Nationwide Payment Systems 

Exploring Different Types of Payment Processing for Your Business (2026)

Learn how to get a merchant account step by step. Discover requirements, approval timelines, and how to avoid delays or denials. 

Presented by Allen Kopelman, CEO — Nationwide Payment Systems-Host of B2B Vault: The Biz2Biz Podcast 

AI OVERVIEW

Getting a merchant account allows your business to accept credit cards, debit cards, ACH payments, and digital transactions. 

The process involves underwriting, business verification, and selecting the right payment setup based on your industry and volume. 

This step-by-step guide explains exactly how to get approved, what documents you need, how long it takes, and how to avoid common mistakes that lead to delays or denials. 

Why You Need a Merchant Account 

If you want to grow, you need to accept payments the right way. 

A merchant account allows you to: 

• Accept credit and debit cards.  

• Process payments online and in-store.  

• Get faster funding.  

• Reduce costs compared to flat-rate platforms.  

• Scale without worrying about shutdowns.  

 

💡 Reality Check: 
If you're processing over $25K/month on Stripe, Square, or PayPal… 
👉 It’s time to upgrade. 

Step-by-Step: How to Get a Merchant Account 

 

Step 1: Choose the Right Payment Partner 

Not all providers are the same. 

Look for: 

• Interchange-plus pricing.  

• Industry experience  

• ACH capabilities.  

• POS and invoicing options  

• Real support (not just email tickets)  

 

💡 Tip: 
Avoid providers that: 

• Don’t explain fees clearly.  

• Only offer flat-rate pricing  

• Can’t support your industry.  

 

Step 2: Submit Your Application 

You’ll complete a merchant application that includes: 

Business Information: 

• Legal business name  

• EIN or SSN  

• Business address  

• Ownership details  

 

Processing Details: 

• Monthly volume  

• Average ticket size  

• Industry type  

• How do you accept payments  

 

👉 This helps the processor understand your risk profile. 

 

Step 3: Provide Required Documents 

Most applications require: 

• Business bank account (voided check or letter)  

• Driver’s license (owner)  

• Articles of incorporation or business registration  

• Website (for online businesses)  

• Processing statements (if switching providers)  

 

💡 For higher-risk or larger accounts: 
You may also need: 

• Financial statements  

• Business plan  

• Invoices or contracts  

 

Step 4: Underwriting & Approval 

This is where your application is reviewed. 

The underwriting team evaluates: 

• Industry risk  

• Processing volume  

• Chargeback potential  

• Business model  

• Compliance  

 

Approval timelines: 

• Low-risk: Same day to 48 hours  

• Mid-risk: 2–5 days  

• High-risk: 5–10+ days  

 

💡 Important: 
This step protects both you and the processor. 

 

Step 5: Account Setup & Configuration 

Once approved, your account is configured: 

• Payment gateway setup  

• POS system (if needed)  

• Invoicing tools  

• ACH setup.  

• Pricing structure  

 

👉 This is where most companies either: 
✔ Get it right 
❌ Or create problems long-term 

 

Step 6: Start Processing Payments 

Once everything is live: 

• You can accept payments immediately.  

• Funds typically deposit in 1–2 business days.  

• Reporting and tools are activated.  

 

💡 Pro Tip: 
Make sure your team is trained on: 

• POS  

• invoicing  

• payment workflows  

 

What Can Get You Denied (Or Delayed) 

🚩 Incomplete application 

🚩 No website (for online businesses) 

🚩 High-risk industry without proper setup 

🚩 Poor processing history 

🚩 High chargeback ratios 

 

💡 Big one: 
Using a flat-rate processor and getting shut down → makes approval harder elsewhere. 

 

High-Risk vs Low-Risk Merchant Accounts 

Low-Risk 

• Retail  

• Restaurants  

• Professional services  

👉 Fast approval, lower rates 

 

High-Risk 

• CBD / supplements  

• Telemedicine  

• Subscription models  

• High chargeback industries  

👉 Requires specialized underwriting and compliance 

 

💡 Important: 
High-risk doesn’t mean “bad”—it just means more documentation and structure is needed. 

 

How Long Does It Take to Get Approved? 

Typical timeline: 

• Application: 10–15 minutes  

• Document submission: Same day.  

• Approval: 1–3 days (most cases)  

• Setup: 1–2 days  

 

👉 Total time: 
Usually 24–72 hours for most businesses. 

 

How to Get Approved Faster 

✅ Have your documents ready 

✅ Provide accurate information 

✅ Have a professional website 

✅ Clearly explain your business model 

✅ Work with an experienced provider 

 

Common Mistakes to Avoid 

❌ Choosing the cheapest provider 

❌ Not understanding your pricing model 

❌ Ignoring ACH options 

❌ Not setting up invoicing properly 

❌ Rushing the setup process 

 

Why Businesses Choose Nationwide Payment Systems 

We make the process simple—but done right. 

What do you get: 

• Fast approvals  

• Interchange-plus pricing.  

• ACH + credit card processing.  

• Smart invoicing with NPSONE  

• POS systems for retail & restaurants  

• Support for high-risk industries  

• 24/7 real support  

 

👉 We don’t just approve accounts—we build payment systems. 

 

Call to Action 

👉 Apply for a Merchant Account or Book a Free Consultation 

We’ll: 

• Walk you through the process.  

• Help you get approved quickly.  

• Set up the right payment structure