Pawn Shop online merchant accounts – An Overview
A pawn store is a shop which offers the loan. These loans are given in exchange for the personal equipment. The loan is generally repaid at the agreed time. If the loan is not paid on time then pawn broker liquidates it by selling it to another customer. There are people who go for small loans by giving the personal item as the collateral. The practice is that people take the loan by giving a small item and repay the loan and gets back the collateral item. HighRisk Gateways Pawn Shop online merchant account processor is the best solution for you.
A pawn broker is an agent or the pawn shop owner who offers the secured loan to the people against the collateral. The items that are given to the pawn broker are referred to the pawns. In general pawn broker accepts the jewellery, musical instruments, computer, Television, camera, or any valuable item. The pawn is kept for the contractual period of time. The contractual time and the amount of interest are based on the policies of the pawn broker. If the loan is not paid on time, the pawn broker has the right to sell the customer item. Sometimes pawn shops exchange the items through other items of their shop just like a barter system.
How online Business model of pawn store works?
Assessment of the items: The moment customer sends the item to the pawn store online. The item value is assessed. To assess that the item is not stolen, the pawn broker collects the identity proof along with the item.
Determine the loan amount: Once the items are verified the pawn broker will determine the resale value of the item. On resale value loan amount will be communicated to the customer.
Repayment of the loan: The customer repays the loan through internet payment options on the pawn store website. The pawn website will immediately deliver the collateral item after receiving the loan repayment online. If a customer does not return back the loan. The pawn shop has right to sell his collateral item.
Payment Solution for your Pawn shop Merchants
- ACH processing
- Check Processing
- Recurring Billing
- Chargeback prevention
- Payment Gateway
Get merchant account for your online pawn store
Pawn brokers are now expanding their loan business from online portals. They are developing websites to reach more customer base. The nature of the pawn industry is at very high risk. To enter the world of virtual pawn store you need a high risk secured merchant account.
Our solution works well for this type of online business. We are ready to accept the high-risk business at affordable price. Obtaining high risk merchant account is difficult. Most of the banks deny approval for such merchant account due to the risk involved in it. It involves the risk of receiving the stolen goods.
The payment gateway prevents the frauds and risk of chargebacks. We have worked with many high-risk businesses so it is very easy to provide the merchant account to your pawn business. We provide quick and easy services.