Although the pawn business has played an important role in our society for decades, the banking industry still categorizes this type of small business as high risk. Like gun merchants and debt collectors, pawnshops don’t get the same treatment as other businesses.
While there is a risk of unknowingly receiving stolen items, the pawn industry suffers a reputation far worse than the actual statistics indicate. Nevertheless, the financial service providers consider pawnshops and pawnbrokers as insecure businesses and may refuse to provide financial services to them.
Imagine how much it would benefit your pawn business if you could offer your customers flexible payment options, including options for using credit cards, debit cards, gift cards and online payment options. At Merchant Card Advisors, we specialize in helping high-risk businesses. We can help you establish a merchant account for credit card processing for pawnshops.
Credit Card Processing for Pawnshops
A business might be considered less stable if it operates within an industry that is considered volatile, or if financial institutions determine the business has a higher-than-normal chance of suffering a financial failure. Traditionally, pawnbrokers don’t fall into any of these categories.
Nevertheless, merchant account providers continue to classify pawnshops as high risk, making it difficult or impossible to secure credit card processing, much less comprehensive merchant solutions for pawn dealers.
The merchant service providers that accept your small business will often charge you exorbitant fees. These high transaction fees cut into your ability to make a profit.
Your business may be considered higher risk due to other factors as well. The consistency of your past revenue, the length of time you’ve been in business — even your personal credit score can help determine how many top merchant providers view your business and whether you will be able to accept credit cards from your customers!
We can help you acquire a pawn merchant account, even if you’ve been rejected by mainstream merchant service providers in the past.
Merchant Services for Online Pawnshops
Although the pawn industry has been around a long time, online pawnshops are relatively new. Getting your business online could significantly increase sales through a much larger potential customer base.
With an online presence comes the added responsibility of providing e-commerce payment options, which don’t have to be limited to credit and debit cards. You can offer other options for your customers as well, like c-check payments or payments from digital accounts.
At Merchant Card Advisors, we can help you get started taking mobile and online payments now.
Affordable Solutions for Pawnbroker Payment Processing Needs
Online or offline, businesses in the pawning industry can suffer from the limitations the financial institutions place on high-risk industries.
Merchant Card Advisors specializes in providing the best credit card payment solutions for businesses considered high risk, like your pawn business. We have a wide variety of options from our network of trusted partners to our range of financial services.
Contact us today for assistance with payment processing and merchant services for your pawnshop.