification must be current, legible, and consistent with other application information.
- Document Processing History or Business Plan: Established businesses should prepare three to six months of processing history, such as statements from an existing acquirer or reports from a payment facilitator. Merchant-created spreadsheets are generally insufficient; information should come directly from the provider on its letterhead. Startups need a business plan detailing product, marketing strategy, and expected traffic sources, and may be asked for bank statements demonstrating sufficient capital.
- Make Your Website Review-Ready: Underwriters require access to the website, including members-only areas, with an active username and password available throughout the review. Two-factor authentication may need to be disabled. The site should be reviewed carefully before submission. Third-party tools may scan members' areas, which also undergo manual review. Noncompliant content may necessitate removal and a repeat of the scanning and review process. The footer must include required links such as terms of service, privacy policy, 18 U.S.C. Section 2257 information, complaints procedure, and customer service details.
- Prepare a Content Management Policy: This policy must detail how the business reviews and controls its material. This applies to various business models, including fan platforms, cam sites, membership sites reviewing licensed content, and producers approving material. The policy should address age and identity verification for content providers, real-time monitoring for livestreaming, safeguards against human trafficking, sex trafficking, physical abuse, and prostitution, prohibited marketing terms, and model consent forms. The policy must reflect actual practices.
- Explain Age Verification and Complaint Handling: The consumer age-verification policy should identify methods and third-party tools used, and how the business addresses jurisdictional requirements. The complaint and content-removal policy should explain how reports of illegal content or card-brand rule violations are handled, how individuals depicted in content can request removal, how the business meets the five-day response period, and how monthly reports are submitted to the payment provider. Suspected child sexual abuse material must be escalated and reported to authorities immediately.
- Include Agreements and Risk Policies: If content is licensed, a sample written agreement with the content owner or provider is needed. A chargeback and fraud-mitigation policy identifying controls and tools is also required. A human trafficking policy should explain how the site and third-party partners prevent facilitating trafficking. Beardsley suggests consulting an industry-experienced attorney for these documents, emphasizing that policies must reflect actual business practices.
Key Facts
- Cathy Beardsley, President and CEO of Segpay, authored the recommendations.
- The article was published on November 13, 2026.
- Onboarding with new acquiring partners can take up to two months.
- Delays are often caused by extensive documentation requirements from acquiring banks, driven by Visa and Mastercard rules.
- Preparation, including complete paperwork, a review-ready website, and consistent policies, can reduce onboarding time.
- Segpay is a merchant services provider offering payment facilitation, direct merchant accounts, and secure gateway services.
