Find the Perfect Deal with Our Credit Card Processing for Your Pawn Shop Merchant Account
You know how it feels to find the diamond in the rough: the treasure that someone else doesn’t appreciate. As someone who runs a pawn shop, you’re used to making a quick appraisal, after all. Perhaps your keen eye is one reason that it can be frustrating to find the right merchant account to handle your credit card processing. Every processor seems to have stringent requirements or high fees – in many cases, both.
Premier One can solve this problem for you. We work with businesses that have a hard time finding proper support from other payment processors. We know that pawn shops have to deal with a “high-risk account” label. Due to this designation, predatory processors can take advantage of hard-working business owners. We follow a different set of priorities, however, so continue reading to learn what sets us apart from other pawn shop merchant account solutions.
How a “High-Risk Account” Label Impacts Your Business
Many payment processors use similar standards to traditional banks, which means that they require certain conditions from their clients. Depending on how well a business meets these conditions, processors categorize their clients into different categories based on risk. Unfortunately for many pawn shops, these processors almost universally apply the “high-risk” label to them. These are several reasons for this designation:
- There is a higher track record of chargebacks and fraud among pawn shops due to dishonest consumer behavior. Despite the pawn shop’s diligence, credit card processors often have no one from whom they can seek recompense, so they charge higher fees or avoid pawn shops entirely
- Many pawn shops are locally owned and don’t have huge reserves of capital behind them. Some processors look at this fact and decide that the businesses may not be stable investments and refrain from offering standard account terms.
- The owner’s poor personal credit can prompt a business to be designated as high-risk even if there’s nothing inherently risky about the business itself. This fact is especially troublesome for pawn shop owners who are getting started after making a career shift.
- Coupled with that last point, merchant processors see new businesses as higher-risk customers because of a minimal track record. Statistically, many new businesses also fail early on, so processors may be hesitant as a result. Thus, many processors must wait years before receiving better rates on their transactions – years that they cannot afford to overpay for these transactions.
For these reasons, pawn shops must deal with the “high-risk” designation. In addition to that difficulty, there are also many credit card processors who do not adhere to the most generous business practices. Many of these processors are predatory, which takes a troublesome situation and makes it actively expensive.
How You Can Identify Predatory Payment Processors
Before we proceed into what makes a predatory processor, first we have to clarify that payment processors are businesses. There’s nothing wrong with needing to make a profit for offering the service, much like you need your pawnshop to turn a profit. However, things become predatory when processors adopt negative qualities that seriously hinder your ability to do your job. Here are a few negative approaches that should raise the alarm:
- Minimal Chargeback Defense – Predatory processors generally won’t even investigate claims and will approve chargebacks. Then, they’ll use that as a reason to charge large fees as a punitive measure, as well as increasing your regular rates.
- Minimal Customer Service – Predatory processors will be highly communicative when you’re first speaking to them. They’ll do everything they can to get you to sign up and promise you’re getting a good deal. Before the ink is dry, though, they’ll turn around and fail to provide even basic customer service. In essence, you’re on your own with these guys, except now you’re sitting on a piece of tchotchke that you just can’t sell.
- Hidden Fees – Another habit that predatory processors have is to charge you fees for everything imaginable. These fees include extra processing fees, volume fees, support fees, rental fees, and more. At first, it’s just the setup fee, but soon more start showing up. Stay alert about processors that charge you extra for the setup, as you’ll likely see a lot more charges hitting your account soon thereafter.
Don’t let your pawn shop merchant account be a purchase you regret. Take the time to look for these issues and avoid predatory processors.
How to Identify a Trustworthy Payment Processor
Not all processors are predatory, so you also need to know what kind of features will distinguish a merchant processor that you can trust. It’s not enough to simply avoid negative behaviors, but instead to exhibit positive ones. Premier One’s services are designed to make payment processing easy and profitable for your business:
- We don’t overcharge you compared to the standard market rate. With us, you won’t have to pay for other companies’ mistakes and poor practices. We keep rates reasonable and focus more on your history with us, which proves that your business uses fair business practices.
- Our customer support team is always available when you need them. If you ever have a question, concern, or issue with our service or individual transactions, we will respond promptly. The last thing that you want is to not be able to contact us when there’s an issue with a customer’s transaction.
- We can help you with mobile credit card processing so that it’s easier than ever for your customers to buy the items that they want. Because more and more people are using credit cards for everyday transactions, you need to be a business that provides all standard transaction types for most consumers.
- If you’re considering switching processors or are just getting started, we can help you eliminate the lag time between your application and when you can start accepting payments. We approve most applications within 48 hours, so you’ll know that you have the means to take any payment that your customers want to use quickly.
We go above and beyond when it comes to offering services as a payment processor. In addition to the above, there are still many ways that we provide exceptional support for pawn shops across the country.
How Premier One Gives You Extra Value
Our team doesn’t stop at satisfactory. We believe that our work should make your job easy when it comes to collecting payments. If you are considering setting up an online outlet to expand your inventory, we can handle your digital payment processing as well. Whether you want to accept e-check payments, credit cards, or digital wallets such as PayPal, you can get the support you need to impress your customers. We strive to process all payments in record time so that neither you nor your customers are left waiting, and you get the cash you need to keep your business running without an issue.
Rely on Premier One’s Expertise as a Payment Processor
It’s time to exchange the old way of doing business for a new one that better suits your needs. Premier One is ready to help you process any transaction at a rate that you can afford. Part ways with predatory processors who don’t help your business succeed. Instead, work with us and experience how honest, dedicated customer service and equitable contract terms can make all the difference when it comes to processing payments for your business.
Learn More about Premier One and Our Merchant Accounts for Pawn Shop
Premier One can solve this problem for you. We work with businesses that have a hard time finding proper support from other payment processors
- Chargeback Protection
- Credit Card Processing
- Mobile Payments
- Multiple Payment Solutions
Merchant Account Experts
- Fast Debt Collection Account Approval
- High Risk Accounts
- Domestic or Offshore Merchant Account
- No Set Up Fees
SEE MORE GREEN, FASTER,
- We’re not just credit cards. And neither is your business. By providing eCheck options to customers, you increase business… and the speed at which you get paid!
HIGH RISK SPECIALISTS
- High-volume, high risk merchant processing solutions include load-balancing gateways and multiple MIDS. Beyond secure terminals and speedy payments, you’ll have the support of a high-risk specialist on your speed-dial.