Does Your Bank Account Have To Be Confirmed First

[Guest]

I installed Google Checkout, but the button is grayed-out on the shopping cart screen, despite the fact that I have an item in the cart.

 

I inserted my merchant ID and merchant key in the Admin side...looks to be configured correctly there.

 

I only signed up for Google Checkout on Friday, and my bank account has yet to be confirmed. Is this why the button for G checkout is grayed-out?