Advertiser Disclosure

💳 Save money on credit card processing with one of our top 5 picks for 2022

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.

    Chris Motola
  • UPDATED

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!

Learn More About Our Top Picks

CompanySummaryNext StepsSummary

Read More

  • Best all-in-one instant payments solution
  • No monthly fee for basic services
  • Same-day transfers cost 1.5%
  • Best all-in-one instant payments solution
  • No monthly fee for basic services
  • Same-day transfers cost 1.5%

Visit Site

Read More

Read More

  • Best for growing businesses
  • No monthly fee for basic services
  • Next-day transfers available for $10/month
  • Best for growing businesses
  • No monthly fee for basic services
  • Next-day transfers available for $10/month

Visit Site

Read More

Read More

  • Best for eCommerce businesses
  • No monthly fee for basic services
  • Same-day transfers cost 1%
  • Best for eCommerce businesses
  • No monthly fee for basic services
  • Same-day transfers cost 1%

Visit Site

Read More

Read More

  • Best for restaurants
  • $14.99 monthly fee
  • Next-day transfers included in the basic service
  • Best for restaurants
  • $14.99 monthly fee
  • Next-day transfers included in the basic service

Visit Site

Read More

Read More

  • Best for new and very small businesses
  • No monthly fee for basic services
  • No additional fee for instant transfers
  • Best for new and very small businesses
  • No monthly fee for basic services
  • No additional fee for instant transfers

Visit Site

Read More

Show More Options

Read More

  • Best fast approval for mature businesses
  • $10-$20 monthly fee
  • Next-day transfers offered by default
  • Best fast approval for mature businesses
  • $10-$20 monthly fee
  • Next-day transfers offered by default

Visit Site

Read More

Read More

  • Best for independent contractors
  • No monthly fee for basic services
  • Same-day transfers cost 1%
  • Best for independent contractors
  • No monthly fee for basic services
  • Same-day transfers cost 1%

Visit Site

Read More

Read More

  • Best direct processor
  • No monthly fee for basic services
  • Next-day funding available to customers with a Chase business bank account
  • Best direct processor
  • No monthly fee for basic services
  • Next-day funding available to customers with a Chase business bank account

Visit Site

Read More

Show Fewer Options

Read more below to learn why we chose these options.

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 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, however, 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 processes. It’s also 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.

Next-Day Funding For Merchant Account Services

With next-day funding, merchants receive the funds from their credit card transactions within the next business day.

Typically you’ll have to process your daily batch before a designated time for the funds to be available for the next business day. You’ll also want to check with your payment service to see how it handles Friday and Saturday transactions; in many cases, next-day means “next business day.”

Same-Day Funding For Merchant Account Services

Same-day funding for credit card processing allows a merchant to access the funds from their recent credit card transactions on the same day they send their batch.

Like next-day funding, you’ll have to process your batch before a designated time to get your funds on schedule. Generally, the cutoff time will be early in the day rather than at the end. Because of this, same-day funding can be useful to businesses that are open overnight.

Same-day funding is more likely to have maximum limits on the amount you can get advanced than next-day funding.

Instant Deposits & Other Options For Merchant Account Services

Faster still are instant deposits, which make your money available immediately after a transaction. If it sounds like there’s a catch to this, you’re right.

Most services offering instant deposits do so as part of their broader payment infrastructure. For example, Square offers instant deposits with its Square Checking service. It can do this because there’s no need to transmit the payment information to a third party. Square is both your processor and your bank. This works similarly with digital wallet transfers on a service such as PayPal or similar peer-to-peer transactions.

How Soon Do You Need Your Funds?

Fast funding sounds great on paper, but since it can often come with added expenses or limitations, you should consider which, if any, type of expedited funding fits your business model.

Next-day funding should be sufficient for most businesses that occasionally need to smooth out their cash flow with faster deposits. Same-day deposits will interest businesses that make a lot of sales during non-business hours and would regularly miss the batch deadlines for next-day funding.

As for instant deposits, you’ll want to consider the value of the platform you’re signing up for and to what degree you’re willing to centralize your accounts under it. If you’re cool with having your payment service double as a money-storing account, instant deposits are a significant perk.

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. Some work well for eCommerce processing, while others work best for high-volume businesses.

1. Square: Best For All-In-One Processing

Square


Visit Site

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

Square vs. a merchant account is less of a payment processor than a payment ecosystem. 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 Transaction Fees

Square charges:

  • 2.6% + $0.10 for swiped, dipped, or tapped transactions
  • 2.9% + $0.30 for online transactions
  • 3.5% + $0.15 for keyed-in transactions

How Square Handles Instant Payments

Square offers same-day transfers for the cost of 1.5% 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.

Get Started With Square

Read our in-depth review

Jump back to comparison chart

2. Helcim: Best For Growing Businesses

Helcim


Visit Site

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

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.

Helcim Transaction Fees

Helcim’s transaction fees are highest for businesses that process less than $25,000/month and get cheaper as volume increases. The rates for businesses processing less than $25,000 a month are:

  • Interchange + 0.3% + $0.08 for swiped, dipped, or tapped transactions
  • Interchange + 0.5% + $0.25 for online and keyed-in transactions

How Helcim Handles Instant Payments

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.

Get Started With Helcim

Read our in-depth review

Jump back to comparison chart

3. Stripe: Best For eCommerce Businesses

Stripe Payments


Visit Site

Pros

  • Predictable flat-rate pricing
  • No monthly fees
  • Massive feature set
  • Offers instant deposits

Cons

  • Account stability issues
  • Not suitable for high-risk industries

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 Transaction Fees

Stripe charges:

  • 2.7% + %0.05 for in-person transactions
  • 2.9% + $0.30 for online transactions
  • 2.95% + $0.30 for manually-entered cards

How Stripe Handles Instant Payments

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 does offer instant payouts to customers in good standing and charges 1% of the amount being transferred.

Get Started With Stripe Payments

Read our in-depth review

Jump back to comparison chart

4. Host Merchant Services: Best For Restaurants

Host Merchant Services


Visit Site

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

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 Transaction Fees

Host Merchant Services starting rates are:

  • Retail: Interchange + 0.25% + $0.10 per transaction
  • Restaurant: Interchange + 0.2% + $0.09 per transaction
  • eCommerce: Interchange + 0.35% + $0.10 per transaction

How Host Merchant Services Handles Instant Payments

Next-day funding is a great option to see in your payment processor’s offering. It’s even better when it comes free of additional charges. 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

Read our in-depth review

Jump back to comparison chart

5. PayPal: Best For New & Very Small Businesses

PayPal


Visit Site

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

PayPal vs. a merchant account is a breeze to get started with, and it’s 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 Transaction Fees

PayPal’s transaction fees have grown rather complex as of late. Check out our complete guide to PayPal merchant fees to understand what it will cost you to use it.

How PayPal Handles Instant Payments

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.

Get Started With PayPal

Read our in-depth review

Jump back to comparison chart

6. Payline Data: Fast Approval For Mature Businesses

Payline Data


Visit Site

Pros

  • Transparent interchange-plus pricing
  • Quick setup and approval
  • Fast deposit times by default
  • Good feature set

Cons

  • Not suitable for low-volume businesses

Even if you aren’t concerned about speed, Payline Data is a solid choice for established businesses, offering transparent interchange-plus pricing. Nonprofits, in particular, may want to take notice as Payline Data offers discounted processing rates and support for recurring donations.

Payline Data Transaction Fees

Payline Data’s fees are based on whether the majority of your transactions are in-person or online:

  • Majority In-Person: Interchange + 0.4% + $0.10
  • Majority Online: Interchange + 0.75% + $0.20

How Payline Data Handles Instant Payments

Same-day approval for individual merchant accounts is rare, but Payline Data somehow manages to pull it off for some customers. Deposits are also fast, hitting your account within one or two business days.

Get Started With Payline Data

Read our in-depth review

Jump back to comparison chart

7. Wave Payments: Best For Independent Contractors

Wave


Visit Site

Pros

  • Predictable flat-rate pricing
  • Basic features are free
  • Useful features for independent contractors

Cons

  • Not suitable for large businesses
  • Limited payments features

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.

Wave Payments Transaction Fees

Wave Payments charges the following:

  • Visa, Mastercard, & Discover Transactions: 2.9% + $0.30
  • American Express: 3.4% + $0.30

How Wave Payments Handles Instant Payments

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.

Get Started With Wave

Read our in-depth review

Jump back to comparison chart

8. Chase Payment Solutions: Best Direct Processor

Chase Payment Solutions℠


Visit Site

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

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.

Chase Payment Solutions Transaction Fees

Transaction fees for Chase Payment Solution’s flat-rate plan are:

  • 2.6% + $0.10 per tapped, dipped, or swiped transaction
  • 2.9% + $0.15 per eCommerce transaction
  • 3.5% + $0.10 per keyed-in transaction

How Chase Payment Solutions Handles Instant Payments

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℠

Read our in-depth review

Jump back to comparison chart

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. However, your business’s ability to process payment cards might be interrupted later after they’ve 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.

7 Thing 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:

  1. Avoid Keyed Transactions: If your retail shop has an unusually high number of keyed transactions, your processor may become suspicious and implement a hold or a reserve fund. Keyed transactions may take an extra few days to process. They are usually more expensive to process, so you should avoid them for your bottom line anyway.
  2. Stay Within Your Processing Limits: Mobile processors such as PayPal and Intuit GoPayment have been known to set weekly and monthly limits for merchants based on their processing histories. You can sometimes work around these concerns by contacting your service provider and letting them know that you expect a higher-than-average volume because of a sale, special event, or new product launch.
  3. Document High-Value Transactions: Just like unusually higher overall volumes can draw the attention of your merchant account provider, so can unusually large individual transactions. Third-party processors, in particular, will usually ask for an invoice, signature, and other documentation and hold the funds until you provide the documentation or the chargeback window has closed. Some merchant accounts may also specify that for transactions above a certain value, a percentage will be subject to a hold for so many days.
  4. Minimize Your Chargebacks: Try to prevent chargebacks or keep them to a minimum. A high number of them signifies to your processor that customers are unhappy with your service or you have accepted a lot of fraudulent cards. Neither situation is acceptable.
  5. Optimize Batch Times: Unless you’re with a third-party processor, such as Square or PayPal, you can expect to pay a batch processing fee every time you submit a transaction for processing. It’s an industry-standard security process to batch out at least once in a 24-hour period. Waiting longer than that often comes with higher processing rates because of an added security risk.
  6. Choose A Processor With Fast Funding Times: Not all processors are the same, and processing times can vary. Two business days has become the industry standard, but some processors can still take longer than that (three to five days). There may also be some exceptions to the standard funding time for particular types of transactions (keyed, for example).
  7. Watch Your Cash Flow & Bank Balances: Lastly, keeping a steady cash flow will help you get funded faster, so you’ll need to know how to do a cash flow analysis. Some processors want to see your bank statements when a transaction is held to ensure you have the money to cover any possible chargebacks.

The Bottom Line On Instant Merchant Accounts & Getting Your Funds Fast

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.”

Of course, all of that is useless if your processor’s default processing time is three to five days and cannot offer anything faster. So, if fast funding is important to you, check deposit times before signing a contract. Look for a reputable processor with funding options that work for your needs.

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

How long does it take a merchant to receive funds?

Time to funding will vary by processor, but the industry average is around two days.

How do I open an instant merchant account?

To open a merchant account quickly, you’ll need to apply with a payment processor that offers fast approvals. Be aware that most companies that offer this are third-party processors that don’t provide traditional merchant accounts.

Do credit card payments post on the weekends?

Usually, weekend transactions will be floated over to the next business day. However, not every payment processor handles weekends the same way.

How long does it take to get approved for a merchant account?

On average, it takes three to six business days to be approved for a merchant account. Some services, particularly third-party processors, are faster.

What credit score is needed for a merchant account?

Minimum credit scores needed for a merchant account vary by processor, but having a low credit score can land a merchant in the high-risk category, which can mean higher processing fees. The good news is that getting a bad credit merchant account is possible.

In Summary: The 8 Best Merchant Services For Instant Credit Card Processing Approval & Fast Funding

  1. Square:
    • Best all-in-one instant payments solution
    • No monthly fee for basic services
    • Same-day transfers cost 1.5%
  2. Helcim:
    • Best for growing businesses
    • No monthly fee for basic services
    • Next-day transfers available for $10/month
  3. Stripe Payments:
    • Best for eCommerce businesses
    • No monthly fee for basic services
    • Same-day transfers cost 1%
  4. Host Merchant Services:
    • Best for restaurants
    • $14.99 monthly fee
    • Next-day transfers included in the basic service
  5. PayPal:
    • Best for new and very small businesses
    • No monthly fee for basic services
    • No additional fee for instant transfers
  6. Payline Data:
    • Best fast approval for mature businesses
    • $10-$20 monthly fee
    • Next-day transfers offered by default
  7. Wave:
    • Best for independent contractors
    • No monthly fee for basic services
    • Same-day transfers cost 1%
  8. Chase Payment Solutions℠:
    • Best direct processor
    • No monthly fee for basic services
    • Next-day funding available to customers with a Chase business bank account
Chris Motola

Chris Motola

Expert Analyst & Reviewer at Merchant Maverick
An expert in personal and business loans and financial health, Chris Motola has been writing about small business finance and payments for over 5 years. He has been cited in various industry publications, including Forbes Advisor, GoBankingRates, and Medium. Chris is a graduate of the University of Central Florida.
Chris Motola
View Chris Motola's professional experience on LinkedIn.

Sources

We Want Your Feedback!

Help us to improve by providing some feedback on your experience today.

The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.

Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.

Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.

Our Experts Recommend PaymentCloud 🏆 PaymentCloud can help almost any business save on credit card processing. Whether you're looking to save money on processing or to get approved for a merchant account, PaymentCloud can help. Get Started At PaymentCloud

Sign up for the Maverick Newsletter

  • Please select topics of interest

  • We occasionally send out emails with special offers.
  • Hidden
  • This field is for validation purposes and should be left unchanged.