You need to get a merchant account activated to process the online payments for your business transactions. This blog discusses the possibility of online merchant account instant approval.
Getting an instant merchant account approval is both true and false. It is like the two sides of a coin, it can be both – easy as well as very difficult.
The reason behind this is that in order to approve your online merchant account, there are not only just the requirements from the payment gateway but also the requirements from the bank side. And in the maximum number of situations, the bank takes the most of the time delaying the activation process.
However, the type of merchant account will play a major role in the time take for the account activation. Meaning to say that the approval process for the high-risk merchant account takes more time than the one with the low-risk.
PayKun has provided online merchant account instant approval to various merchants to date. All these registered accounts followed the same onboarding and KYC process with the verification steps. However, fulfilling the terms from their side was also instant and the verification was successful on the spot.
How is the online merchant account instant approval possible for them?
There is a single point of contact at PayKun for communication with the merchant or the person who has registered the account. He guides and requests the requirements of the details and the documents.
As per the primary review of the account details and documents, the team member requests the fulfillment of further requirements in order to fulfill the pre-set guidelines. The main fulfillments are
- Providing all required documents – government, financial, and bank Required Document List for Registering on PayKun
- A perfect website that is fully functioning and has all required details and pages
- Low or no chargeback (High chargeback may mean complication)
- Associated with no fraudulent activity
- Better the credit score, easier the merchant account activation
- Genuine positive online reviews
After fulfilling all the required conditions and submitting the needed documents, the merchant account is approved. Instant proactive actions are being taken from all the parties involved.
The above-mentioned points of requirements are applicable to all the merchant accounts registered.
When it is a high-risk merchant account, the requirements are comparatively more than the contrary. You may need to share more documents and information, as per the demand from the bank side.
What’s the logic behind this?
It’s very simple. As a payment processor, it is our responsibility to make the internet a safe place to transact. So, it is very much necessary that the power to accept payments, that too digitally, must be given responsibly from our side.
What are the circumstances in which the online merchant account instant activation becomes difficult?
It is tough to expedite the activation process in some situations, such as:
- The activation of the international services on your merchant account takes time due to the approval process required from the bank side.
- If the nature of your business comes under high risk, it requires to be carefully reviewed and verified. High risk is associated with the business activities and the chargeback ratio.
- Previously, if your merchant account was put on hold or suspended, it requires to be taken into account for careful verification. You need to give details, documents, and explanations for your current situation of your business i.e. if it has healed or is still broken.
Why should you try to get the online merchant account instant approval from PayKun?
PayKun is reliable, reputed, and trusted by many. It renders domestic and international payment processing for Indian merchants with personalized service. For that, it provides customized solutions in terms of service and support. It supports high-risk merchant account as well.
You can accept payments with multiple modes of payment in the most secure manner. Payment options include debit card, credit card, wallet, net banking, UPI, QR code, and EMI. It provides the most affordable pricing.
PayKun is best for its support services provided by a real person via chat, email, and call. Also, a dedicated account manager is assigned.
With easy integration to the website or app and/or payment links, you can collect easy payments with the PayKun payment gateway.
The PayKun supported platforms with the ready integration kits are PHP, Magento, Android, iOS, WordPress, Python, .Net, Node JS, Java, WHMCS, Prestashop, Opencart, etc.
PayKun team goes overboard to try to provide the merchant account approval as soon as possible to enable you to accept the online payments without any delay.
We understand the importance of providing fast merchant account approval. We try our best to give you a hassle-free and seamless experience by all means for your business payments processing. After all, your growth is the growth of PayKun.
Connect with our support team and discuss your merchant account needs to get started.