Instant Merchant Account Approval


    No matter your business model or industry, accepting card payments is a must in today’s electronic world. The beneficial aspect of both debit and credit card payments make it a must-have solution for merchants interested in improving their customer experience. To accept such payments, a business has to have a valid merchant account. In some cases, especially with companies considered start-ups or high-risk, the process of obtaining a merchant account isn’t always easy. Fortunately, many knowledge payment providers offer instant merchant account approval if you have all your ducks in a row. Interesting in learning more? Read on to see if your business can start immediately accepting electronic payments from your clientele.

    What is an instant merchant account?

    An instant merchant account is an account that can be used to process credit card payments immediately. This type of account is usually set up with a merchant account provider that offers instant approval for new accounts.

    How to Increase Your Chances for Instant Merchant Account Approval

    If met, below are some factors that can guarantee instant merchant account approval – even for high-risk establishments.

    1. Ensure Your Credit Score is High – Banks love a good credit score. The higher the score, the easier to receive approval.
    2. Provide All Relevant Financial Documents – This may include bank statements, business plans, or sample customer contracts.
    3. Functional Website – Ensure all policies are available for customer review and the pricing of all products or services is accurate.

    Factors Delaying Instant Merchant Account Approval

    Even if you can provide the initial documentation requested, there may be delays in your approval.  Such factors include:

    Being a High-Risk Merchant

    Some industries fall into the high-risk bucket due to the nature of their operations. Examples include e-gaming, e-pharmacies, or CBD operations. Should your business fall under a high-risk category, then it can take a bit longer for approval.

    If you had high chargeback rates with your previous processor, then your business is considered high-risk and subject to a more thorough review. Banks tend to avoid risk at all costs, and high chargebacks equate to more losses than profits.

    Poor Credit or Being a Terminated Merchant

    One of the downsides of having bad credit is that it reduces instant merchant account approval. Another factor includes merchant account termination by your previous provider. These two often raise red flags that may lead to a decline after further bank review. Therefore, if you find yourself in this scenario, we highly recommend you provide any documentation to show you are back on track and have introduced company policies to correct your prior mishaps.

    High Ticket Amounts

    Banks have always shown reluctance towards processing large transactions from online businesses, especially. Therefore, if you have a history of processing large, single tickets, be sure to provide documentation detailing why the high amounts are required and all customer payment authorizations form you have on file.

    Operating on International Waters

    Finally, if operating outside of the US, it can be harder to get approval. Being an international merchant – no matter how clean your dealings are – leads to a more thorough review of your company history.

    Choosing a Reliable Payment Partner for Instant Merchant Account Approval

    Instant merchant account approval is frequently reserved for top-tier businesses, as you can see. However, working with an established and knowledgeable merchant provider can help your company guarantee approval, even if they don’t immediately check all the boxes. For a decade, the Payment Savvy team has worked closely with clients to understand their business models and create the perfect payment solution for your business. Reach out to us today to start down the path of accepting electronic payments today!

    What is instant merchant pay?

    Instant merchant pay is a payment processing solution that allows businesses to accept and process payments in realtime. This solution is typically used by businesses that require immediate access to funds, such as businesses that sell products or services online. Instant merchant pay can also be used by businesses that have a high volume of sales or transactions.

    As our resident “numbers guy”, Tracy is responsible for Payment Savvy’s financial planning, analysis and projections. With 20 years of accounting experience under his belt with various CPA and high technology firms, we look to him to ensure our fiscal future stays in the black. He is a highly regarded member of our team and we appreciate his hands-on approach and diligent attention to detail.  With Tracy we are able to apply innovative, practical and outcome driven financial strategies to take Payment Savvy to the next level.


    high-risk merchant accounts

    High-Risk Business with Stripe, PayPal, Square, Venmo

    By Chad Deatherage | May 17, 2023

    Certain activities, or the industry you work in, may cause payment processors to characterize your merchant account as high risk. It isn’t uncommon for some businesses to process online payments and get higher-than-average returns, but your reputation and industry play an important role. Having your merchant account suspended will undoubtedly lead to revenue loss and…

    Automated Clearing House acronym with marker

    Instant ACH Transfers Online

    By Chad Deatherage | May 16, 2023

    Our current era has been shaped by digitization with a fundamental impact on all sectors, including banking and finance, where it has brought unprecedented convenience, security, and efficiency. The backbone of these developments is none other than America’s Automated Clearing House (ACH) which facilitates seamless electronic transactions between banks and financial institutions within its network.…

    FedNow instant payments service

    A Comprehensive Guide to FedNow

    By Chad Deatherage | May 15, 2023

    The Federal Reserve Bank is currently developing a new instant payment service called “FedNow” that will allow financial institutions to make instant payments. The FedNow Service will begin operating in July 2023 and it is the first U.S. government-created and -backed portal that will enable financial institutions to send and receive payments in real-time 24…