We know this can be frustrating. Our banking partners use several proprietary and third-party software during our application review process.
Please note that your credit report is not used on your application and that any denied application will not impact you or your business.
All of these systems are considered for your application. We’re required to stay within the boundaries of our banking partner’s rules and regulations to ensure a good banking experience for all of our customers.
We understand the frustration that comes from having an application declined, and we do our due diligence to ensure that each application is thoroughly reviewed before a decision is made.
For compliance reasons, we’re not allowed to explicitly state why your application was denied, but some of the most common reasons include:
Business is out of scope for our accounts - Unfortunately, ZenBusiness is unable to work with businesses related to cryptocurrencies, privately-owned ATMs, marijuana/cannabis, gambling, crowdfunding, or money services.
Unable to verify your identity
Country of residence is other than the United States.