Merchant Accounts For Pawn Shops

An Overview

Pawn Shop Credit Card Processing

Why We Proudly Accept Pawn Shop Businesses (Even When Many Processors Don’t)

Many merchant services companies do not accept pawnbroker businesses, for three primary reasons: The first, is that pawn shops typically sell high price items (average price above $100), albeit at a large discount to the products’ original retail price when purchased new. High ticket transactions are particularly susceptible to so called “friendly fraud” and pose a chargeback risk to the credit card processor. Second, many pawn shop businesses sell their merchandise online (either as their primary sales channel, or as an ancillary channel to their local retail sales). Online merchandise sales, simply because they are not face to face, are subject to increased fraud and chargeback risk. Finally, pawn shops are subject to certain types of consumer protection regulations, and reviewing an application for compliance requires extra underwriting due diligence by the pawn shop’s credit card processor. Due to these three risks, many merchant services providers decline to accept any pawn shop-related business, whether they operate as a local retailer, as an online pawn shop, or some combination thereof.

Soar Payments, by contrast, has consistently served the pawnbroker industry since our founding. Our extensive relationships with credit card processors and sponsor banks who have the capability to underwrite regulated industries, in addition to our integration of chargeback and fraud prevention software, uniquely positions Soar Payments to provide both retail and online pawn shop businesses with stable, effective, long term credit card processing solutions.

Pawn Shop Software Integrations

Enjoy Seamless Integration With Leading Pawn Broker POS Software Suites:

Soar Payments merchant accounts, either directly or via a payment gateway, are compatible and integrate with the following pawn shop Point Of Sale platforms:

MoneyWell, Cash FootPrint, PawnMaster, Pawnbroker Pawn Shop Software, Bravo Pawn Systems, PawnSnap, Pawndex, Hi-Tech Pawn Software, and SimpleConsign; plus popular “non-industry-specific” solutions including Shopify, WooCommerce, BigCommerce, Magento, Zoho CRM and Salesforce.

We’re Also Compatible With Many Other CRM & Software Suites.

Soar Payment’s merchant accounts can also be integrated with most other eCommerce and POS platforms that are compatible with either Authorize.net, NMI, or USAePay payment gateways.

Frequently Asked Questions

Here are common questions specific to pawn shop credit card processing:

• What types of pawn shop businesses do you accept?

  Soar Payments accepts a wide range of retail, eCommerce and mobile-based businesses related to pawn shops. These include your typical “mom and pop” local pawn shop, as well as internet pawnbrokers that sell exclusively online, plus chains of pawn shops that operate statewide, regionally or even nationally.

• Is Soar Payments compatible with my existing POS (Point Of Sale) or shopping cart software?

  Established pawnbrokers typically have a preferred eCommerce or Point Of Sale (POS) software platform they use. Because Soar Payments works with most major payment gateways (including Authorize.net, USAePay and NMI), our pawn shop merchant accounts integrate with most popular software suites used by pawn shops including: Money Well, Cash FootPrint, Pawn Master, Bravo Pawn Systems, Pawn Snap, Pawndex, Hi Tech Pawn Software, and Simple Consign. In addition to these pawnbroker specific software platforms, Soar Payments merchant accounts also integrate with “mainstream” (non-pawn-shop-specific) platforms like Shopify, WooCommerce, BigCommerce, Magento, Zoho CRM and Salesforce.

• Is there a maximum transaction ceiling on pawn shop merchant accounts?

  We know that pawn shop transactions frequently run into the hundreds or thousands or even tens of thousands of dollars, and being able to accept debit and credit cards for large sales is integral to your business. That is why we allow businesses to specify their own transaction ceiling on their merchant account application, which is then reviewed on an individualized basis. We do not have an industry-wide transaction ceiling on pawn shop credit card processing.

Want more information? Click here to read our extended list of our FAQ.

Types Of Pawn Shop Merchant Accounts

Soar Payments offer a full-array of merchant accounts to local pawn shops, online pawn shops, and other businesses in the pawn shop industry. These include:

• Retail
• Mobile
• Virtual Terminal
• eCommerce

Retail Payments

A retail merchant account for local pawn shops to accept face-to-face credit card payments via a traditional credit card machine or point of sale system.

Ideally suited to a retail setting with reliable internet access, retail pawn shop credit card processing accounts typically have the lowest risk of chargeback and frauds and therefore are afforded the lowest merchant account pricing.

Apply Now To Accept Retail Payments

Mobile Payments

A mobile merchant account for pawn shops enables your company to accept in-person payments via a swiper that plugs in to your mobile phone or iPad.

Ideal for pawn shop owners who conduct in-person sales outside of a traditional storefront, mobile pawn shop merchant accounts have lower rates of chargebacks and fraud, and as such are priced similarly to retail.

Apply Now To Accept Mobile Payments

Virtual Terminal Payments

Also called a pawn shop payment gateway, this enables businesses to accept payments over the phone, via mail, or typed into a computer (without needing outside equipment).

A pawn shop payment gateway merchant account is ideal for businesses that accept payments over the phone, or via mail order. Our virtual terminal accounts integrate with most major pawnbroker software and CRM systems. Because accepting payments via virtual terminal is particularly vulnerable to fraud, Soar Payments offers integrated chargeback protection.

Apply Now To Accept Virtual Terminal Payments

eCommerce Payments

eCommerce pawnbroker merchant accounts allow your pawn shop to accept debit and credit cards via your website’s checkout page.

Our eCommerce credit card processing accounts for pawn shops integrate with most leading payment gateways and shopping cart software, making setup easy. Online pawn shop merchant accounts are vulnerable to fraud and chargebacks, therefore, we offer pre-integrated fraud protection.

Apply Now To Accept eCommerce Payments