How To Get A Payday Loan Merchant Account

A Trusted, Reliable, Source for Payday Loan Merchant Accounts

Stop this wild goose chase. Go to one of the most trusted companies for payday loan merchant accounts: eMerchant Authority.

eMerchant Authority has been providing payday lenders with complete and convenient merchant account services. We understand the needs of the industry, and the challenges you have faced. We know you’re tired of the red tape and the circular process of collecting documents and signatures, and you’ll be happy to never have to step into a bank again.

That is why we have simplified our application process to minimize delays and inconvenience. You can count on our industry experience, wide selection of services, and friendly customer service—and get your payday loan merchant account as soon as possible!

Instant Approval for Credit Card Processing Loan Merchant Account

One of the common questions we get from payday loan merchants is if they can get an instant approval for their credit card processing loan merchant account. As a payment processor offering an online loan payment solution for many years, we can assure you that there is nothing like instant approval for high-risk merchant accounts.

Credit card processors who make the promise of offering instant approval on loans on credit card processing merchant accounts are only out to deceive you. Approval for high-risk merchant accounts, such as credit card processing loans accounts, usually takes more than one business day. Usually, they take a minimum of 3 to 5 business days to be approved. In some instances, the process can stretch to a few weeks. The reason for the long approval process is that your account has to go through a two-step vetting process done by your payment provider and the acquiring bank.

Fortunately, there are a few measures you can take to ensure your credit card processing loan account approval doesn’t stretch for weeks. First, work with a credit card payments provider with plenty of experience in your industry. Such a provider will ensure your paperwork is in order so you can avoid unnecessary account application delays. At eMerchant Authority, we have plenty of experience working with businesses that deal with short-term online loans.

Further, being open about your business history can help get your account approved fast. Be honest about your business cash flow and operations, and let us deal with the risks involved.  Falsifying documents or misrepresenting facts will not only delay the application process but can also permanently bar you from opening a high-risk merchant account.

Don’t also forget to provide all the documentation needed during the application process. Providing credit card transactions and bank statements, among other document requirements, helps eliminate back and forth clarification delays.

eMerchant Authority vs. Traditional Banks

Big banks and institutions don’t understand the online lending industry, which is why they classify your business as high risk. Even if you are an established and profitable business, their systems are designed to flag an excessive number of chargebacks (also called the chargeback ratio). They will even slap a fine on an account or bill that exceeds 2% in chargebacks. However, this is a typical occurrence in payday loans, so on the off-chance that you are approved, it will cost you a lot. And as we said earlier, once they notice that this happens often, your account will be closed without any notice—and bring your business to a halt.  

Credit card companies like Mastercard, Visa and American Express shy away from chargebacks because they see it as a risk for financial loss. And in the eyes of traditional financial institutions, your customers—people who are in dire need of money because of a financial emergency—are automatically considered a risk.

On the other hand, eMerchant Authority specializes in setting up merchant accounts for online lenders. We have worked with many businesses, and understand the services you provide—from cash advances, title loans, short-term loans, and everything in between.

We can become your reliable payment processing partner. Unlike these banks, we won’t slap you with unreasonable fines or close your account. We won’t ask you to shoulder the fees of your customers. We won’t question your business practices—in fact, all our packages are designed to support your business and make your daily operations much, much easier.