Industry Pawn

Partner with the pawn shop credit card processing experts.

Accepting credit card payments with a merchant account for pawn shops is a great way to grow your business. Whether you’re a business owner who is looking to expand the payment options you offer by incorporating credit card transactions into your brick-and-mortar location, online through a secure payment gateway, or both, Humboldt has you covered.

Why is the pawn shop industry considered hard to place?

Acquiring banks consider business owners who operate pawn shops to be hard to place or specialty merchants for several reasons. These include the following.

The higher chargeback ratios that come with operating a pawnbroker business.

The increased risk of fraud.

The number of consumer protection regulations that have to be met.

The high average ticket amount.

For that reason, you’ll want to partner with a payment technology provider that specializes in hard-to-place industries like pawn shops.

How does being in a specialty category affect getting a merchant account?

Just because you run a pawn shop business doesn’t mean you can’t be approved for a merchant account. Just be aware that you may be asked to provide a little more documentation regarding your financials during the application process. That way your payments partner can be comfortable with the level of risk they’ll be taking on when providing you with a merchant account.

What to look for in a pawn shop credit card processing partner.

When it comes to securing a reliable and affordable merchant account for pawn shops, you want a payment technology partner that understands the unique challenges that come with running a business that offers secured loans. You’ll also want to partner with a provider who has experience in a few critical areas.

Approving so-called “hard-to-place” or “specialty” businesses for merchant accounts.

Offering the lowest possible rates for specialty payment processing.

Providing the latest payments hardware and pawnbroker POS software.

Assisting you with a high level of customer care and technical support.

Long story short, it is imperative that you partner with a payments technology company that specializes in credit card processing solutions for hard-to-place industries. That way, you’ll be able to leverage their established sponsor bank relationships to secure an approval for your merchant account.

Why HBMS.

When you choose Humboldt Merchant Services as your payments technology partner, you get so much more than just a way to accept payments like debit and credit cards. You’re getting a proven partner that knows the unique challenges merchants facing pawnbroker businesses. One with the industry-leading credit card processing solutions you need to increase your profits.

Get the merchant account for pawn shops you deserve.

Incorporate credit card transactions into your pawnbroker business today!