How long does it take to get a credit card processing account set up?
The time it takes to get a credit card processing account set up depends on a few factors but can usually be set up in as little as 24hrs to as long as 2 weeks. The factors that determine the length of time it takes to get a credit card processing account set up are as follows and generally revolve around risk:
- Type of business
- Industry of the business
- Requested account volume
The type of business affects the time-line of approval on a credit card processing account. Retail businesses are much quicker to set up than on-line business. This is due to the fact that a retail business is less likely to disappear over night. Therefore there is less risk associated with a retail location making it easier and quicker to set up.
The industry of the business can have dramatic effects on the length of time it takes to get an account set up. The more risky the businesses industry the longer the processes takes. This is due to the fact that additional scrutiny in need to determine how the business is functioning in the industry. Traditional high risk accounts include; credit consolidation, continuity, debt reduction, porn, gambling, bail bondsmen etc.
The requested account volume is the total dollar amount of credit card sales the business is asking for on a monthly basis. The higher the requested amount the more analysis is needed to determine if the business can cover the line of credit and therefore lengthens the time needed for approval. For more information please see why is a merchant account a line of credit?
The businesses financials are also a determining factor in the length of time it takes to get a credit card processing account approved. If the business has strong financials is speeds up the process dramatically.
For more information of setting up a credit card processing account please refer to our guide on how to avoid costly mistakes when setting up a merchant account.
*Image provided by Andres Rueda