The Truth About “Instant Approval” Payment Processing
A few payment facilitators, such as Stripe and Square, usually allow onboarding in conjunction with near-instant account approval. Actual merchant accounts always, nonetheless, require some documentation, albeit this could sometimes be delayed. There are generally three sets of reasons for the apparent “no docs” approach: 1) Aggregators using existing KYC from your bank’s login (Plaid), 2) Offshore processors doing post-sign-on verification, and 3) High-risk providers with small limits in processing until documents are verified. Real no-doc solutions exist only in the black market and face account closure and confiscation of funds sub-fastes.
Faster Alternatives to Instant Approvals
Prepare and submit the following documentation in advance in order to expedite approvals: a business license, three months’ worth of bank statements, and a processing history spreadsheet. It is suggested that a merchant use payment facilitators to build history before applying for regular merchant accounts, even if it is at the sacrifice of higher fees. Some high-risk authorities will approve a business application within a 24-hour period if the complete document package is sent ahead of time. Look for so-called soft underwriting providers like PaymentCloud that allow test processing to be done immediately while conducting their full reviews. For really urgent needs, cryptocurrency gateways (BitPay, Coinbase Commerce) provide what amounts to almost immediate setup but at the expense of limited customer payment options. Fine print should always be read; many so-called instant approvals are just pre-approvals awaiting verification later.
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