Skip to content
High Risk Merchant Account Blog

High Risk Merchant Account Blog

High Risk Merchant Account News

Pawn Shop Merchant Services
Posted on August 4, 2020September 22, 2020 by admin

Getting A Pawn Shop Merchant Account

Pawn Shop Merchant Account

Merchant Services For A Pawn Shop

Getting a merchant account for a pawn shop is never an easy task. The very nature of the pawn industry is at high risk. Even though the demand for pawn shop merchant services has not decreased over the years, banks consider them to be high-risk merchants. Because of this, no matter what type of pawn shop you run – online or brick-and-mortar – you will need to get a high-risk merchant account in order to process credit card transactions.



Why Are Pawn Shops Considered High Risk?

There are a number of reasons. Pawn shops generally sell high priced items ($500 on average). Such transactions pose a chargeback risk to the credit card processor because they are particularly susceptible to what is known as “friendly fraud”. Many pawn shops also sell their merchandise online, which further increases the risk of chargebacks and fraud. Apart from this, pawn shops are also considered high-risk because it is generally assumed that they procure stolen goods. Even though this presumption is invalid, the stigma remains.



How to Get Pawn Shop Merchant Account?

Getting a high-risk pawn shop merchant account isn’t difficult but it can be time consuming. To get started, you will need to find the right high-risk merchant account provider. It is recommended that you do your due diligence to find one that can meet your specific needs. You should thoroughly review the fees and rates related to high-risk transaction processing. Make sure to also read the fine print and if you don’t fully understand any terms and conditions, ask for clarity.



Finding the Right Merchant Services Provider

In addition to comparing fees and rates, you should make sure that the pawn shop merchant account provider you consider offers all the features that you need to succeed. Following are the key features you should look for when finding a pawn shop merchant account provider:

1) Payment Card Processing: Whether your customers are repaying loans they have taken out with you or they are simply buying merchandise from your pawn shop, you need to be able to accept credit and debit card transactions from them.

2) Check Processing: Although personal checks are not as common as they used to be, it’s valuable to have the option of accepting them.

3) Check Drafting: As a lender, you want to be able to pay customers when they visit your shop to pawn their items. A pawn shop merchant account provider that allows you to cut checks will help you keep records of pawn transactions in addition to helping you avoid depleting your on-hand cash reserves for pawning larger-ticket items.

4) Chargeback Policy: When selecting a pawn shop merchant account provider, choose one that does not overly burden merchants for certain chargebacks.

5) Security: Your pawn shop merchant account should come with the support and security necessary to protect the information of your customers and inspire their trust.

6) Automated Billing: A pawn shop merchant account that gives borrowers the option to set up recurring payments with their credit or debit card is a valuable asset.

7) E-Commerce: Nowadays, pawn shops are posting some or all of their inventory online in order to reach a wider pool of potential customers. If you are doing the same, then it is recommended that you look for a merchant account provider that has e-commerce options.

Just because you run a pawn shop does not mean you have to forgo the ability to process credit card transactions. By partnering with a high-risk pawn shop merchant account provider, you can have a reliable way to process those transactions and hence, grow your business.

Contact us today to get started at 1-877 493-4622


About The Author

Mark Sands

Mark Sands, co-founder of High Risk Merchant Account LLC, an authoritative expert in the high risk merchant account space. Mark has decades of experience in the payment industry & enjoys writing on entrepreneurial related topics.

APPLY NOW – PAWN SHOP MERCHANT ACCOUNT
TagsMark Sands, Pawn Shop Merchant Account, Pawn Shop Merchant Services

Post navigation

Previous PostPrevious Merchant Services For Antique Shop’s
Next PostNext Head Shop Merchant Account

High Risk Merchant Account LLC

High Risk Merchant Account, LLC
High Risk Merchant Account, LLC
5.0
Based on 6 reviews
powered by Google
Casey Scott
Casey Scott
17:03 30 Oct 18
Mark Sands helped me out tremendously. I would recommend him 100%. Saved my business!
Richard Williams
Richard Williams
14:30 28 Oct 18
I had an excellent experience with Mark at HRMA LLC; Mark's persistence and patience meant a lot to me; and happy to say, our company has a new merchant processing account and we're underway again! : )
Jay Larke
Jay Larke
13:48 29 Sep 18
We enjoyed working with Angela at HRMA-LLC! Our staff appreciated the personalized touch and tremendous help while working with them. We would recommend anyone with high risk merchant account needs reach out to Angela and the staff at HRMA-LLC.
Chris Fernandez
Chris Fernandez
23:33 02 Apr 18
Great overall experience with HRMA-LLC. Staff was extremely knowledgable through every step of the process. I would highly recommend them to anyone requiring merchant account services for their business. Thanks for all your help Tom!
James Collins
James Collins
09:47 11 Mar 15
High Risk Merchant Account LLC provides easy merchant account approval for high risk business.
Damon George
Damon George
20:34 27 Aug 14
I have contacted with them online and I have got quick response. Overall had a great experience.
See All Reviews

Recent Posts

  • Vitamin & Supplement Merchant Account
  • Gyms, Health Clubs, & Fitness Center Merchant Accounts
  • Goodbye 2020 & Hello 2021 Happy New Year !!!!
  • Getting Law Firm Merchant Account
  • Getting An Extended Warranty Merchant Account

Services

  • Chargeback Alert Service
  • eCommerce Merchant Account
  • High Risk Ach Processing
  • High Risk Merchant Account
  • High Volume Merchant Account

Industries

  • Collection Agency Merchant Account
  • Continuity Subscription Merchant Accounts
  • Credit Repair Merchant Account
  • Debt Consolidation Merchant Account
  • Document Preparation Merchant Account
  • E-Cigarette Merchant Account
  • Nutraceutical Merchant Account
  • Student Debt Relief Merchant Account
  • Student Loan Merchant Account
  • Tech Support Merchant Account
  • Telemarketing Merchant Account
  • Timeshare Merchant Account
  • Travel Club Merchant Account
  • Travel Merchant Account
  • Vacation Club Merchant Account
  • View All High Risk Merchant Industries

Contact Details

High Risk Merchant Account LLC
915 Folly Road, Suite 49,
Charleston, SC 29418
(877) 493-4622
Call Now
Start Now

About the Company

We offer High Risk Merchant Account, High Risk Credit Card Processing & High Risk ACH Processing for businesses that don't qualify for traditional merchant account processing.
BBB Logo DMCA .Sucuri Logo
  • McAfee Logo

All Rights Reserves 2020

NAVIGATION

  • Home
  • Company Blog
  • Contact Us
  • About Us
  • White Papers
  • Site Map
BBB Logo

Company Details:

High Risk Merchant Account LLC
915 Folly Road, Suite 49,
Charleston SC 29412

Phone: (877) 493-4622

  • Facebook
  • Twitter
  •  
  • Google
  • LinkedIn
  • YouTube

COMMONLY ASKED QUESTIONS:

  • What Is Merchant Account Load Balancing?
  • What Is A Chargeback Reduction Plan?
  • What Is A Merchant Personal Guarantee?
  • What Is The Terminated Merchant File?
  • What Is A Rolling Reserve Account?

1-877 493-4622

DMCA

  • .Sucuri Logo

High Risk Merchant Account LLC
High Risk Merchant Account