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Sep 18, 2023
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Want To Accept Credit Card Payments Instantly? Here’s What You Need To Know First
When it comes to instant processing or same-day funding, there is no magic bullet, but some credit card processors can move more quickly than others.
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WRITTEN & RESEARCHED BY
Senior Staff Writer
Last updated onUpdated
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REVIEWED BY
Lead Staff Writer
Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
Every business owner knows that controlling cash flow is essential to survival. You might be wondering how to get your money as quickly as possible. You could get your cash the same day or the next day with instant credit card processing services.
For most businesses, incoming cash flow includes credit and debit card sales, but a lot of behind-the-scenes work happens between that initial swipe or dip of the card and the money finally being deposited into your account. Though much of this money transfer is automated these days, delays still happen.
Below, we give some tips on how to get your funds quickly and recommend some reputable credit card processing companies for small businesses that can process your payments fast. Read on to find out more!
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Read more below to learn why we chose these options.
Table of Contents [hide][show]
- Can You Really Get A Same Day Merchant Account Approval?
- Why Being Able To Accept Credit Card Payments Instantly Doesn't Mean Instant Funding
- The 8 Best Merchant Services For Instant Credit Card Processing Approval & Fast Funding
- 1. Square: Best For New Businesses
- 2. Stripe: Best For eCommerce Businesses
- 3. Treati.io: Fast Approval For Mature Businesses
- 4. Helcim: Best For Growing Businesses
- 5. Host Merchant Services: Best For Mid-Sized Businesses
- 6. PayPal: Best For New & Very Small Businesses
- 7. Wave Payments: Best For Independent Contractors
- 8. Chase Payment Solutions: Best Direct Processor
- Methodology: How We Chose Our Top Picks
- Is An Instant Merchant Account Really The Best Option?
- 6 Things You Can Do To Keep Your Same-Day Or Next-Day Funding
- How To Get An Instant Merchant Accounts & Get Your Funds Fast
- Frequently Asked Questions About Instant Approvals & Deposits
- In Summary: The 8 Best Merchant Services For Instant Credit Card Processing Approval & Fast Funding
Table of Contents
- Can You Really Get A Same Day Merchant Account Approval?
- Why Being Able To Accept Credit Card Payments Instantly Doesn't Mean Instant Funding
- The 8 Best Merchant Services For Instant Credit Card Processing Approval & Fast Funding
- 1. Square: Best For New Businesses
- Why We Chose Square For Instant Credit Card Processing
- Square Features
- Square Pricing
- 2. Stripe: Best For eCommerce Businesses
- Why We Chose Stripe For Instant Credit Card Processing
- Stripe Features
- Stripe Pricing
- 3. Treati.io: Fast Approval For Mature Businesses
- Why We Chose Treati.io For Instant Credit Card Processing
- Treati.io Features
- Treati.io Pricing
- 4. Helcim: Best For Growing Businesses
- Why We Chose Helcim For Instant Credit Card Processing
- Helcim Features
- Helcim Pricing
- 5. Host Merchant Services: Best For Mid-Sized Businesses
- Why We Chose Host Merchant Services For Instant Credit Card Processing
- Host Merchant Services Features
- Host Merchant Services Pricing
- 6. PayPal: Best For New & Very Small Businesses
- Why We Chose PayPal For Instant Credit Card Processing
- PayPal Features
- PayPal Pricing
- 7. Wave Payments: Best For Independent Contractors
- Why We Chose Wave Payments For Instant Credit Card Processing
- Wave Payments Features
- Wave Pricing
- 8. Chase Payment Solutions: Best Direct Processor
- Why We Chose Chase Payment Solutions For Instant Credit Card Processing
- Chase Payment Solutions Features
- Wave Pricing
- Methodology: How We Chose Our Top Picks
- Is An Instant Merchant Account Really The Best Option?
- 6 Things You Can Do To Keep Your Same-Day Or Next-Day Funding
- How To Get An Instant Merchant Accounts & Get Your Funds Fast
- Frequently Asked Questions About Instant Approvals & Deposits
- In Summary: The 8 Best Merchant Services For Instant Credit Card Processing Approval & Fast Funding
Can You Really Get A Same Day Merchant Account Approval?
Getting a same-day merchant account approval requires using merchant services with an expedited vetting process. This usually means going through a third-party processor, such as Square, Stripe, or PayPal. Just be aware that if you go this route, you’re not getting your own merchant account but are instead being aggregated into a large pool of merchants.
While third-party processors can be an excellent option for low-risk businesses, high-risk businesses won’t be able to use them. You should also be aware of the account stability issues that tend to plague third-party processors. Likewise, merchant services that offer expedited approval will usually only do so for low-risk businesses.
Why Being Able To Accept Credit Card Payments Instantly Doesn't Mean Instant Funding
If you’ve ever shopped around for a payment card processor for your business, you’ve probably visited more than a few websites that promise Instant Approval! or No-Hassle Setup! These promises often assure you that you can Get Your Money Right Away! Account approval and funding are not the same thing.
Being instantly approved/signed up to take payment card sales and getting the money from your first credit/debit card sale are two completely different things. It’s helpful to know the difference between credit and debit transactions so that you understand the process.
The approval/sign-up part involves checking the creditworthiness of your business (and often your personal creditworthiness).
Getting the money from your payment card sales involves the mechanics of bank-to-bank money transfers.
The 8 Best Merchant Services For Instant Credit Card Processing Approval & Fast Funding
Below are eight of the best instant merchant accounts that offer fast approval and funding. Our list includes excellent merchant services and payment processing services from companies including:
- Square: Best For New Businesses
- Stripe: Best For eCommerce Businesses
- Treati.io: Fast Approval For Mature Businesses
- Helcim: Best For Growing Businesses
- Host Merchant Services: Best For Mid-Sized Businesses
- PayPal: Best For New & Very Small Businesses
- Wave Payments: Best For Independent Contractors
- Chase Payment Solutions: Best Direct Processor
1. Square: Best For New Businesses
Square |
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Get a free card swiper from Square at no cost when you create a free account. Claim your card reader.
Pros
- Predictable flat-rate fees
- No monthly fees
- Massive feature set
- Offers next-day, same-day, and instant deposits
Cons
- Account stability issues
- Not suitable for high-risk industries
Why We Chose Square For Instant Credit Card Processing
Square is less of a payment processor than a payment ecosystem designed to quickly onboard new businesses. Square's standard transfer schedule is faster than most services, with payments made before 5 PM PT landing in your bank account as soon as the next day.
Square offers same-day transfers for the cost of 1.75% of the amount being transferred from your Square account to your bank account. You can move up to $10,000 per transfer this way.
Square also offers instant funding for Square Checking customers. Since no third-party bank is involved, Square Checking allows you to access your funds immediately and spend them with the Square Debit Card.
2. Stripe: Best For eCommerce Businesses
Stripe Payments |
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Pros
- Predictable flat-rate pricing
- No monthly fees
- Massive feature set
- Offers instant deposits
Cons
- Account stability issues
- Not suitable for high-risk industries
Why We Chose Stripe For Instant Credit Card Processing
Stripe is a third-party processor focused on eCommerce transactions. Like other third-party processors, Stripe's approval process is fast and relatively easy, making it a good option for businesses that need to be up and running quickly.
Stripe's default payout schedule is a little slower than some competitors, with payments usually landing in your account after two business days. While account activation is fast, Stripe does do some risk mitigation upfront. New accounts should know there's a seven-day delay in receiving your first deposit.
Stripe also offers instant payouts to customers in good standing and charges 1% of the amount being transferred.
Get Started With Stripe Payments
3. Treati.io: Fast Approval For Mature Businesses
Treati.io |
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Pros
- Transparent interchange-plus pricing
- Quick setup and approval
- Fast deposit times by default
- Good feature set
Cons
- Not suitable for low-volume businesses
Why We Chose Treati.io For Instant Credit Card Processing
Even if you aren't concerned about speed, Treati.io is a solid choice for established businesses, offering transparent interchange-plus pricing. Though its feature list is lean, Treati.io makes up for it with simple, transparent service and expedited onboarding.
4. Helcim: Best For Growing Businesses
Helcim |
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Pros
- Transparent interchange-plus pricing
- Processing costs decrease with business growth
- Accepts international payments
- Next-day deposits available
Cons
- Not suitable for high-risk industries
Why We Chose Helcim For Instant Credit Card Processing
Many of the payment processors on this list use flat-rate pricing. While that offers advantages to lower-volume businesses, it tends not to scale well to higher-volume merchants. Businesses in the latter group looking for a fast turnaround time on deposits should consider Helcim, even if it's not quite as fast on the payout. Helcim offers payouts within one to two business days for most US merchants, with next-business-day transfers for weekend transactions. You can also opt for next-business-day deposits as standard for $10/month, which is different than many other processors.
5. Host Merchant Services: Best For Mid-Sized Businesses
Host Merchant Services |
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Pros
- Transparent interchange-plus pricing
- No setup fees
- No monthly minimums
- No early termination fee
Cons
- It may not be suitable for low-volume businesses
Why We Chose Host Merchant Services For Instant Credit Card Processing
Host Merchant Services offers interchange-plus pricing by default, and at competitive rates, especially for restaurants. High-risk merchants can even find a home with Host Merchant services, although they should expect less favorable terms than low-risk merchants.
Host Merchant Services offers next-funding with all of its payment plans, so you won't be waiting long for your money.
Get Started With Host Merchant Services
6. PayPal: Best For New & Very Small Businesses
PayPal |
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Pros
- Predictable flat-rate pricing
- Quick setup and approval
- No monthly fees
- Massive feature set
Cons
- Transaction rates aren’t competitive
- Not suitable for high-risk industries
Why We Chose PayPal For Instant Credit Card Processing
PayPal is a breeze to get started with and easy to use, but it's a bit more expensive than its third-party processor competitors. The costs will add up fast if you're doing a higher volume of transactions. That said, PayPal remains one of -- if not the most -- feature-complete payment platforms.
PayPal was really the first third-party processor to offer instant access to your money from credit card payments. By default, funds are available in your PayPal account almost as soon as the transaction is complete.
You can spend the money online anywhere that PayPal is accepted, and if you have a PayPal debit card, you can spend your money anywhere that accepts Mastercard. Transfers to a bank account can take up to five days, but it will depend entirely on your bank. You can also initiate an instant deposit for 1% of the transfer amount.
7. Wave Payments: Best For Independent Contractors
Wave |
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Pros
- Predictable flat-rate pricing
- Basic features are free
- Useful features for independent contractors
Cons
- Not suitable for large businesses
- Limited payments features
Why We Chose Wave Payments For Instant Credit Card Processing
Wave Payments will appeal to a relatively narrow market segment, specifically those using Wave for their accounting needs. Wave offers flat-rate credit card processing as an integrated feature for its suite of accounting tools.
While not as fully featured as many other services offering flat-rate credit card transactions, Wave Payments does offer instant payouts. You can withdraw any amount so long as it's greater than $25 at the cost of 1% of the amount transferred. Funds are usually available within 30 minutes.
8. Chase Payment Solutions: Best Direct Processor
Chase Payment Solutions℠ |
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Pros
- Large direct processor
- No monthly fee with a standard account
- Lower-than-average flat-rate pricing
- Interchange-plus pricing available for higher-volume merchants
Cons
- Limited pricing disclosures on the website
- Free credit card terminal requires a long-term contract
Why We Chose Chase Payment Solutions For Instant Credit Card Processing
Direct processors have a reputation for concentrating mainly on large corporate customers, but Chase Payment Solutions takes pains to carve out some space for the little guy. Chase Payment Solutions is an excellent choice if you want to cut out the middleman and deal directly with your back-end processor.
Customers using Chase's QuickAccept app who have a Chase business bank account are eligible for next-day funding.
Get Started With Chase Payment Solutions℠
Methodology: How We Chose Our Top Picks
Merchant Maverick evaluates payment processors according to a number of key metrics including pricing, contract terms, features, and user reviews. Those metrics are then combined to form an aggregate rating, which we then use to compare the processor to similarly situated companies.
For this list, we heavily weighted merchant services that provide expedited approvals and/or companies that provide quick access to funds from credit card sales. Keep in mind that each provider on our list is suited to particular small business circumstances, which we’ve noted above. The best fast-approval merchant account for one merchant may not be the best for another.
Is An Instant Merchant Account Really The Best Option?
All things being equal, who wouldn’t want fast approval for their merchant account? As with most things, however, speed comes with some trade-offs. Third-party processors, which tend to make up the bulk of providers that offer fast approval, are illustrative of this.
Third-party processors typically assess that risk after you’ve signed up and have started to take payment cards. This allows them to approve your account quickly, which can be a convenient credit card processing option for startups. However, your business’s ability to process payment cards might be interrupted later after the processor has assessed the risk of doing business with you.
You might be required to establish a rolling reserve account with the processor. They might even suddenly terminate their business relationship with you. In other words, processing with third-party processors means you might have to deal with account holds or terminations. That’s not to say that every merchant who uses these services will have a problem, but almost any merchant could run into trouble.
With a merchant account provider, risk assessment is done upfront. You have to submit documents and be subject to credit checks, but your ability to take payment cards is less likely to be interrupted later. Unfortunately, due diligence takes time, which translates to no instant approval. (Some good merchant account providers still move pretty fast, even if it’s not instant.)
Why Do Payment Processors Withhold Funds From Merchants?
Payment processors withhold funds from merchants or terminate accounts when suspicious activity is detected. Here are some things that may trigger hold:
- Unusually large transactions
- Sales of an unfamiliar product
- An unusually high number of fraudulent transactions
- A high volume of chargebacks
- Being categorized as high-risk
- Using your merchant account for purposes other than processing credit cards
In other words, something is going on with your account that triggered a red flag. Unfortunately, this can happen even when you’ve done nothing wrong. Third-party processors, in particular, are known to be unforgiving about suspicious behavior.
6 Things You Can Do To Keep Your Same-Day Or Next-Day Funding
Many companies manage to keep their merchant accounts in good standing. There are things you can do to minimize your chances of triggering an account freeze:
How To Get An Instant Merchant Accounts & Get Your Funds Fast
Whether you’re looking for fast approval or quick access to your funds, the most important thing is to select a payment processor that can accommodate you, like the options on our list.
Beyond that, there are no tips, tricks, or magic buttons to push to get your money fast when you have a merchant account. If you want to get your funds as soon as possible, you need to be a responsible merchant, establish a good processing history, minimize risky transactions, and batch out daily by the cut-off time. You might also have to pay an additional fee if you truly need “instant funding.”
Last, you have options if the worst should happen, and you have a large transaction held in limbo. Contact your processor and see what you can do to work it out. If you’re really in need of cash, you can get an emergency small business loan (a working capital loan or bridge loan, specifically). This can help keep the lights on, ensure your employees are paid on time, pay your suppliers, etc., until your cash flow can smooth out again.
Frequently Asked Questions About Instant Approvals & Deposits
In Summary: The 8 Best Merchant Services For Instant Credit Card Processing Approval & Fast Funding
- Square:
- Best for new businesses
- Same-day transfers cost 1.75%
- Monthly fees: $0+
- Stripe Payments:
- Best for eCommerce businesses
- Same-day transfers cost 1%
- Monthly fees: $0
- Treati.io:
- Best fast approval for mature businesses
- Next-day transfers offered by default
- Monthly fees: $10+
- Helcim:
- Best for growing businesses
- Next-day transfers available for $10/month
- Monthly fees: $0+
- Host Merchant Services:
- Best for mid-sized businesses
- Next-day transfers included in the basic service
- Monthly fees: $14.99
- PayPal:
- Best for new and very small businesses
- Same-day transfers cost 1%
- Monthly fees: $0+
- Wave:
- Best for independent contractors
- Same-day transfers cost 1%
- Monthly fees: $0+
- Chase Payment Solutions℠:
- Best direct processor
- Next-day funding available to customers with a Chase business bank account
- Monthly fees: $0+
Chris Motola
Senior Staff Writer at Merchant Maverick
Chris has been writing about small business topics since 2003. In 2015, he joined Merchant Maverick, where he writes about business financing, payment processing, and demographic trends in entrepreneurship. Chris has been featured in Fox Business, ABC News, Yahoo Finance, GoBankingRates, Newsweek, BizJournals, and other publications. He has a Bachelor’s of Arts in English Writing Arts from SUNY Oswego, and a Masters of Science in Interactive Media from the University of Central Florida. He currently resides in the Hudson Valley region of New York.
View Chris Motola's professional experience on LinkedIn.
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