Next Day Funding Merchant Accounts

January 19th, 2008 • Related • Filed Under

Next Day Funding Merchant AccountsAnyone who sells merchant accounts has experienced one merchant or another opt for Paypal versus an actual merchant account. While there are many reasons for this, one of the big reasons may be a thing of the past. Typical funding for merchant account providers can range three to five days domestically, three weeks internationally, and up to six weeks for some third party billing companies. One company named Paymentmax Processing, Inc. is looking to change all that.

Last week Payment Max released a “12 hour funding” account to merchants, meaning that rather than waiting for days or weeks for your money, you will actually get your cash typically before the end of the next business day. As many small and even some medium-sized merchants know, cash flow can be critical and a decrease in lag time may be the thing many merchants need to opt for a genuine merchant account over Paypal.

Only a few years ago, Bank of America (NYSE BAC) released a simliar program with much fanfair, the difference of course being that here these accounts are underwritten by Paymentmax which is a registered ISO/MSP for BancorpSouth Bank and powered by First Data, all companies known to have much more lenient approval proccesses.

Only time will tell. but for my take, I found it fascinating how merchant account providers are continuing to find new and exciting ways to compete with the Paypals of the world. I would like to think 2008 is the turning point for the merchant service industry with many  new twists on an old business model coming to the surface. Good luck Paymentmax Processing, let us know how the program works out.

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There Are 14 Responses So Far. »

  1. Comment by Olive on 20 January 2008:

    How do they get you cash in 12 hours?

  2. Comment by JasonFle on 20 January 2008:

    I just got mine with FirstData, will they change it up?

  3. Comment by Hasty on 20 January 2008:

    Are there any other ways to get money fast like paypal works to transfer fast cash but an account is best so who else does this? I ask because these guys look ok but what else?

  4. Comment by MarkJohnson on 20 January 2008:

    Had trouble with my paypal account, I may think of changing it up but not sure about first data. Any feedback on first data itself?

  5. Comment by Afiq on 25 January 2008:

    Lol, everyone wants to beat PayPal. Surely Paypal gains a lot of name from all these competitions. Good luck to everyone!

  6. Comment by Peter Alcott on 25 January 2008:

    It is nice to know that paypal has competition and they are thinking up good ideas

  7. Comment by Moneymike on 25 January 2008:

    I really do not think that these companies will beat paypal. But all this will atleast keep paypal on it’s toes

  8. Comment by Rose walis on 26 January 2008:

    Nice to hear this, i hope it will work good. If it works it well it will satisfy many people.

  9. Comment by tuxedo on 2 February 2008:

    There is an opportunity cost that is lost for any case of money delay. Let’s hope Paymentmax Processing can sustain this 12 hour funding service.

  10. Comment by Cobra on 7 February 2008:

    These ISO’s like paymentmax are keeping up with change, I don’t these ISO’s are better than paypal or beat them. paypal is good for an e-bay environment. I use paypal because my core business drives through ebay

  11. Comment by Kyle on 8 February 2008:

    I was just talking to amex, they called me because I paid a vendor using paypal and that flagged my card for possible fraud. That goes to show you the even bank’s think any charges posted on your credit card coming through as paypal could be fraud.wow

  12. Comment by Cobra on 8 February 2008:

    did you guys see ebay funds freez :http://money.cnn.com/2008/02/08/smbusiness/paypal_funds_freeze.fsb/?postversion=2008020815

  13. Comment by Amrit on 12 February 2008:

    This would be great. If we are going to get our money within 12 working hours then i am sure that many merchants would like to opt for this company.

  14. Comment by Credit counseling on 9 April 2008:

    Only time will tell. but for my take, I found it fascinating how merchant account providers are continuing to find new and exciting ways to compete with the Paypals of the world. I would like to think 2008 is the turning point for the merchant service industry with many new twists on an old business model coming to the surface. Good luck Paymentmax Processing, let us know how the program works out.

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