Patent ID: 8655773

Claim:
A method for processing financial requests, comprising: obtaining an approval criterion and a predefined proximity to an address of a first merchant for approving financial requests, wherein the address of the first merchant is a place of business of the first merchant; receiving, from a first mobile device of the first merchant, a first financial request for creating a new merchant account, the first financial request comprising a plurality of merchant-provided data; receiving a plurality of location coordinates from the first mobile device of the first merchant, wherein at least one of the plurality of location coordinates from the first mobile device indicates that the first merchant is not located at the place of business of the first merchant; calculating, by a computer processor, a plurality of distances between the address of the first merchant and the plurality of location coordinates from the first mobile device; calculating, by the computer processor, an average of the plurality of distances; determining, by the computer processor, that the average is within the predefined proximity of the address of the first merchant; identifying, by the computer processor, at least a portion of the merchant-provided data required to evaluate the approval criterion; evaluating, by the computer processor, the approval criterion using the at least the portion of the merchant-provided data; determining, based on evaluating the approval criterion, that the approval criterion is satisfied; and creating, for underwriting, the new merchant account for the first merchant in response to determining that the average is within the predefined proximity and determining that the approval criterion is satisfied.