Payday loan merchants are classified as high risk and need to find a reputable payment processor to apply for credit card processing. Thankfully, emerchantbroker.com (EMB), #1 high risk processor in the US that boasts an A+ rating with the BBB, offers exceptional payment processing solutions for high risk businesses, including payday lending ones.
Payday Loan Merchant Account from EMB
Emerchantbroker.com is rated A by Card Payment Options and is among Inc.’s Fastest Growing Companies of 2016. EMB specializes in the high risk industry and knows all the nuances associated with your high risk business best of all. EMB talks to every single business owner to get to know the specific needs of his/her business and only then offers a merchant account tailored to those needs.
eMerchantbroker.com focuses on serving high risk industries, which includes offering high risk merchant accounts for payday loans. With EMB, you can easily get approved for a payday loan business merchant account so to take your business off the ground and succeed.
Getting Approved for Payday Loan Payment Processing
To get approved for a payday loan business merchant account, you should find a credit card processor the sponsor bank of which is willing to work with your type of business. Unfortunately, traditional banks and payment processors refuse to work with this type of high risk businesses because of the higher rates of chargebacks and fraud associated with these businesses.
Thankfully, there are high risk merchant account providers like EMB that are ready to offer the necessary payment processing solutions for payday loan and other cash advance businesses. The application process is quick and hassle free. EMB will handle setting up your chargeback management tools, a payment gateway, and make the process easy and simple.
Before you’re approved for a payday loan or cash advance merchant account, an underwriter who works for your credit card processor, will review your application and submitted documents. The underwriter’s job is to review your account for the potential risk of financial loss and regulatory risk for the payment processor.
EMB has recently launched an industry-changing payment processing solution that enables high risk payday loan merchants to easily start accepting credit cards without challenges. As a result, 99% of payday loan business merchant accounts get approved, which is the highest approval rate in the industry.