Looking to take your business online with a pawn shop merchant account?
Swap out the bad rates on your pawn shop merchant account for great ones with PayKings. Our pawn shop credit card processing helps you process payments online.
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Looking for Pawn Shop Merchant Account Solutions?
Hard-working business owners like you, need the right credit card processing partner for your business. But finding a fair processing solution can be difficult. We specialize in accounts that are considered to be high risk, which is the case for many pawn shops.
Pawn shops are considered to be high risk merchants primarily because of the nature of the company and the known risk for possibly accruing stolen goods. Although less than 1 tenth of one percent of all pawned product is identified as stolen merchandise, the stigma resumes and this is what makes being high risk and establishing a pawn shop merchant account difficult for new pawnbrokers. PayKings helps pawn businesses easily acquire high risk merchant accounts with one of our many partnered acquiring banks.
We have multiple options for pawn shop merchant accounts, designed to provide competitive credit card processing solutions for you to take your business online. If you’re in need of an account like this one, contact us today and begin processing in as little as 5 business days.
Has Your Processor Turned Off Credit Card Processing for Your Pawn Shop Merchant Account?
Credit card processing is relatively new for many pawn shops, but pawnbrokers themselves are supplying secured loans for personal property for quite a significant amount of time. Pawn shops are often labeled as high risk merchants, making accepting credit card payments sometimes easier said than done.
Pawn shops have been in existence for decades, however, most pawn shop merchant account providers find this sector to be insecure. With that being said, specific banks have a desire for this industry, as they know the value and supply their clients with unique solutions that are catered specifically to the pawn shop and pawn broker market.
PayKings specializes in high risk merchant account solutions for pawn stores, pawn brokers, and gold traders. Pawn shops are usually tagged as high risk retailers, which may cause a struggle for pawn shop owners to find a reliable merchant account payment processing. PayKings helps pawn stores accept debit and credit cards as a form of payment, without compromising on security and business compliance.
How Does Being High Risk Affect Your Chances of Getting a Pawn Shop Merchant Account?
The Pawn shops are likely the oldest establishments of the world of finance. This business type dates back to the medieval times and their primary purpose is to lend cash. If individuals weren’t able to get the funds required by bill collectors by the right time, then they would go to a pawn shop. The main reason behind it was that people would get emergency loans out of pawn shops without a lot of paperwork.
Paradoxically, that is the one thing that has changed about how it’s done today – to get a pawn or to buy stuff that has been pawned, you don’t have to visit a brick and mortar based pawn shop, as it can all now be done on world wide web.
Though the pace is slow, several pawn shops have taken a massive step from being only a brick and mortar shop to obtaining a website and having access to an online customer base and the benefits hugely outnumber the pitfalls.
Why is this necessary? Many individuals distrust such stores because they are sure that the product in the store is all stolen stuff. It’s highly unfortunate that many people believe that myth, when in actuality, the pawn shops are regulated and licensed by the government.
The stores that sell a variety of pawned goods through the internet will even own a property based store to complement the revenue they get through the websites. The major dissimilarity is that individuals pay through their cards in the online pawn shop. The possibility of selling stolen goods is what makes pawn shops categorized as high risk and what also makes them very difficult to obtain payment processing for.
Why Does this Matter and How Can PayKings Help with my Pawn Shop Merchant Account?
Having an online pawn shop with a completely targeted customer base means having the ability to earn so much more money. A casual trip to a pawn shop will prove the fact that several people pawn their products that are then bought by several different men and women. This company’s main advantage or selling point is the fact that the goods are available at a much lower cost, in good enough condition. Therefore, the pawn shop business is as profitable as any other company, and with the right kind of pawn shop merchant account, you will see your company profits grow in virtually no time.
The pawn stores sell items ranging from car parts to unusual or antique jewelry and musical instruments. In case you’ve just started an internet shop, or you’ve already proven that online procedures bring in an enormous volume of credit card transactions, then it is better for you to get a pawn shop merchant account payment processor that actually specializes in high risk merchant accounts.
The pawn shop merchant account provider will allow the pawn shops to accept payments through credit cards by providing them a payment gateway. It also allows high volume retailers to process millions of dollars each month and in multiple currencies.
Most importantly the online pawn shops will fail if they are not able to give assurance to their clients of their purchasing safety. Hence the pawn shop merchant account provides all the security features because it is more or less a high risk merchant account. Therefore, in such a way, the pawn shop merchant account will be beneficial to your online pawn shop.
PayKings helps pawn shop business owners get approved and set up with a pawn shop merchant account, and provides pawn companies with chargeback management packages to help maintain a successful and lucrative business.
PayKings understands the unique needs of the different pawn shop related businesses and has established 24+ acquiring banking relationships to become a experts in getting Pawn Shop merchant accounts set up and accepting online payments.