Payday Loan Merchant Account

Need to process credit card transactions for your Payday Lending business? Leap Payments is specialized in working with payday loan brokers to accept credit card payments. Unlike other processors and banks, we have dedicated our efforts to providing merchant accounts to high risk businesses. Tired of being turned away? We will get your payday lending business setup with payment processing.

Why Is It So Hard To Get Payment Processing for Payday Loans?

Payday lenders have been providing a valuable service to their customers for years. Having the option to acquire fast cash gets many people out of a bad situation when they need it the most. Because of this, the payday lending industry has grown to over $6 billion dollars a year. There is ever growing demand for payday loan services in the US.

So, with all of this growth, high demand and profit, why is it so difficult to get electronic payment processing for payday loans? It all comes down to risk. At the end of the day, banks see payday loan brokers as a high risk gamble. Industries that are labeled as high risk by the banks are plagued with inadequate merchant services that can greatly hinder business growth.

When shopping around for Payday loan merchant services, it can quickly turn into a game of declines or, even worse, false promises, wasted time and then a declined application. Unfortunately, this is the reality for most payday loan merchants.Trying to find a reliable processor is vital for the success of a short-term lender, but it can also become frustrating.

When looking for payment processing for your payday loan business, it is important to work with someone that is experience, knowledgeable of your industry and has a proven track record. That’s why thousands of merchants prefer Leap Payments for their high risk merchant account needs. We are serious about what we do and our sole mission is to get you approved and processing card transactions without any hassle.

How Do Banks Determine That Payday Lenders Are High Risk?

As mentioned before, banks are focused on risk and avoiding it when they decide on a merchant’s application approval. A common indicator used by banks to determine risk levels is a merchants chargeback ratio. The chargeback ratio is the percentage of transaction volume that customers file a chargeback dispute over. Banks will use this as a measurement of fraud and risk in merchants. Typically, banks will decline applications or terminate existing accounts for merchant’s that exceed 2% chargebacks. That’s not a lot.

Do to the nature of the industry, it is very common for payday loan merchants to receive chargebacks. That is another reason why working with an experienced payment processor is crucial to a payday lenders processing success. Leap Payments is able to aid payday loan merchants in reducing their chargebacks, keeping them low and staying PCI compliant at all times.

Major banks like Chase, Bank of America and Wells Fargo will give immediate declines just on the fact that you provide short-term or payday loan services. Other, aggregate options like PayPal, Stripe and Square might let your account get set up initially since they have an automated application/approval system. You may even stay open for several days, but eventually their underwriting team will get to your account a thoroughly investigate. At this point, they will close your account.

Get Approved for A Payday Lending Merchant Account

With so many options for payment processors, all promising different things, it can be difficult to choose the best option for your business. When you run a payday loan business, you need to partner with a processor that has years of experience working with and getting payday lenders approved for credit card processing. Leap Payments is here to help.

We pride ourselves on being experts in both the credit card processing and payday loan industry so we can cater to your exact needs. This helps us protect you from chargebacks, offer the lowest rates and get you approved at a domestic bank that supports payday lenders. Below are just some of the many reasons that merchants trust us for their payday loan merchant accounts:

We know you need to be able to keep your customers happy, and to do that you also need to be able to accommodate several payment methods. By working with us as your CBD merchant account solution, you can get all your sales needs in one place, and more. You can also expect:

  • Standard Funding Schedule
  • Domestic Bank
  • Recurring Billing Tools
  • Traditional Processing Rates
  • No Start-up, Termination or Hidden Fees
  • US Based, 24/7 Customer Support
    • Accept All Major Card Brands
    • VISA, MasterCard, Discover, American Express
    • Terminals and Card Readers Available
    • Online Payment Gateways
    • Fully PCI Compliant
    • Dedicated Account Representative


If you’re ready to get no-holds-bar payday lender merchant services from a payment processor that understands your specific needs, sign up here and a representative will reach out to you shortly. You can also call us at (800) 993-6300.

Contact Us Below to Get Your Payday Loan Merchant Account Today!

Or Call: (800) 993-6300

  • This field is for validation purposes and should be left unchanged.