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The Best Instant Approval Merchant Accounts You Can't Afford to Miss |
For business owners, (also known as a merchant), the idea of being approved for a merchant account in an instant may seem like a dream come true.
The fact of the matter is that there are no merchant accounts that are approved instantly under any circumstances. Additionally, there is typically a waiting period of some kind.
On the other hand, if you have selected the merchant services provider, you can anticipate a speedy approval for your account. Today, we are going to focus on discussing that topic.
In addition to providing you with our recommendations for the excellent instant approval payment processing services, we are also going to provide you with some useful information regarding the selection of the merchant account provider that is best suited to meet your requirements.
Easy Pay Direct is renowned for its robust infrastructure and tailored solutions for high-risk merchants.
It excels in providing instant approval merchant accounts, offering a seamless onboarding process that reduces the typical delays associated with traditional merchant services.
Easy Pay Direct’s platform is designed to handle high-volume transactions efficiently, ensuring that businesses can scale without encountering operational bottlenecks.
Their customer service is also highly rated, with dedicated support teams available to assist merchants at every step.
- Excellent for high-risk merchants
- Efficient handling of high-volume transactions
- Superior customer support
- Higher fees compared to some competitors
- May have more stringent underwriting for very high-risk businesses
2. Helcim
Helcim stands out with its transparent pricing and comprehensive service offerings. As a leading provider of instant approval merchant accounts, Helcim emphasizes affordability and ease of use.
The company’s transparent pricing model ensures that merchants are never surprised by hidden fees, and the intuitive platform makes it simple for businesses of all sizes to get started quickly.
Additionally, Helcim offers extensive integrations with various e-commerce platforms and accounting software, making it a versatile choice for many merchants.
- Transparent and affordable pricing
- User-friendly platform
- Extensive integrations with other business tools
- Not ideal for very high-risk industries
- Some advanced features may require technical knowledge to implement fully
Dharma Merchant Services is known for its ethical approach and commitment to social responsibility.
The company provides instant approval merchant accounts with a focus on sustainability and community support. Dharma’s fee structure is straightforward and competitive, appealing to small and medium-sized businesses that value transparency.
Dharma’s customer service is personalized, ensuring that each merchant receives dedicated attention.
Dharma also offers advanced security features to protect against fraud, making it a reliable choice for conscientious business owners.
- Ethical and socially responsible business practices
- Competitive and transparent pricing
- Advanced security features
- Limited to U.S. businesses
- May not offer as many high-risk solutions as other providers
Easy Pay Direct, Helcim, and Dharma Merchant Services each bring unique strengths to the table, catering to different merchant needs while providing reliable instant approval services.
Whether you prioritize high-risk processing capabilities, transparent pricing, or ethical business practices, these providers offer excellent solutions for modern merchants.
Instant approval in payment processing means you are almost immediately approved for a merchant account upon application. While some companies are quicker than others in approving accounts, true instant approval is rare.
If speed is your priority, you might want to consider a payment aggregator. However, there are several reasons to be cautious, which we’ll discuss shortly.
Each merchant services provider has its own underwriting process. Some can offer same-day approval, enabling you to start accepting payments almost immediately.
There are various reasons why a merchant may need rapid approval for credit card processing services:
- They are new to business and eager to start accepting payments quickly.
- They are dissatisfied with their current payment processor or merchant account provider.
- They run a low-risk business that should be easy to approve.
Some business owners assume that quick approval for a merchant account means they will also receive their funds quickly. Unfortunately, this isn’t the case.
With next-day funding, sales made today are paid out the following business day. For example, if your processor has a 5 pm cutoff for batching, funds batched by that time will be received the next day.
Some providers might also make deposits on weekends, but most follow regular banking hours.
Same-day funding requires early batching, typically around 11 am. After batching, funds are sent to your business bank account.
This option is popular for businesses operating overnight but may have limits on accessible funds, with the balance available through next-day funding.
Instant deposits come with higher transaction fees and are often only available through payment aggregators rather than traditional merchant account providers.
Instant approval from merchant account providers differs from using a payment aggregator. Companies like Stripe, PayPal, and Square are common for newcomers to payment processing, offering:
- Instant approvals
- Quick access to cash
- Ease of use
- Transparent terms and fees
However, they can be volatile, with the risk of frozen funds or account closures without notice. It's generally better to wait a day or two for merchant account approval to avoid potential issues.
Before selecting a payment processor, consider the following:
You’ll likely need to sign a contract with any merchant service provider. Many offer month-to-month contracts, but scrutinize any agreement for:
- Hidden fees not disclosed by sales representatives.
- Contract duration; avoid long-term commitments like five years.
- Early termination penalties, which can be substantial.
- Equipment leases; purchasing your own hardware is more cost-effective.
Understand how transaction fees are calculated, which varies by processor:
- Flat rate pricing: One rate for all transactions.
- Tiered pricing: Transactions categorized as qualified, mid-qualified, or non-qualified, with non-qualified carrying higher fees.
- Interchange-plus pricing: The most transparent but complex, combining interchange costs set by credit card companies with the processor’s fee.
Some providers offer cash discount or surcharge programs to reduce processing costs. Review the fine print to ensure a beneficial deal.
Choose a provider with a strong reputation among customers.
Research profiles on the Better Business Bureau, Facebook, and Yelp. Avoid companies with numerous customer complaints and seek those with satisfied clients.
Waiting for your merchant account to be approved can be frustrating when you're eager to start processing payments for your business. However, there are several steps you can take to expedite the process.
Delays in merchant account approvals often occur because the processor lacks the necessary documentation for underwriting.
You can avoid this issue by promptly providing all required paperwork when you submit your application. Some of the documents you might need include:
- A photo ID or passport
- Your business plan
- Three months of personal banking statements
- Three months of business banking statements (if available)
- A personal letter of reference from your bank
- Articles of incorporation or association
- Your business website URL
- A personal utility bill to verify your address
- Any other pertinent information that may help expedite approval
Honesty is crucial when dealing with merchant account providers. Concealing information can have serious repercussions for your business and its ability to accept credit card payments.
For instance, if you operate a CBD store, disclose this to the provider. Payment processing for CBD is challenging to find, and attempting to bypass high-risk credit card processing fees by being dishonest can lead to significant issues.
It could result in being placed on the MATCH list, making it nearly impossible to find a processor willing to work with you. Being truthful enables the provider to offer the best possible service.
Your merchant account provider will review your website before approving your application.
Ensure that your website includes customer policies, up-to-date products, and comprehensive information for visitors.
This demonstrates the legitimacy of your business and reduces the perceived risk of working with you.
Chargebacks pose a significant problem in the credit card processing industry and can create substantial issues for your business if they occur frequently.
A chargeback happens when a customer disputes a credit card charge with their issuing bank. The best payment processors offer chargeback protection and preventive measures.
For instance, if a customer didn't receive a purchased item and requests a chargeback, knowing about it in advance allows you to offer a refund, preventing the chargeback and avoiding excessive fees.
Inform your provider’s underwriting department of any potential high-value transactions before they occur, especially if your business typically has low-value sales.
For example, if you usually sell perfume for around $100 a bottle but plan to introduce a new brand priced at $1,000 a bottle, notify the processor about the higher-value transactions.
High-risk businesses often face additional fees. You might incur higher transaction fees per sale and may also be required to maintain a rolling reserve.
A rolling reserve involves setting aside a portion of your sales each month to cover potential chargebacks.
Many processors require this for high-risk merchants, with the funds typically released after a set period, usually six months.
Although you may not always need a rolling reserve, it’s important to be aware of this possibility.
When it comes to selecting a merchant service provider that offers instant approval, reliability, and exceptional service, our top picks are Easy Pay Direct, Helcim, and Dharma Merchant Services.
- Easy Pay Direct excels at high-risk transactions due to its robust infrastructure. It's a top choice for businesses seeking reliable merchant services with instant approval due to its security and seamless integration.
- Helcim has great customer service, no hidden fees, and transparent pricing. Their easy-to-use interface and extensive features make it ideal for small to medium-sized businesses seeking fast approval and payment processing.
- Dharma Merchant Services shines in ethics and social responsibility. Businesses that value efficiency and ethics choose them for their competitive rates, reliable customer support, and easy approval process.
Whether you prioritize high-risk transaction handling, transparent pricing, or ethical business practices, Easy Pay Direct, Helcim, and Dharma Merchant Services have you covered.
Choosing any of these providers will ensure your business enjoys efficient, reliable, and instant merchant service approval.