Submitting a Merchant Application
After installing the NetSuite Pay SuiteApp, you need to submit a merchant application to Versapay.
As part of the application process, you need details about your business, its ownership structure, and your banking information. Personal information is required due to FINCEN and card brand rules.
Have the following information ready before starting the application:
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Your businesses tax ID
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Names, addresses, and individual tax IDs of any person who owns 25% or more of the business (unless your company is public)
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Your business’ payment processing volume
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Bank routing and account number into which you want the proceeds of your sales deposited
You may be asked to provide various financial documents as part of the application process. This includes the previous two years of the following documents:
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Balance Sheet
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Income Statement
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Cash Flow
You may also need to provide the following documents for the current year:
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Most recent interim financial statements for the current year
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If you are currently processing, then three consecutive months of current processing statements
The application process takes approximately 15-20 minutes to complete if you have all the required documentation available. If you can't complete the application in one sitting, you can save your progress and continue later.
The initial review is estimated at 2 business days. If additional documentation is required, the decision times are extended based on when the information is received. You should also receive an email for NetSuite Pay application status. If you have not received an update to the application status in 5 business days, contact NetSuite support.
If you have questions or issues completing your application, contact NetSuite support.
To submit a merchant application:
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Go to NetSuite Pay > Merchant Application > New Application.
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Review the Welcome page and click Next.
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Complete the Company Information section.
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Complete the Ownership Information section.
If there are individuals in your company who own 25% or more of the business, select Yes from the list and add one or more owners. Then select an owner or someone else to be the primary contact.
If there are no individuals in your company who own 25% or more of the business, select No from the list and enter information about the nonbusiness owner primary contact.
The primary contact will be notified if there are questions about the merchant application.
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Complete the Financial Information section. This includes information about the processing volumes and deposit account for your business.
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Review the information and click Submit.
You will be notified about the decision of your application by Versapay through email. You can check the status of your application at any time. For more information, see Checking Merchant Application Status.
To change information in your merchant application after it is submitted, contact NetSuite support.