Merchant Account for Check Cashing & Loan Processing Industry

We live in a virtual world where day to day transactions take place via credit or debit cards like Visa/MasterCard/Discover/Amex. In fact, nowadays you can arrange for services and goods too via internet or phone by quoting a card number. The field is called Ecommerce.

Credit Card Processing Services

Essentially ecommerce means the art of purchasing and selling goods and services through electronic channels like the World Wide Web. Here you are not bound by time and distance. Almost all consumer based retail sites, music companies, and businesses rely on these Ecommerce websites online.

This brings us to the question what role does ecommerce have in the payday loan industry? To understand the role of ecommerce you must first know about merchant accounts.

Online & Internet Based Website Merchants

With everything becoming digital an online presence for every industry has become a must. This has seen a growth of online merchants who trade in goods and services on the internet. An online merchant not only manages the entire gamut of operations that are involved in trading like procuring materials, dispatching goods and ensuring that the stock is checked and up to date. In addition to this, they are also saddled with the responsibility of maintaining the website and other consumer related issues.

Those who are new to the business are often intimidated with ecommerce and find the process cumbersome and difficult to follow. This leads to problems for their online business.

So, if you are new to the field of, you should know about:

Payment Gateway
Payment Processing
Merchant account.

Payment Processing & Billing Services

In the ecommerce business a payment gateway has a key role to play. It is similar to the POS (Point of Sale) terminal in retail shops for payment. A payment gateway need not necessarily belong to a merchant account provider; it is invariably a third party.

Thus, a payment gateway has two components:

Virtual terminal where you can login and input your credit card numbers in a secure fashion.
Shopping cart which connects to the gateway through API for real time processing.

In short, this gateway facilitates the financial transaction between the customer and you with the use of debit/credit card; it plays the role of the middleman in the transaction. PayPal, for example is a much favored gateway by several online merchants.

Payment processors

Payment processing is a background service that is provided by certain financial institutions to online merchants. Most of the payment processors sign an agreement with a merchant account or a payment gateway for their services.

Merchant Accounts

To do business online you should be able to accept credit or debit card payments. To facilitate this you require a Merchant account. So, if you want to use a payment gateway you should possess a merchant account. A few banks, not all allow you to open such accounts for all the related services.

There are several payment gateways online, but they vary in the fees, interest rates, and other transaction costs incurred for services. Therefore, it is important that you choose a merchant account that can help you in payment gateway setup, is friendly and charges no setup fees.

Challenges to open merchant accounts for Payday & Short Term Loans

There are several regulations and rules put up by Master card, Visa, Discover and Amex on Payment Processors wherein the processor is 100% liable for all the transactions. Now, any transaction related to credit cards is a high risk one, the biggest one been the Chargeback fee wherein a processor may incur losses that run into several billion. One of the most common high risk businesses is payday loan.

The high risk nature of payday loans means, that financial aid is often denied; in case, it is provided then the rates are unreasonable and the terms unfavorable. That said any service provider who wants to stay alive in the online market must be capable to accept debt and credit card payments.

Is it easier for startups and new business?

The vehement answer is, “No.”

Startups are another high risk venture that finds getting financial aid hard; obviously, because according to Forbes magazine 9 out of 10 startups fail. The risk been so high standard credit card processors do not want to stick their neck out and incur loss.

That is the reason that startups don’t find processors for their credit card payments easily.

What is the Check Cashing Friendly Solution?

If you are a payday loan broker then you need a merchant account that is well versed in dealing with Automated Clearing House (ACH) processing and Check processing. The ideal merchant account will zero down on the right payment processor who suits your needs and understands the complexity of payday loans.

They can help you with the application process, billing, check drafting too.

The future is bright

Well all is not lost for those who want to start a new business or those who want to avail payday loans or cash checks.

There are still high-risk merchant account providers like us who know what it is to pursue dreams; who know the importance of ready cash in crunch situations and who know the importance of financial aid.

Individual or a business we are capable of helping. Share all pertinent data and trust us to do what is right for you.

How do we do it?

Our merchant accounts are affordable because we partner with 3^rd party processors and have several offshore options. When compared to Domestic operations which have relatively lower rates, the offshore banks have the following advantages.

It is easy and hassle free to set up an account. The rules and guidelines are far simpler and often there are no initial security deposits.
You incur minimal to low tax payments on all your off shore accounts and businesses.
You can deal in multiple currencies and spread your reach to various parts of the globe.
The payment gateway is 24/7 allowing you to do accept payment any time.
Customers from all over the world will pay for your goods and services.

Thus, offshore accounts are ideal for credit card processing for all ecommerce businesses.

Bank on us and we will tell you why it is profitable

Here are few reasons why we are the best bet for all your credit card transactions.

No rolling reserve requirements:

Rolling reserves make sure that the merchant account has enough to tide over high chargebacks from card holders. Multiple underwriting banks always insist on holding a certain percentage of a transaction as a rolling reserve for a brief period of time. But with us there is no rolling reserve requirements that you need to adhere to.

No application fee:

There is no application fee and setup fee involved. We know the value of your hard earned wealth. And the application process is simple and straightforward.

Friendly IPhone/droid Mobile apps

It can’t get better, easier or simpler than this. Download our app on your Smartphone and avail all services at the touch of a button.

Set up offshore account

We help you set up an off shore account from our network of overseas banks at the lowest rates with no setup fees involved.