How Long Does It Take to Set Up a High-Risk Merchant Account?

Out of all the payment processing companies, PayPal is one of the most popular options in North America. While the process of setting up an account with payment processors like PayPal can typically take a few business days at the most if you’re a low-risk business, high-risk businesses may have a longer waiting period. 

Although choosing the best high-risk merchant provider depends on your own needs, you should avoid companies that advertise instant approval. Usually, the setup process for high-risk businesses can take anywhere from three business days to five weeks depending on how much documentation is required. 

Issues With Instant Approval for Merchant Accounts 

When you’re looking for merchant accounts online, you may come across websites that advertise no credit checks or guarantee instant approval for high-risk businesses. However, you should be wary of these promises. 

Even if you can’t see it, the fine print might indicate that while the merchant provider is willing to approve your account, the back-end processor might take up to several weeks before they agree to process your online payments. Some factors that can affect approval time include poor credit history or incomplete documents. 

The most important thing to keep in mind during the setup process is that you shouldn’t start accepting payments until both the merchant provider and acquiring bank approve and sign your application. If you start accepting payments before this, you may have your funds withheld or have your account frozen. 

Read on to learn more about what to be aware of when choosing a credit card processor and browse our other guides on Processing Card! 

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