Credit Card Processing for Pawn Shops | Pawn Store Merchant Account
Contrary to all the latest Reality TV hype with shows like Pawn Stars and Pawn Kings, pawn shops are nothing new. Pawnbrokers have been in the business of supplying secured loans for personal property since the Ancient Greek and Roman Empires. What is relatively new, however, is credit card processing for pawn shops.
In most cases, customers that bring goods to a pawn shop end up choosing to sell the items outright, rather than accepting a secured loan against their items. With an abundance of goods now in possession of the pawnbroker, it becomes an important aspect of the business model to quickly sell the items to other customers. The ability to accept credit card payments through a pawn store merchant account is not only an added convenience for customers but also a sure way to move goods faster.
Some pawnbrokers have recently opened online stores in order to reach a broader customer base and ultimately expand the business. For these pawn shops venturing into virtual world, a pawn store merchant account is essential.
Due to the nature of the business and the relative risk of acquiring stolen goods, banks consider pawn shops to be high risk merchants. Both online and brick and mortar stores will need a high risk merchant account for credit card processing for pawn shops. Although it works well with small, low risk online businesses, Pay Pal does not accept high risk businesses.
Obtaining a high risk merchant account isn’t difficult, but make take a little time. It is advised that a merchant do some homework and become somewhat familiar with the rates and fees associated with a high risk merchant account, as some processors fail to mention details in order to quickly lock a business into a contract.
At The Transaction Group, we work with many high risk businesses, including pawn shops. We will take the time to let you know what to expect with a high risk merchant account, answer all your questions, and work to get you the best rates through one of our many partnering banks.
If you are interested in a high risk merchant account for your pawn store, call us at 888-383-8056.
Are you shopping for a better rate? Let us save you money!
Most merchants are unaware that interchange rates are adjusted as much as 2x per year. Over the course of several years, those adjustments can hike up a merchant’s rate and cost the merchant thousands in processing fees. Contact us via the form above, or call us today at 888-383-8056. Chances are, we can save you up to 25% over your existing rates and fees!
Why do businesses choose to work with The Transaction Group?Â
- We aim for 100% customer satisfaction. We understand that the customer comes first. At the end of the day, if the customer is not happy, we’re not happy.
- We offer a FREE rate analysis to every business. In most cases, we can save a business up to 25% on existing rates and fees. But if we can’t beat a customer’s rate, we’re upfront from the start. We don’t waste the customer’s time.
- We are reliable and always available. If a customer has any concerns, we’re available even after business hours. We’ll address any issues immediately.
- We don’t believe in one-size-fits-all.We provide solutions based on the specific requirements of each and every business. What’s best for one small business may not work for another.
- We have a fast & easy setup process. In most cases, we offer a fast and easy approval and set up. While some high risk businesses can have longer underwriting times, we keep the customer informed throughout the process and work for fast approvals.
- We have solutions for every business type. From low-risk card-present credit card processing solutions to payment processing solutions for high risk e-commerce stores, we’ve got it all.
