Everyday Low-Cost Payday & Title Loan Merchant Accounts

Jun 06, 2017

In the modern world, people choose to pay via credit and debit cards, that’s why a merchant account has become absolutely necessary for not only face-to-face sales but for those via phone or internet. Merchant accounts for payday and title loan companies play a vital role, but they are often so much challenging to obtain.

Payday loan companies offer short-term cash loans in exchange for a postdated check, usually dated for your next payday. The loan total and a finance charge are included in the amount of the check.

Title loan companies offer short-term loans while holding your vehicle’s title as collateral. The lender estimates the price of the given vehicle and offers to lend up to a certain percentage of that value, which usually makes up 25 – 50%.

When it comes to payday lenders, they often find it so difficult to open a merchant account. The problem stems from the fact that payday loans and title loans are classified as extremely high risk because of their high potential for default, their possible exposure to government regulation, and the financial instability of their consumer base.

Thus, it’s not easy to find a trustworthy merchant account provider for brokers who deal with payday and title loans. The high risk nature of payday and title loans makes many providers such as large banks offer their services under unfavorable terms and fees to cover the perceived risk of processing payments for a payday or title loan merchant account.

Fortunately, reputable payment processors like emerchantbroker.com (EMB) serve high risk businesses and are willing to offer merchant accounts for auto title lenders and payday loan stores. With EMB, you can get a low-cost and reliable payday & title loan merchant account without major difficulties.

Emerchantbroker.com is voted the #1 high risk merchant account provider in the US and boasts an A+ rating with the BBB. EMB is able to serve companies in the nontraditional lending sector. EMB is one of Inc. 500’s Fastest Growing Companies of 2016 and offers unmatched payment processing solutions in the industry. EMB is rated A by Card Payment Options and knows your high risk business best of all.

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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