Are You Looking for a Pawn Shop Merchant Account Solutions?
Hard-working business owners like yourself, need the right credit card processing partner for your business. Finding a fair processing solution can be challenging. We specialize in accounts that are considered high risk, which is the case for many pawn shops.
Pawn shops are considered high risk merchants primarily because of the nature of the industry and the known risk for possibly procuring stolen goods. Although less than 1 percent of all pawned products are identified as stolen merchandise, the stigma remains, and this is what makes being high risk and establishing a pawn shop merchant account difficult for new and existing pawnbrokers. Double Helix Processing helps pawn businesses easily acquire high risk merchant accounts with one of our many partnered acquiring banks.
We have multiple options for pawn shop merchant accounts, designed to provide competitive credit card processing solutions for you to take your business online or in store. If you’re in need of an account like this one, contact us today or fill out our simple, online Merchant Account Application and begin processing with a partner that understands and can help your business.
Has Your Existing Processor Turned Off Credit Card Processing for Your Pawn Shop Merchant Account?
Credit card processing is relatively new for many pawn shops, but pawnbrokers themselves have been supplying secured loans for personal property for quite a significant amount of time. Pawn shops are often labeled as high-risk industries as well as others, making accepting credit card payments sometimes more challenging than it needs to be.
Pawn shops have been in existence for decades; however, most pawn shop merchant account providers find this industry to be unstable. Banks may sometimes have a desire for this industry, as they know the value and want to supply their clients with unique solutions that are catered specifically to the pawn shop and pawn broker market.
Double Helix Processing specializes in high risk merchant account solutions for pawn stores, pawn brokers, and gold traders. Pawn shops are usually tagged as high-risk retailers, which may cause a struggle for pawn shop owners to find a reliable merchant account payment processing. Double Helix Processing helps pawn stores accept debit and credit cards as a form of payment, without compromising on security and business compliance.
How Does Being High Risk Affect Your Chances of Getting a Pawn Shop Merchant Account?
The Pawn shops are likely the oldest establishments in the world of finance. This business type dates to the medieval times and their primary purpose is to lend cash. If individuals couldn’t get the funds required by bill collectors by a specific date, then they would go to a pawn shop. The main reason behind it was that people would get emergency loans out of pawn shops without a lot of paperwork or hassle.
That is the one thing that has changed about how it’s done today. Getting a pawn or buying stuff that has been pawned, you no longer have to visit a brick and mortar-based pawn shop, as it can all now be done via the internet.
Though the pace is slow, several pawn shops have taken a huge step from being only a brick and mortar shop to obtaining a website and having access to an online customer base and the benefits vastly outnumber the obstacles.
Many individuals distrust pawn shops because they suspect that the products in the store consist of potentially stolen items. It’s unfortunate that people still believe that myth, especially when, pawn shops are regulated and licensed by the government and have systems in place to deal with stolen goods. The stores that sell a variety of pawned goods through the internet will even own a property-based store to complement the revenue they get through the website. The major difference is that individuals pay through their debit or credit cards in the online pawn shop. The possibility of selling stolen goods is what makes banks categorize pawn shops as high risk and what also makes them very difficult to obtain payment processing for.
Why Does this Matter and How Can Double Helix Processing Help with my Pawn Shop Merchant Account?
Having an online pawn shop with a broadened customer base means having the ability to earn so much more money. A casual trip to a pawn shop will prove the fact that several people pawn their products that they no longer use and thus sell to a shop like yours. This company’s main advantage or selling point is the fact that the goods are available at a much lower cost, in reasonable condition. Therefore, the pawn shop business is as profitable as any other company, and with the right kind of pawn shop merchant account, you will see your company profits grow.
Pawn shop sell items ranging from car parts to unusual or antique jewelry and musical instruments and even electronics. In case you’ve just started an internet shop, or you’ve already proven that online procedures bring in an enormous volume of credit card transactions, then it is better for you to get a pawn shop merchant account payment processor that specializes in high risk merchant account solutions.
Pawn shop merchant account provider will allow the pawn shops to accept payments through credit cards by providing them a payment gateway. It also allows high volume retailers to reach many more customers than a brick and mortar store would.
Most importantly the online pawn shops may fail if they are not able to give assurance to their clients of their purchasing safety. Hence the pawn shop merchant account provides all the security features because it is a high-risk merchant account. Therefore, the pawn shop high risk merchant account will be critical to your online pawn shop.
Double Helix Processing helps pawn shop business owners get approved and set up with a pawn shop merchant account and provides pawn companies with chargeback management packages to help maintain a successful and lucrative business.
Why Should You Choose Double Helix Processing?
We understand the unique needs of the different Pawn Shop related business types and have established numerous acquiring banking relationships to become your best resource in getting Pawn Shop merchant accounts set up and accepting online payments. Our expertise is your ticket to getting the stable processing you need to further your business.