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Instant Approval Merchant Accounts

Our Top Picks for The Best Instant Approval Merchant Services

  1. Easy Pay Direct
  2. Helcim
  3. Dharma Merchant Services
  4. PaymentCloud
  5. eMerchantBroker

1. Easy Pay Direct

Easy Pay Direct works with all kinds of merchants, including, what the banks call, high risk merchants. EPD has worked with 60,000 merchant accounts and has provided them with the services they need. They will give you the ability to accept payments in store, online, or through a mobile device. With Easy Pay Direct you can be confident that your transactions are in good hands.

2. Helcim

Helcim is 100% transparent with their pricing and they will strive to save you money. You will receive the lowest interchange rate for every transaction you process. The more you process, the more money you will save. When your business wins, Helcim wins.

3. Dharma Merchant Services

Dharma offers no contracts or hidden fees. They also offer 24 hour priority funding, along with 24 hour customer service. They provide you with fair terms and all of the tools you will need in order to process transactions smoothly. Dharma believes business can be a force for good.

4. PaymentCloud

PaymentCloud is your full suite merchant service provider. They work with low, medium, and high risk merchant accounts. They will customize their services in order to suit your needs directly. PaymentCloud offers protection against fraud and chargebacks.

5. eMerchantBroker

EMB can get you approved today for a high or low risk merchant account. They consider themselves to be high risk merchant account specialists. If your business has unique needs, EMB is the unique solution you have been looking for. There are no setup fees or charges and there are absolutely no gimmicks when working with eMerchantBroker.

Obtaining a merchant account right away may appear to be a business owner's dream come true (or "merchant."). In reality, no merchant account is approved right away. In most cases, you must wait a certain amount of time. You can still get your account approved quickly if you've chosen a merchant services provider for your company.

Today, we'll go over the following topics: In addition, we'll share our top picks for the best instant approval payment processing service to help you choose the best merchant account provider.

What is Instant Approval Payment Processing?

When you apply for a merchant account, one will be created right away. This is what is meant by "immediate approval." Many businesses do not approve accounts immediately, though a few are faster than the rest. If you need things done quickly, you should consider using a payment aggregator. There are, however, numerous reasons why you should not. Then we'll talk about them.

Each merchant service provider has its own underwriting procedure. Some, on the other hand, can grant approval on the same day, allowing you to start accepting payments right away.

Why Would Merchants Need Instant Approval Merchant Services?

A company's ability to process credit cards quickly may be critical. This could be accomplished in a variety of ways.

  • Be just getting started in business, so they want to be able to accept payments as soon as possible. 
  • Not be happy with their current payment processor or merchant account provider. 
  • Have a low-risk business that should be easy to approve. 

Does Instant Approval Mean Instant Funding?

Sometimes business owners believe that if they get a merchant account quickly, they will get their funds quickly once they start processing payments. However, this is not always the case. That, as it turns out, is not the case. Let's talk about some of the things you might have seen.

Next Day Funding

If you have a merchant account, you will be paid for today's sales the next business day. As can be seen, a batching procedure is also required. Even if your processor requires batches to be funded the next day and submitted by 5 p.m., this does not preclude you from submitting batches before that time.

You will receive your money the following day after 5 p.m. Saturday and Sunday deposits may also be accepted by some providers. You'll most likely discover that the majority of banks are open during regular business hours (Monday through Friday).

Same Day Funding

While receiving money on the same day sounds appealing, there is a lot of fine print to read. Most credit card processors that provide same-day funding prefer that you batch out transactions early in the day, around 11 a.m. When you're finished, the money will be transferred to your company's bank account.

Many overnight businesses will look for lenders who can provide funding the same day. Keep in mind that the amount of money you can withdraw from some of these accounts may be limited. Your only option for obtaining the balance may be a next-day loan.

Instant Deposits

One does exist. Due to the associated fees, immediately depositing funds into your business bank account may end up costing you more money in the long run. You may be unable to obtain this type of service unless you use a payment aggregator.

What’s the Difference Between an Instantly Approved Merchant Account and a Payment Aggregator?

Using a payment aggregator is not the same as working with one of the above-mentioned companies. A third-party payment processor, such as Stripe or PayPal, is a payment aggregator. These businesses are frequently the first point of contact for individuals who are just getting started with payment processing for their business. They are admired by many people for the following reasons:

  • Straightforward terms and fees
  • Ease of use
  • Instant approvals
  • Quick access to cash

The problem is that they can be quite volatile. A payment service may freeze or close your account at any time without your knowledge. Allowing for a day or two for merchant account approval will help your company. There are no instant merchant accounts.

What to Look for When Choosing a Credit Card Processor That Provides Instant Approval

Examine your payment processor options to see which one is best for you. There will be companies that go out of their way to be honest, and others that make promises that may or may not be kept. Before making a decision, consider the following.

Contract Terms

Before working with any merchant service provider or payment processor, you will almost certainly be required to sign a contract. While many people can sign a month-to-month contract, some sort of agreement is still in place. You may be so excited about opening a shop and accepting payments that you overlook the importance of reading any contract you sign. What you are looking for is as follows:

  • This text will tell you how long your contract will last. Things that keep you as a customer for five years may be minor.
  • People looking for information on early termination penalties. If a merchant cancels their service prematurely, certain companies charge them between $500 and $1,000, or even more.
  • Any leases for equipment are listed here. If you need a POS system, a credit card terminal, or any other type of hardware, you should buy it rather than rent it.
  • You will be charged a fee when you make a transaction.

Transaction Fees

The amount of transaction fees charged by a company is one of the most important things you'll learn. The amount that payment processing companies charge for these fees is determined in a variety of ways. They are all determined by the pricing structure of the processor. People will say the following:

  • Flat rate pricing - This pricing method establishes a single flat rate for all transactions, regardless of size or complexity. This is the rate you will always be charged.
  • Tiered pricing - This is known as "tiered pricing," and it ensures that every transaction is qualified, partially qualified, or unqualified. Transactions that are not qualified are more expensive.
  • Interchange-plus pricing - Individuals who use this pricing method may be difficult to comprehend, but it is the most transparent. A credit card company sets the interchange fee twice a year. The "plus" part of the equation denotes the amount of money paid to the processor for each transaction processed.

Furthermore, some merchant account providers provide cash discounts or surcharge programs that can significantly reduce the cost of your processing fees. These programs have the potential to be extremely beneficial. If you decide to use one of these programs, you must carefully read the fine print.

Company Reputation

If you work with a merchant service provider, they should have a good reputation with their customers. Before making a decision, please do your research and weigh your options. Check out the Better Business Bureau's website, Facebook, and Yelp for a wealth of information about businesses.

Working with a company that has a high percentage of happy customers is preferable to working with one that has a high percentage of unhappy customers.

How to Improve Your Chances of Getting Approved for a Merchant Account Fast

Obtaining a merchant account for your company can be a time-consuming process. There are, however, some things you can do to speed up the process.

Submit All Requested Paperwork

If the processor lacks the necessary documentation to conduct a background check, obtaining a merchant account can take a long time. This problem can be avoided by submitting all required documents when applying for a job. The people who underwrite your loan may ask to see specific documents you send.

  • Your business plan
  • A photo ID or passport
  • 3 months of business banking statements (if you have them)
  • 3 months of personal banking statements
  • Articles of incorporation or association
  • A personal letter of reference from your bank
  • A personal utility bill to verify your address
  • Your business website URL
  • Any other applicable information that may help expedite approval

Be Honest About Your Business and Processing History

Always tell the truth, and this applies both at work and at home. Do not hide anything when applying for a merchant account. If you do this and the truth is revealed, it could have a significant negative impact on your business and make accepting credit cards more difficult.

For example, if you own a CBD-selling business, the provider should be aware of your product. CBD payment processing is difficult to obtain, and some companies try to avoid paying for high-risk credit card processing by lying about what they sell.

If you do, you risk being placed on the MATCH list, making it impossible to find a processor willing to work with you. That's not a good plan. Your merchant account provider must be completely honest with you in order to provide you with the best service possible.

Make Sure Your Website is Up to Date and Informative

Merchant account providers will conduct a website audit before deciding whether or not to accept your application. Make them happy with what they find. Check that your website has customer policies, that its products are up to date, and that it contains as much information as possible for visitors. This demonstrates your company's legitimacy and the security of doing business with you.

A Few Additional Tips

Look for a Processor That Will Help You Prevent Chargebacks

If you receive a large number of chargebacks, it may be detrimental to your business. Chargebacks occur when a customer disputes a credit card charge with their bank (the credit card company). The best payment processors prevent chargebacks, and there are even ways to prevent them before they occur.

Consider the following scenario: a customer orders something from your online store but does not receive it in the mail. They can ask their credit card company for a chargeback. However, if you become aware of a chargeback as a result of information provided by your MSP, you can contact the customer and offer a refund rather than taking the money back.

Chargebacks will not be processed, and you will not be charged a large fee by your processor as a result, so take this step.

Disclose Any High-Value Transactions

Your provider should be notified before any high-value transactions take place. This is especially true if your company specializes in low-value sales. Assume you work in the perfume industry and a new brand is introduced at a price of $1,000 per bottle. If higher-value transactions are expected, you should notify the processor so that they can prepare.

Be Prepared for Additional Fees if Your Business is High-Risk

If your company is high-risk, you can expect to pay a higher premium. When making a sale, you may be required to pay additional transaction fees in some cases. You may also need to keep a reserve fund on hand at all times. A "rolling reserve" is when you set aside a portion of your monthly sales to cover chargebacks.

For high-risk businesses, many processors require this. The money in the reserves becomes available for use by the business after a set period of time, usually six months. A rolling reserve is not always necessary, and this may change over time. However, it is something to keep in mind just in case. a

Our Final Thoughts on the Best Instantly Approved Merchant Accounts

Don't forget to check out our top picks for instant approval merchant accounts before you leave.

  1. Easy Pay Direct
  2. Helcim
  3. Dharma Merchant Services
  4. PaymentCloud
  5. eMerchantBroker

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