Looking for a Payday Loan Merchant Account?
Look no further than PayKings. We’re the leading experts in getting your payday loan merchant account ready to accept payments. If you're a payday lender, we'll help you get the merchant processing services you need.
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Need to Open a Payday Loan Merchant Account?PayKings prides itself on being the leading payment processing company in the industry for all payday loan merchant account related businesses. From cash advances, title loans, short-term loan providers, and everything in between. Looking to set up your payday lenders merchant account? Look no farther than PayKings.
We take what we do very seriously and this is why we’re so efficient at what we do. We take the time required to learn our merchants and their needs, and with that, we’ve come to fully understand the growing demand for businesses in the payday industry. And it’s one that is growing for good reason – with over 23,000 payday loan stores nationwide, bringing in three-quarters of the US economy (or over $10 billion) domestically. PayKings offers a variety of options available for those seeking a payday lender merchant account – such as high risk credit card processing, payment gateway, and tools to manage your chargebacks.
Payday Loans Merchant Account?
When it comes to applying at traditional banks like Chase and Wells Fargo, these large sponsor banks do not allow underwriting for their payment processing partners to provide services for business that offer short-term or payday loans.
So you’re likely to become quickly frustrated with the process of applying and running your credit, over and over, only to receive rejections and declined applications. You will need to seek out a merchant account provider who has established relationships with sponsor banks for your specific type of industry, which happens to require a high risk merchant account.
Cut down on the tedious process of first going to big banks and being turned away and look to industry experts, like PayKings, for your payday loan merchant account and secure the longevity of your merchant account and your ability to successfully accept debit and credit card payments.
PayKings Helps with Payday Loans Merchant Accounts
Because payment processors like PayPal, Stripe, and Square do not do their underwriting at the time of application, it is likely that your payday lender merchant account will initially be accepted at the time of applying – but, once the company thoroughly reviews the application, they will quickly inform you that they do not accept payday lender merchant accounts and will immediately shut down your account, kick you off their server, and freeze your account – meaning that ZERO credit card payments will be processed.
How To Get A Payday Lender Merchant Account?
Sponsor banks will shut down any payday lender merchant account that regularly exceeds more than 2% in chargebacks and will be sure to slap a fine on the bill of whatever payment processor that set up your merchant account. Due to the clientele and ticket sizes of payday loan merchant, chargebacks are a common occurrence and are typically seen by financial sponsors in high numbers.
Credit Card Processing For A Loans Business
Avoid being dropped by one of these fair-weather banks or worse, having your payday lender merchant account frozen or completely shut down, and start off on the right foot with a payment processing company who knows the unique needs of your business and how to effectively meet them.
PayKings has solutions for the following types of payday loan merchant accounts:
- Check cashing services
- Personal loans
- Short-term unsecured loan providers
- Check drafting services
- Student loans
- Fringe financial services
- Title loans
- Business loans
- Money orders
PayKings understands the unique needs of the different payday lender related businesses and has established 24+ acquiring banking relationships to become a experts in getting Payday Lender merchant accounts set up and accepting online payments.
PayDay Lenders Merchant Account Experts
- 20+ Proven Bank Relationships
- Medium/High Risk Accounts
- Fast PayDay Lenders Account Approval
- Large Merchant Case Studies
- E-Commerce and Retail Options
- B2B Vendors Supported
Multiple Payment Solutions
- Multiple E-Commerce Gateway
- Chargeback Prevention
- Credit Cards
- B2B-Level II/III Data Discounts
- 3D Secure Frictionless Checkout
- Mobile Payment
- EMV Readers
Intuitive Compatibility & Support
- Gateway Recurring Billing
- E-Commerce Cart Plugins
- Developer API / Docs
- International Merchant Accounts
- Dedicated Account Managers