eWAY to take on the banks by approving merchant accounts within 4 days

Australian based payment gateway eWAY has decided to take on the banks by establishing an in-house merchant facility. The new facility will allow direct merchant accounts to be approved within 4 days, rather than the painstaking reality of a few weeks, or in some cases even months.

eWAY has been in the payment industry since 1998 and have offices in Australia, New Zealand and the UK and offer services to over 13,000 merchants. The ability to offer merchant accounts so swiftly comes from eliminating the banks from the equation. According to founder and CEO Matt Bullock, this is only the beginning and is already working on making the approval time be just a few hours.

Any merchant who has a direct Merchant Account Merchant Account Merchant accounts are component of the payments ecosystem that are essential for the brokerage business. These allow the company to accept multiple types of payments but namely credit and debit cards. In contrast to a traditional bank account, the regulations for merchant accounts are less stringent. A merchant account is established between the company accepting the payment and a merchant acquiring bank. Per merchant agreement directly with an acquiring bank or via an aggregator, ay agreement c Merchant accounts are component of the payments ecosystem that are essential for the brokerage business. These allow the company to accept multiple types of payments but namely credit and debit cards. In contrast to a traditional bank account, the regulations for merchant accounts are less stringent. A merchant account is established between the company accepting the payment and a merchant acquiring bank. Per merchant agreement directly with an acquiring bank or via an aggregator, ay agreement c Read this Term with their bank knows the effect that the current approval times can have on a new business. eWAY stated that have decided to fix the broken infrastructure created by the banks when it comes to merchant services.

“Next year, we’re going to try and look at how we can take this to a four hour process, Time to market is an important differentiator for merchants, and this should certainly be attractive. It also makes us a one stop shop.” Bullock stated about the new approval times.

It is refreshing to see merchant service providers speeding things up, and making the preliminary requirements more accessible, especially for the fast pace of the online world.