Overview
You can request a payment limit increase if your tenants need to pay more than the standard amount via credit card, debit card, or ACH. (Note: Apple Pay and Google Pay are counted as credit cards.)
IMPORTANT INFORMATION
To safeguard against disputes, limits are set to ensure your account can cover chargebacks. If a dispute arises and the bank rules in favor of the tenant, you're responsible for reimbursing the payment processor.
In addition to a number of other factors, we verify that your account can handle a chargeback before approving any transaction limit increases. This is to prevent financial risk to you, your account, or the banking system.
When requesting a higher limit, make sure the connected account has been sufficiently funded. If the account shows limited activity or low liquidity, you may be asked for additional verification or to deposit more funds.
For more information about your responsibilities that come with having a merchant account, see What is a Merchant Account and the Responsibilities Associated With It.
The Steps
To request a limit increase, click Accounting > Incoming Payments on the main menu. Then
Click the Usage & Limit Info tab.
Click the link labeled Request limit increase on the top bar. This opens a chat where you'll need to provide three pieces of information:
Bank Statements: Three months of bank statements from the merchant account connected to DoorLoop. These statements verify your financial activity and account capacity.
Signed Lease: A signed copy of the tenant's lease, which helps validate the legitimacy of the transactions.
Merchant Account Details: The name of the merchant account and the requested limit amount.
Once you upload the required information, wait 1-2 business days for a decision from the merchant team.
Reasons for Documentation Requirements
DoorLoop requires financial documentation for the following reasons:
Risk Assessment: To evaluate your account's financial health and ability to manage higher payment volumes.
Fraud Prevention: To verify the legitimacy of your account and detect unusual activity.
Compliance: To meet Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations.
Chargeback Mitigation: To ensure your account can support the requested limit without increasing the risk of failed payments or disputes.
Whose Documentation Is Required?
The financial documentation must come from the merchant account holder (e.g., the landlord or property manager), not the tenant. This ensures the account responsible for processing payments is the one being evaluated.
What Happens After Submitting the Required Documentation?
The merchant team reviews your account history, financial documentation, and requested limit to assess the risk and approve or deny the increase.
Following these guidelines and providing the necessary documentation streamlines the process of requesting a payment limit increase in DoorLoop.