High Risk Merchant Account for Loan Processing Companies
With technology advancing at a rapid pace every single day, consumers look for ways and means in which it can be used to make transactions easier. The number of people who have started using debit and credit cards for different purposes is only increasing. In this scenario, as a merchant it is extremely crucial to give your customers the chance to perform transactions online using these cards. If you do not consider this aspect, it will surely mean that you may miss out on a significant amount of business.
If you are in the business of student loan processing, home loan processing, foreclosure processing, auto loan repayment, short term or payday loans setting up a merchant account is important. The process of modifying a loan to those facing financial hardships can be a tricky process and having a merchant account to tackle this problem, is a huge help. It is important to come up with the best solution considering the different options such a reducing a client’s interest rate or offering an extension on payment dates. Whether you are a startup or a veteran in the industry, now it is easy and convenient to set up a merchant account for all your ecommerceas well as other needs on our website.
Lowest Fees Highest Approvals for Loan Merchant Processing
Loan processor and modification means finding a payment solution that is best suited for every individual customer’s needs. It involves personalization and it is specific to a client.
Student, Auto, Home, Short Term, Payday Loan processing and modification services are considered high risk. This is the reason why banks are hesitant to offer their services. Companies providing loan modification services are either declined or charged high interest rates by banks or card processors. Having a credit card interface is a secure solution and having a merchant account is a great choice.
Also many banks do not think highly of loan modification providers and they can even refuse to grant you access for a merchant account. We can help you set up a merchant account so that your business continues to grow without any hassles.
Another important reason is that having anonline merchant account is a trusted payment mode. Ecommerce is gaining popularity, as it is much safer to do business online than conducting deals in person. You do not have to worry about getting robbed while using large sums of money for transactions.
Challenges of credit card processors and Not being Shut Off
Credit card processors or payment processors are companies that are appointed by a merchant. They handle various transactions from different channels such as credit cards or debit cards. Apart from checking the details received by them, they also carry out a series of anti-fraud measures against the transaction. They use various parameters to gauge the probability of the transaction being approved.
Some of the popular credit card processors are PayPal, First Data, Atos, ecoPayz etc. When it comes to matters concerning loan modification agencies, these processors can prove to be quite tough. They have a rigorous application process. It can difficult for your startup to get access to a merchant account and there is no guarantee that your application will be surely accepted.
Loan modification is seen as a high-risk venture. When it comes to the matter of choosing between a high risk vs. low risk venture they would definitely prefer the latter. They can even deny you a merchant account without any justification. We help you in getting your merchant account set up so that your start up has no initial setbacks.
Visa Mastercard Amex Discover and ACH Check Processing Options
Whether you are a new to the business of loan modification or you want to expand your practice to include credit cards, we have all the answers to your queries. We offer you the best rates and our friendly and efficient staff will surely do the best to help you achieve success.
We believe in personalized service. We have a no application fee and no setup fees policy as we offer you the best rates after a thorough analysis. We look at the history of your company and assess the risk involved in investment. We discuss the entire plan with you and then offer you the best solution for setting up your virtual terminal.Rates for terminals are dependent on all the above factors.
We make sure that the safe and trusted method of having a merchant account is done as seamlessly as possible. With the option of using different gateways such as Visa/MasterCard/Discover/Amex etc., the process of payments will be a smooth one for the customer as well as you.
Many banks do not underwrite due to the risks involved. We assess your business and its risk level and then we discuss the terms and conditions of the underwriting. We have multiple underwriting banks to handle such situations. Another advantage of this is that you need not depend on just one bank. You can still do business in case one of them does not want to offer you their service.
Our billing process is simple and effective. We have the process of recurring billing which is done per month. Our customer service team is always available to handle any queries or concerns during and even after setting up your terminal.
We have the latest technology on offer and now you can easily set up and manage payments using Iphone/Droid Mobile Apps.
Choosing between a domestic or offshore option:
When applying for a merchant account, you can choose to apply for a domestic account or an offshore account.
Setting up a domestic account is a straightforward process with less paperwork. They also offer better customer support. They charge you lesser credit card processing fees and they also offer better security.
Setting up an offshore account may take a long time. They charge much higher credit card processing fees especially if it involves a high-risk industry. Your merchant account will also be closely monitored, as your business is high-risk.
The preference would always be to find a domestic solution but you should also remember that sometimes an offshore option may be necessary for certain business types.
We offer both domestic and international solutions and we provide great service and merchant accounts to those in the loan modification industry.