We all know how important it is for a business to be able to accept credit cards as a form of payment in this day and age. If you want to own a successful business in these modern times where consumers are always in a hurry, expect the ultimate in convenience and efficiency then you must be able to process credit cards. And this is no different for merchants who are in the business of giving people money.

Payday Loan and Title Loan companies may be used to giving out money, but they also need to have a way to receive payments back on that money. Having a credit card processing merchant account is the best way to ensure a successful lending experience, but banks often shy away from issuing a merchant account to these types of business.

Banks may consider Payday Loan and Title Loan a high risk

Banks, even ones who specialize in high risk processing, tend to put check cashing businesses, payday loans, and title loans at the extreme end of the high risk realm. The very nature of the industry draws a customer base that tends to be financially unstable so naturally the industry has a high instance of default, this in turn poses a significant risk for the acquiring bank. The industry is also plagued by a generous amount of government regulation making risk analysts tend to steer away from the industry all together.

Your customers expect to have a convenient way to pay back their loan in a timely manner. But more important than that, you as a business owner need a way to regularly and efficiently collect those payments or risk a customer default.

The easier you make it for your customer to easily and quickly make their payment the more likely they are to stay on time and the less likely you are to have a default on your hands.

Accepting ACH and Debit will make it easier to collect payments

First of all, if you are unable to offer automatic ACH or Pin-less Debit to a customer you may end up losing the business to a competitor who does. Additionally, if a customer has to go out of their way to make their payment the more likely they are to blow it. It is much easier to set up automatic payments or whip by and make a quick payment with their debit card than it is to run to a bank to cash their check or withdraw money and then make the drive over to your storefront to pay that payment in cash. It is inconvenient, or people can’t just seem to fit it in their busy lives and next thing you know they are late, don’t want to deal with it and default. The best way for you to have a successful lending business is to give your customers the easiest way to make their payments.

What can ACH and Pin-less Debit do for your payday loan business?

Competitive Edge

Your ability to accept ACH and debit card payments in the Cash Advance and Payday loan industry is pivotal. You will legitimize the professionalism of your store as well as increase the efficiency of your collection efforts by offering a convenient payment method to your customers.  The time, energy, and money you spend on chasing down payments can be greatly alleviated by offering your clients a fast, secure, and traceable way to make payments.


Again, no matter what type of business you are in, customers want quick and efficient transactions, especially people who have fallen on hard times. Your customers do not need to be caused stress, they need a business that can offer them support, respect and confidence in their transactions. Customers will feel more comfortable that your loan process will work to benefit their lives when you can show them that you can offer multiple payment methods that are convenient and secure.


Security is always a paramount concern for Payday Loan and Title Loan type businesses. The fact that they tend to be all cash businesses makes them a target for criminals.  Your ability to accept ACH and debit cards will greatly reduce your cash on hand. You will also appreciate the convenience of automatic deposits directly into your business bank account.  This helps to keep your store and it’s employees safe while also protecting your client’s information.

Bankcard Brokers is not just another “high risk merchant account provider”. Bankcard Brokers has always worked with full transparency and does not believe in misleading or hiding fees. We have over a decade of experience and employ fully ETA – CPP (Electronic Transactions Association – Certified Payment Professional) certified staff. We take pride in offering transparent rates while providing world class service. We have earned our outstanding reputation as the industry’s clear leader in high quality, dependable, and affordable merchant accounts.

Let Bankcard Brokers make the process of getting approved for a Payday Loan merchant account painless and fast.