Same Day Approval Merchant Account
You are looking forward to getting a “same day merchant account approval” then you need to make sure that your website and the documents are fully compliant with the payment processors requirements. Same day approval for a merchant account is usually given to any Low Risk Merchants. High Risk Merchants may not get the same day approval for a merchant account. Low Risk Merchants selling tangible products online can apply for same day approval accounts. The website should have all the products listed with the correct pricing. The terms and condition and the refund policy should be clear and customer-centric. Customer service email or phone number must be visible on the contact us page.
The Merchant Must Send All The Required KYC Documents To The Payment Service Provider. These Documents Must Include
- Business license
- Identification proof of the business owners
- Address proof of the business owners
- Domain registration certificate
- Utility bills of the business owners
- Cancel check of the business account
- Personal bank account statement
- Recent 3 Month payment processing history if available.
All the documents should be clearly scanned and should never be manipulated. Manipulated documents will get your application declined from the merchant account Company. Merchants should also look at alternative payment processing solutions like echeck payment gateway which provide same day approval with less documentation.
Once approved the merchant can integrate the payment gateway or the Merchant account on the website by utilizing API information. If the website is built on popular content management system then the merchant may ask for relevant plugins from the merchant account provider.
Shopping Cart is useful in creating a credible impression in the minds of the underwriting team. Merchants must invest time and money in creating beautiful and converting website to sell their products online. Shopping cart offers features like upselling and cross-selling that increases the revenue generation from the merchant website.
Before signing any agreement for a Merchant Account or Payment Gateway you must read all the clauses. These agreements are very long and every clause may have legal implications.
Getting a same day merchant account approval is something which is certainly possible but the possibility is rare. To get a same day credit card processing, you must share the application with the required KYC documents to the payment service provider. Your website must be in compliance with the requirements of the payment service provider. Merchant selling high risk products or services may not get the solution. These entrepreneurs should use merchant account for high risk business. Merchants who are selling Low Risk Product and have a credible history in terms of payment processing can certainly be lucky to get one.
The compliance team does not want to delay the merchant account approval process. The delay happens because of multiple reasons.
- Application Not Properly Filled: The application form includes vital fields required for the approval of your account. In case if some information is missing then the service provider will come back to you and ask for additional information.
- Entire KYC Document Not Submitted: Every payment service provider will ask for KYC documents. This includes the business license, ID and address proof of all the directors and couple of other documents. Sometimes merchants miss supplying few of these documents. This may also delay the application approval process.
- Listing Of Risk-Oriented Products Or Services: This usually happens when you are selling multiple products and services. We all know that every product can have a different implication as per risk. Some product may be risk-oriented. If that is the case we strongly recommend you to remove that product and then apply for payment processing solutions with only those products that are non risk oriented. For the risk-oriented products, you may try to find an alternative mode of payment processing. Most of the content management systems offer the flexibility of selecting a specific payment mode for a specific product.
- Time Zone Difference: We are living in a global village. There are many companies that offer International Credit Card processing. These companies may be located in the different countries from the location of the merchant. When looking for the same day approval you should also keep the time zone difference in mind. Most of the companies work for 7- 9 working hours every day across the globe. If you are seriously looking forward to getting the approval the very same day then follow the time zone of the processor and provide the documents and application accordingly.
Why Would A Processor Be Interested In A Providing Your Merchant Account The Very Same Day?
This is a key question and it needs to be addressed. The payment processing companies generate revenue on the transaction charges the more the processor processes the more the profit on per transaction fee. Processors will never be interested in delaying your application but sometimes these processors work on hundreds or thousands of applications. This means they have a heavy workload and since the job is critical they have to give enough time to every application as per the underwriting guidelines. They do it for the security of all the parties involved in the payment processing system. You as a merchant can make the life easier by providing the right set of documents and a properly filled application form without any time delay. Working hand in hand with your payment service provider will help you to achieve the approval in the shortest time possible.
As per our experience and understanding, we can say that it would be very difficult for any payment processing company to guarantee the same day approval merchant account. But there can certainly be a possibility of a merchant getting one provided the PSP and the merchant work hand in hand.
We hope that you have read the above-mentioned information clearly and you now understand what are the prerequisites that are needed to get you the same day approval for a merchant account. In case if you submit the application form and the KYC documents and your website is complete then there is a high possibility of you getting approved the very same day.