6 Instant Merchant Accounts With Same-Day Approval
When it comes to instant processing, 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.
Accepting credit card payments is key to survival for restaurants, retailers, and many other business types. Whether you are opening a brand-new business or you have an established business but need a new merchant account, same-day merchant account approval means you can accept credit card payments online instantly—or at least within minutes.
However, there are some downsides to instant merchant account approval. Keep reading to learn what you need to know before applying for an instant merchant account and find out the best credit card processing companies for small businesses that offer same-day approval or approval in about a day.
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Table of Contents [hide][show]
- What To Know About Same-Day Merchant Account Approval
- The 6 Best Merchant Services For Instant Credit Card Processing Approval
- Wave Payments: Best For Independent Contractors
- Square: Best For New Businesses
- Stripe: Best For eCommerce Businesses
- Helcim: Best For Growing Businesses
- PayPal: Best For Instant Access To Funds
- Treati.io: Best For High-Risk Businesses
- Methodology: How We Chose Our Top Picks
- Why Being Able To Accept Credit Card Payments Instantly Doesn't Mean Instant Funding
- Can You Really Get A Same-Day Merchant Account Approval?
- In Summary: The 6 Best Merchant Services For Instant Credit Card Processing Approval
Table of Contents
- What To Know About Same-Day Merchant Account Approval
- The 6 Best Merchant Services For Instant Credit Card Processing Approval
- How The Best Instant Merchant Accounts Compare
- Wave Payments: Best For Independent Contractors
- Wave Payments Features
- Wave Pricing
- What To Watch Out For
- Square: Best For New Businesses
- Square Features
- Square Pricing
- What To Watch Out For
- Stripe: Best For eCommerce Businesses
- Stripe Features
- Stripe Pricing
- What To Watch Out For
- Helcim: Best For Growing Businesses
- Helcim Features
- Helcim Pricing
- What To Watch Out For
- PayPal: Best For Instant Access To Funds
- PayPal Features
- PayPal Pricing
- What To Watch Out For
- Treati.io: Best For High-Risk Businesses
- Treati.io Features
- Treati.io Pricing
- What To Watch Out For
- Methodology: How We Chose Our Top Picks
- Why Being Able To Accept Credit Card Payments Instantly Doesn't Mean Instant Funding
- Can You Really Get A Same-Day Merchant Account Approval?
- In Summary: The 6 Best Merchant Services For Instant Credit Card Processing Approval
What To Know About Same-Day Merchant Account Approval
With a traditional 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. This due diligence takes time, which translates to no instant approval—typically it takes three to six business days to be approved for a merchant account.
In contrast, with so-called “instant merchant accounts,” you can open an account, start taking payments, and transfer funds to your bank account, all in the same business day. However, third-party processors, which tend to make up the bulk of providers that offer fast approval, come with some trade-offs.
Third-Party Processors & The Risks Of Instant Approval
Third-party processors (also called payment service providers or PSPs) 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 makes them a convenient credit card processing option for startups. Unfortunately, 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 and 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.
The 6 Best Merchant Services For Instant Credit Card Processing Approval
If you have determined you want a same-day merchant account despite the potential risks, keep reading.
Below are the best payment processing companies that offer same-day approval, as well as fast funding with same-day or next-day deposits. Some are top-rated third-party processors suitable for low-risk businesses, though we also included a couple traditional merchant account options that offer same-day approval.
- Wave: Best For Independent Contractors
- Square: Best For New Businesses
- Stripe Payments: Best For eCommerce Businesses
- Helcim: Best For Growing Businesses
- PayPal: Best For Instant Access To Funds
- Treati.io: Best For High-Risk Businesses
How The Best Instant Merchant Accounts Compare
| Square | Wave | Stripe | Helcim | PayPal | Treati.io | |
|---|---|---|---|---|---|---|
| Same-day approval | Yes | Yes | Yes | Sometimes | Yes | Sometimes |
| Accepts high-risk businesses | No | No | No | No | No | Yes |
| Contract | Month-to-month | Month-to-month | Month-to-month | Month-to-month | Month-to-month | Varies |
| Third-party or merchant account | Third-party | Third-party | Third-party | Merchant account | Third-party | Merchant account |
| Processing model | Flat-rate | Flat-rate | Flat-rate | Interchange-plus | Flat-rate | Interchange-plus |
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
- Good for contractors who get paid via invoice
Cons
- Not suitable for large businesses
- Limited payments features
Why We Chose Wave Payments For Independent Contractors
Wave offers flat-rate credit card processing as an integrated feature for its suite of accounting tools. Wave Payments will appeal to a relatively narrow market segment, specifically businesses using Wave accounting software, a great product for independent contractors whose customers pay with digital invoices.
While not as fully featured as many other services offering flat-rate credit card transactions, Wave Payments does offer fast approvals and instant payouts. You can withdraw any amount so long as it's greater than $25 at the cost of 1% of the amount transferred, and funds are usually available within 30 minutes.
When To Use Wave Payments
Wave is ideal for:
Independent contractors who also need accounting software
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
- Fast, easy onboarding
- 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 New Businesses
Square is a third-party processor and comprehensive payment ecosystem that allows new businesses to accept credit card payments without a merchant account. Though established businesses can also use Square, Square has a basic and intuitive setup designed to quickly onboard new businesses, including freelancers and budding entrepreneurs who have never accepted credit card payments before.
Merchants can set up a Square account online and start accepting payments within minutes. Immediately, you can use Square's virtual terminal to take credit card payments online or use Tap to Pay to accept in-person contactless payments with just your iPhone (you can also order Square POS hardware through the mail, though that will take a little longer).
When To Use Square
Square is ideal for:
Smaller, newer, low-risk businesses
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
- No ready-to-use POS system for in-person sales
- Not suitable for high-risk industries
Why We Chose Stripe For eCommerce Businesses
Stripe is a payment gateway 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. As with Square, you can get set up your Stripe account to start accepting payments online in minutes.
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---or longer for high-risk merchants.
When To Use Stripe
Stripe is ideal for:
Low-risk eCommerce businesses
Get Started With Stripe Payments
Helcim: Best For Growing Businesses
Helcim |
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Pros
- Transparent interchange-plus pricing
- Processing costs decrease with business growth
- Accepts international payments
- Month-to-month pricing
Cons
- Not suitable for high-risk industries
- Expensive for low-volume businesses
Why We Chose Helcim For Growing Businesses
Growing businesses looking for fast approval and a fast turnaround time on deposits should consider Helcim, a provider offering an interchange-plus pricing model suitable for higher-volume merchants. Helcim is one of the few traditional merchant account providers offering approvals within 24 hours or less.
If you also need to quickly transfer funds to your bank account, Helcim offers next-business-day deposits as standard for $10/month, which is different from many other processors.
When To Use Helcim
Helcim is ideal for:
Low-risk, high-volume businesses
PayPal: Best For Instant Access To Funds
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 Access To Funds
PayPal is a breeze to get started with, allowing you to apply for an account and start accepting payments right away---either online or in person using the PayPal Zettle app. PayPal is a bit more expensive than its third-party processor competitors, but this processor offers near-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. You can also initiate an instant deposit to your bank account for 1% of the transfer amount.
When To Use PayPal
PayPal is ideal for:
Low-risk, low-volume businesses
Treati.io: Best For High-Risk Businesses
Treati.io |
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Pros
- Transparent interchange-plus pricing
- Quick setup and approval
- Fast deposit times by default
- Accepts high-risk businesses
Cons
- Not suitable for low-volume businesses
Why We Chose Treati.io For High-Risk Businesses
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.
Treat.io can offer merchant account approval for most low-risk businesses in about a day. They can take a little longer to approve, but Treat.io does accept high-risk businesses as well.
When To Use Treati.io
Treat.io is ideal for:
Mature, high-volume businesses (high-risk or low-risk)
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 also 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.
Why Being Able To Accept Credit Card Payments Instantly Doesn't Mean Instant Funding
Account approval and funding are not the same thing.
Being instantly approved/signed up to take payment card sales does not mean you will instantly receive the money from your first credit/debit card sale.
Getting the money from your payment card sales mostly involves the mechanics of bank-to-bank money transfers, though your risk profile may also be taken into account when it comes to how long it will take you to receive the funds from your first sale. Some processors can provide instant or same-day funding for an additional fee, such as 1% of the amount being transferred, though next-day funding is more common.
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.
Learn more about instant merchant accounts for high-risk businesses.
In Summary: The 6 Best Merchant Services For Instant Credit Card Processing Approval
- Wave:
- Same-day approvals
- Same-day transfers cost 1%
- Monthly fees: $0+
- Square:
- Same-day approvals
- Same-day transfers cost 1.75%
- Monthly fees: $0+
- Stripe Payments:
- Same-day approvals
- Same-day transfers cost 1%
- Monthly fees: $0
- Helcim:
- Approvals within 24 hours or less
- Next-day transfers available for $10/month
- Monthly fees: $0+
- PayPal:
- Same-day approvals
- Same-day transfers cost 1%
- Monthly fees: $0+
- Treati.io:
- Approvals in about a day
- Next-day transfers offered by default
- Monthly fees: $10+
Shannon Vissers
Senior Staff Writer at Merchant Maverick
Shannon has been writing for Merchant Maverick about small business software and financing since 2015. She started writing professionally about business topics in 2005. Shannon has been featured in the Washington Post, Reader's Digest, US News, MSN, Yahoo Finance, Business Insider, and other publications. She has a bachelor's degree in English from San Diego State University and currently resides in San Diego, California.
View Shannon Vissers's professional experience on LinkedIn.
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