How to get a merchant account quickly in 2024

Feb 23, 2024

Getting a merchant account FAST is easily doable in 2024. Getting one instantly, however, is currently not possible.

Plus, even if you could get one instantly, the provider would know nothing about your business, and the chance of you being shut down would go up exponentially.  

Table Of Contents:

  • Why instant merchant accounts are a bad idea
  • How to get a merchant account live and processing within 24 hours safely

Here is why instant merchant accounts and same-day merchant accounts are a bad idea for most businesses. 

When a payment processor sets your account up within a few minutes, or even hours, they do this by foregoing any knowledge of your business and how it operates. 

This allows them to give. you an account that you can accept payments with quickly, but… And this is a HUGE, but… After they approve you, the chance of them shutting you down within a few days, weeks, or months, is VERY high.

If they discover anything about your business that they don’t agree with, they will close your account. 

And the list of what many payment processors don’t like, is a long one… Stripes prohibited business list, for example, is expansive, with many caveats and subtle ways that they can shut down nearly anyone. 

Furthermore, i.  one of your competitors/someone in your industry does something they don’t like, they look at the entire industry as a whole and start flagging accounts. 

So how can you get a merchant account quickly? Read Below…

time is money

How to get a merchant account live quickly

First, it’s important to note a couple of key differences between a full-service merchant account provider and a payment aggregator.

What is a full service merchant account provider?

Answer: A payment processing company that provides you with your own individual merchant account, does thorough underwriting, and has steller customer service.

What is a payment aggregator?

Answer: A Payment aggregator is a company that uses one merchant account for all of its customers. They don’t actually give you your own merchant account, and as such, they have complete control over it. They also do not perform underwriting and know nothing about your business. So, the chance of your account being closed or having funds held without warning is very high.

How to get a merchant account live FAST

Answer: Use a full-service merchant account provider such as Easy Pay Direct, and when you get to the point of the application process where you need to submit your documents. Submit them right away. The sooner the better.

Why? These documents are used in the underwriting process and are part of what is referred to as “KYC” (know your customer.” This is a federal regulation required for stable merchant accounts.

They allow the payment processor to learn about your business, which, in turn, ensures your account is stable and has fewer issues in the future. Without these documents used in the Underwriting process, your account could be shut down at any moment.

This is why Aggregators like Stripe and others shut down so many accounts without notice.

Get a merchant account today

Fill out this quick online form, and submit your docs within 24 hours. If you do, we can get you approved within 24 hours!

Easy Pay Direct FAQ

How long does it take to start processing?

We can get your account live in 24 hours or less! In order for us to do this, we need all of your documents submitted right away.

The documents needed are typically 3 Months of Processing Statements, Valid ID (Drivers license/passport), 6 months of bank statements, a voided check, and recent tax return.

Hint** You can expedite this further by using our Plaid and Persona options

What’s the point of Underwriting?

In short, underwriting allows the merchant account provider to learn important details about your business such as: your marketing model, business structure, and more.

These details allow us to pair you up with a back-end bank that is familiar with your industry and the way that you specifically conduct business.

That way, the likelihood of you ever encountering a problem with your account is drastically reduced. Which creates a stable worry free way for you to process payments.

How are you different from Stripe or PayPal?

There are many factors that make us different, but here are a few key points:
Underwriting (covered above)
Drastically reduced chance of account issues
You get your own merchant account (Stripe and other aggregators do not actually give you your own account)
White glove customer service that you can call, text, or email any time
Stable accounts + we will fight for you if an issue ever arises
Better rates, especially for companies processing $100k or more per month
Transaction routing
Chargeback management and support
Plus much more

Is my data safe with you?

At Easy Pay Direct, every form submission, field you input data on, transaction that is processed, and any personal information added to our website is encrypted with the highest standard and state of the art encryption.

We do not share data with any third party, whether it’s personal or financial information.

We have a strict in-house zero-tolerance policy and, in almost two decades, have never had a security breach of any type.

Stripe Account Issues? Watch This!