Pay-Day Lenders*

April 27, 2021

Seeking a credit card processor as a Pay-Day Lender can be a daunting task. Mainstream payment processor’s such as Stripe, PayPal, and Square will turn away requests from this industry due to the high risk involved. The clientele of the Pay-Day Loans are a primary reason for this. Typically the customer base tends to be crunched on finances, and when chargebacks occur things can get tricky. Due to high risk of issues that occur in the loan industry, banks will turn you away. When more than 2% of your transactions convert into chargebacks fines are given and shut downs commence immediately.

While these customers may be trouble for the banks, they are what will keep your business growing. Building up clientele in such an industry will be your foundation, and keeping them pleased is essential for development. Having your payment processor shut down mid-operation can be the end of what seemed to be a long term successful business.

High Risk Payment Pros can ensure the longevity and safety of your business. Don’t let unforeseen obstacles stand in your way of success as a Pay-Day Lender.