I don't think there is any hard and fast figure on the time it takes to approve new accounts. My own account was approved in a few minutes, but I have seen others take a few days or more for approval.
A lot seems to depend on whether your application triggers the automated fraud detection system (for whatever reason).
If you have not yet made payment, how can you be waiting for account approval?
Anyway, there are many payment methods available, including credit card, PayPal and money order, these are all shown during the Sign-Up process.
I should note that PayPal will not be a payment option if you are using a promo code.
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