What is underwriting?
Businesses that process payments (Visa, MasterCard, Checks) are subject to the rules of the bank that sponsors these businesses into the payment network. Underwriting is meant
to ensure compliance with those rules as well as ensuring the protection of the bank and the processor. This is the process of determining the credit worthiness of a merchant.
Why do businesses get declined? Typically businesses get declined because of negative information or poor credit.
What percentage of applications get declined? ECHO's approval process is aimed at approving the most applications in the shortest period of time. We approve over 98% of applications.
How long does it take to get an application through underwriting? For applications that are completed correctly, ECHO's underwriting process is one of the fastest and most efficient as we usually approve applications within 48 hours!
