Underwriting at Zūm Rails

No matter if you are a customer or a partner, your onboarding journey with Zūm Rails requires you to go through underwriting. We will only ever ask for the required documents relevant to your application. During the underwriting process, you can expect to complete the following steps:

• Submit a signed contract with your required documents
• Connect a funding source
• Be requested to submit additional documentation as needed for approval

Submitting your required documents and contract

Upon receiving your contract you will also receive a checklist of required documents necessary for our team to begin your application process. We will only ever ask you for required documents that will allow us to complete your application. 

Required Documents

• Zūm Rails completed merchant account application
• Copy of Business Registration or Articles of Incorporation
• One utility bill within the last 90 days
• Government photo ID, required for each majority owner
• Funding source void cheque or PAD agreement
• Funding source 2 months of financial statements
• Proof of ownership (one of the following documents)
  • Stock certificate
  • Shareholder register
  • Shareholders' agreement
  • Certificate of incumbency
  • CPA business owner verification document
  • Current T2 Schedule 50
  
  
• Or, if a Non-Profit Organization:
  • Copy of certificate of registration
  • List of all board members
  • Certified document confirming the names of all directors
  
  

Depending on your application process you will be asked to upload the above documents through:

• DocuSign
• Email
• URL link

Reasons your application may be delayed

• One or more documents submitted are illegible. Our team will reach out and request a new copy.
• You did not return your contract signed within 45 days. Our team will issue a new contract after 45 days.
• You forgot to submit one or more documents as part of your general application

Connecting your funding source

In addition to submitting your documents, you will be asked to connect a valid business funding source through aggregation. Follow the steps to connect a funding source here.

Funding source statuses

Pending Funding Source: A business funding source has not yet been connected

Pending Underwriting: A business funding source has been connected and is under review by our Underwriting team

Active/Rejected: Status of the added funding source

Failing to connect a funding source

In the event that you cannot connect your funding source please contact support@zumrails.com. 

Zūm underwriting process

Once you have submitted all required documents, a signed contract, and have connected a funding source, Underwriting will review all the details, documents, and ensure the aggregation is successfully connected.

Underwriting steps - approved

1. Underwriting reviews all documents and funding source submitted. Depending on the review, our Sales Support team may reach out for additional documents as needed.
2. Underwriting approves the application. 
3. Once the application has been approved, Sales Support will reach out and confirm the application approval and the transaction limits that were granted for the account.

Underwriting steps - declined

1. Underwriting reviews all documents and funding source submitted. Depending on the review, our Sales Support team may reach out for additional documents as needed.
2. Underwriting declines the application. 
3. Sales Support will reach out to you directly to notify you of the decision.

If there you have any questions please contact support@zumrails.com.