Overview Of Payday Loan Merchant Account
The important thing to remember when looking for Payday Loan Merchant Account providers is that being high risk does not mean you are restrict in your choice. High risk merchant accounts have existed more or less since merchant accounts themselves have, and the majority of reputable providers will have products tailored specifically to the high risk markets, including payday loans businesses.
There are some things to remember when it comes to payday loan merchant account, and indeed all high risk accounts in general, there are certain differences and extra charges incurred with these kinds of accounts that are there to try and minimize the risks associated with the industry involved. These include a higher fee, often the transaction fee is a little higher, but the annual charge for the account itself is more likely the place where there is a significant extra cost compared to the normal merchant account. This is to offset the extra likelihood of chargebacks or fraud that rise with certain markets, with payday loans being one of them.
In addition, there is often a longer delay in accessing funds from the payday loan merchant account, again, this is to offset the higher level of chargeback and so forth associated with the market and can be anything from 14 to 30 days or longer. Whilst this can be seen as an inconvenience, it is known up front and must be allowed for in any cash flow projections of the payday loans company as simply part of the operating procedure.
Why Should Choose eSecurepay
- No application or setup fees, unlike just about everyone else. We don’t trust in nickel and diming you or hiding fees.
- Most times there will be no early termination fees or cancellation fees, which means this agreement is month to month-you can leave anytime without consequences!
- Whether you been in business many years or you have at least 6 months of prior processing history, 99% of the time. First Card Payments will save you a minimum of 25% of the markup off your current fees.
- Over the past decade we have accumulated over 30+ relationships with banks and ISOs. Some of these relationships are personal, directly with the owners, presidents, and CEOS of these companies. This is a big advantage for approvals that may need special considerations.
- No matter the situation- termination reasons (high chargebacks, bad credit, card not present (CNP))- we have additional solutions that will accept almost any situation.
- We offer an encrypted and easy to use credit repair gateway.
Documents Needed for Payday Loan Merchant Account
- Personal KYC: Director’s Passport /Driving Licence/National ID/Voter/TAX ID
- Personal Address Proof: Director’s Bank Statement/Power Bill/Telephone Bill/Water Bill/Insurance if have any/Internet Bill
- COMPANY: Incorporation /MOA/AOA/PAN/TAX Registration/GST/Any licences
- Company Address Proof: Bank Statement /Cancel Check /Sample Invoice/Rental Agreement/Power Bill/Water Bill/Internet Bill
- Business Website: Website URL Needed
- Domain Ownership Copy: Domain Purchase receipt or Dashboard screenshot
- Processing Statement: If you have any current processing statement for 3-6 Months. – Optional
- Business Plan: Project information such as Targets, Growth, Team, Advertisement, Vision, Mission
- Application Form: Contact Us for Application Form
- Director’s Documents: Resume
Lenders can easily set up echeck processing services. The application paperwork is straight-forward. So, you submit an application along with supporting documents. So, Approval of accounts takes 5-7 business days. With an echeck account, you can accept checks online. Also, accept check by phone, fax or mail payments.
APIs make it easy to take interface with your website. Or you can process payments through virtual terminals or FTP batch uploads. Also Setting up your customers for automatic recurring billing is simple. Schedule payments on any interval you choose.