By Logic Advance · Updated September 15, 2026
A complete file gives underwriting the information needed to begin a meaningful review. It does not guarantee approval or a particular turnaround. Use this checklist to catch avoidable omissions before sending a merchant submission.
1. Confirm Basic Fit Before Collecting the File
Review the current program guidelines. For an MCA, starting requirements include six months in business, $25,000 in monthly revenue, and a 500 credit score guideline. Product requirements differ. Ask about uncertain industries, locations, existing financing, or legal issues before promising eligibility.
2. Prepare the Core Submission
- Signed application: Confirm required fields, authorizations, business identity, ownership, requested amount, and contact details are complete and consistent.
- Four recent complete business bank statements: Include every page for each month. Use clear, original statements rather than cropped screenshots or altered records.
- Existing financing summary: Disclose current providers, balances, payment schedules, and requested payoff information.
- Brief deal note: State the business activity, funding purpose, timing, revenue pattern, and any issue requiring explanation.
Additional items may include identification, a voided check or account verification, ownership records, processing statements, tax documents, or other records requested by the reviewer. Do not treat every possible item as universally required; ask what is needed for this file.
3. Check Statement Quality and Consistency
- Do the business name and account details match the application or have a documented explanation?
- Are all requested months present, readable, and complete?
- Are transfers, loan proceeds, unusual deposits, and seasonality explained accurately?
- Are overdrafts, returned payments, and existing funding debits disclosed rather than hidden?
- Are discrepancies resolved using genuine supporting records?
4. Write a Useful Deal Note
Keep the narrative factual. Do not include bank passwords, full identification numbers, or unnecessary personal details. Clearly separate actual revenue from projections and the requested amount from any approved amount.
5. Package and Send Securely
Use readable filenames such as BusinessName_Bank_2026-08.pdf and an organized list of included items. Confirm the approved submission channel and recipient with your Logic Advance contact. Use authorized secure document collection rather than public links or general website messages. Never ask a merchant to send a bank password in an email or deal note.
Maintain the merchant's authorization and a submission log. Coordinate routing so the same file is not submitted repeatedly through different contacts without a clear plan. Keep access limited to people who need the records for the transaction.
6. Complete a Final Handoff Check
- Confirm product fit and identify any unresolved question.
- Check the signed application and all four statements.
- Reconcile business identity and existing-obligation details.
- Attach requested supporting records and the concise deal note.
- Confirm successful receipt, the file contact, and the next action.
- Record follow-ups and supply requested updates promptly.
After Submission
A reviewer may request newer statements, transaction details, or additional verification. Ask exactly what is missing and respond through the approved channel. If a file is declined, clarify whether a correction or changed circumstances would justify a new review. Do not alter records or omit an obligation to pursue a different result.
For related guidance, read how MCA underwriting works, compare direct funder and broker roles, and review the partner program.
Explain Seasonality and Underwriting Terms
Flag the high and low seasons, explain when revenue is normally collected, and provide supporting records requested by the reviewer. Distinguish recurring sales from one-time deposits. A useful explanation supplies context; it does not remove weaker months from the file.
NSF means insufficient funds. Reviewers may examine returned-payment events and days with negative or insufficient balances using different definitions. Ask how the reviewer measures them rather than assuming a universal acceptable count. A holdback commonly refers to the agreed share of sales collected toward an MCA. Scheduled bank debits may operate differently and may require a reconciliation request when revenue changes.
Frequently Asked Questions
How many bank statements should I submit?
Prepare four recent complete business bank statements with all pages. Additional or updated records may be requested for the specific file.
Does a complete file guarantee approval?
No. Completeness helps the review proceed, but approval depends on underwriting, program eligibility, and verification.
Are an ID and voided check always required at initial submission?
The reviewer may request identification, a voided check, or other verification. Confirm the requirements for the file instead of assuming every possible document is required initially.
Can I send screenshots instead of statements?
Use complete, readable original statements when requested. Cropped screenshots may omit information and delay review. Never edit transactions or balances.
What revenue minimum should I use?
Use $25,000 in monthly business revenue as the starting requirement and check the relevant product guidelines. Meeting a minimum does not guarantee approval.
What should I do about an existing advance?
Disclose current financing, balances, payment frequency, and any requested payoff details. The reviewer needs the full payment burden.
Where should I send sensitive documents?
Confirm the approved secure submission channel with your Logic Advance contact. Do not put financial account numbers, passwords, or identity documents into general website messages.
How long will the review take?
Timing depends on file completeness, verification, program, and complexity. Ask the assigned contact for the next step and a current estimate.
Availability, pricing, approval, and funding timing depend on the program and underwriting. Review your written offer and agreement before accepting financing.