Credit Card Processing for Payday Loan Merchants

Why Payday Lenders are Considered High Risk

Payday lending and other short-term lending programs are a necessary and valuable service for consumers needing to make ends meet, but that doesn’t stop banks from classifying these businesses as high-risk for a variety of reasons, including:

• Highly regulated industry involving consumer financial protection laws and restrictions
• Banks are wary of the industry’s clientele, who may have bad credit and a history of damaging financial decisions, which can lead to non-payment, transaction disputes and more
• Banks are also cautious due to the numerous Consumer Financial Protection Bureau lawsuits against bad players in the industry, despite the legitimate businesses in the industry

Find a Payment Processor that Understands Payday Lending

Many payday businesses have been refused merchant services for being considered high risk, which is why you need a payment processor that specializes in high risk merchant services. We work with payday lenders to provide services unique to your needs, including:

• Check services
• ACH
• PIN debit
• Merchant cash advances
• Recurring billing
• High volume payment solutions

Get approved for a payday loan business merchant account and take your business to the next level. Fill out the form and we'll follow up within two business days with next steps.