Credit Card Processing for Payday Loan Merchants

Jan 25, 2018

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.

Let us help you get a high risk merchant account today!

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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