What to Consider as a Tribal Payday Loans Company

Today, there are numerous payday lenders that are offering tribal payday loans. The loans are similar to other payday loans, except the business is typically operated online. Some tribal payday loans even offer short-term financing ranging from a few months up to two years. These flexible financing options can be a relief for people who have an emergent situation and not-so-good credit.

However, whether you offer simple payday loans or flexible financing payday advances, one thing is for certain: You need ACH and debit and credit card merchant account solutions to process payments. Whether your customers provide you with a check payment or want to pay off their payday loans using a debit or credit card, you should offer them a variety of options.

Businesses Offering Tribal Payday Loans Need To Consider…

You also need to ensure your online processing of payments is conducted in a secure and safe environment. Your customers are going to be reluctant to provide their checking account or debit or credit card number if they are not assured entering the information is encrypted, so their personal information is protected.

The best way to secure the processing of online transactions is with the right gateway merchant account solution. Your gateway solution should be able to encrypt the account details of your customers and safely transfer that information for processing, so you can collect payments. The gateway should also be adaptable to newer technologies and processing methods, like being able to pay from a smartphone or tablet through a mobile app.

Aren’t All Tribal Payday Loan Merchant Accounts the Same?

Some tribal payday loan lenders assume, just because they are considered high risk, that all merchant account solutions are the same. However, they are very surprised to learn there are differences, just like other merchant account solutions. There are some providers that offer better rates compared to others.

Then there are providers that will work with their high risk clients to educate them on how they can reduce the risks of chargebacks. They will also lend assistance in the event of a chargeback. Additionally, you can find providers that are U.S.-based and which do not require you to use an offshore provider. Working with a high risk merchant service provider that understands the industry of tribal payday loans makes all the difference when it comes to the success of your processing solution.

If you want all of these things—the best rates, chargeback support and education, and a U.S.-based account solution, then you need to look no further than Leap Payments. We offer all our high risk clients each of these things and more, like 24/7 customer support, as well as:

• 48 to 72 Hour Account Approvals
• Chargeback Mitigation Monitoring and Tools
• Multiple Payment Gateway Options/Solutions
• Customized or Lowered Reserves
• Load Balancing with Multiple MIDs