Consumer Loan & Debt Payments
Compliance-driven, Financial Technology For Frictionless Re-payments
Businesses operating in the consumer lending space tend to find a payment processor that truly understands their business fairly difficult. Because of heavy regulation at both a state and federal level, most large banks and processors stay clear of the industry due to the ongoing management to ensure compliancy. Being an industry that Maverick has truly been able to understand due to our years of experience and the typical concerns of regulators. Leveraging technology with our knowledge, our payment processing for merchants in consumer lending is unmatched. Plus, we have specialized programs, with Mastercard for example, allowing lower interchange, which drastically reduce processing costs for qualified merchants.
Consumer Lending Merchant Account Types
Online – Due to state-level regulation, online consumer lending is a difficult space to remain competitive in. For example, with concerns of consumers in one state applying to a lender out of state circumventing their local laws is one of the main issues merchants get faced with and more importantly, why numerous businesses get heavily scrutinized. Our knowledge and experience in the space allows for a comprehensive review to fully understand all of the factors to ensure legality and compliancy and both local, state and federal levels.
Retail – Even lenders with brick and mortar locations can face scrutiny due to “reputational” risk concerns if their loan products are non-traditional, such as short-term loans or if the business is not a typical financial institution, such as a bank. Reputation concerns coupled with highly complex integration with point-of-sale system to tokenize card data for storage, adhering to PCI standards, allowing for automated payments are some factors at hand causing businesses in the industry difficulty when trying to obtain payment processing.
Consumer Lending Payment Processing
Our experience in the industry coupled with our vast knowledge of higher risk business types, including compliance, regulation and legality, is what has made us a successful payment processor for both small lenders all the way to multi-hundred location consumer lending companies. We truly understand the complexity on the backend to ensure compliancy with limited acceptance (debit-only), legality at both a state and federal level, card brands such as Visa & Mastercard along with regulators, and more to provide consumer lending merchants a reliable and economical payment processing solution. Whether you offer short-term lending solutions, such as installment loans or an alternative short-term loan, we have you covered.
Consumer – Due to varying state-level laws and federal regulation, consumer lending, such as secured & unsecured installment loans and short-term loans, can be complex to manage from a processing compliance position and may have “reputational” risk, especially when the lender is a non-financial institution.
Auto – Auto finance businesses can be deemed high-risk is loans are not originating from a traditional financial institution, have higher interest, or be marketed for niche automobiles. This, coupled with different laws at a state level can make traditional banks and processor stay clear.
Accounts Receivable – Accounts receivable, also known as debt collection, has been plagued due to phantom collectors and operators taking advantage of consumers. Due to our specific criteria of being able to focus specifically on established collection agencies who legitimately operate and abide all applicable laws has made us a reliable processing provider.
Others – Other forms of debt, such as student loans, credit cards, mortgage and others are additional verticals we cater.
Our compliance-driven approach and deep understanding of the different industries with regulatory rules, banking laws, and more has made us successful in providing reliable payment processing for debt-related payment processing.
As a full-service provider, we understand the benefits of subsidized programs to help legitimate debt-related businesses take advantage of different card-brand programs to save costs. Being a authorized vendor with Visa and Mastercard, we are proud to support Visa’s Debt Repayment and Mastercard’s Consumer Loan programs. Mastercard Consumer Loans Program and Visa Debt Repayment are specific to different loan offerings and each card brand has different criteria and eligibility, but we will work to qualify your business to take advantage of these programs to increase savings and optimize interchange, which helps your bottom line.
Debit card – Effortlessly accept re-payments via a consumer’s debit card. Our technology has BIN-blocking technology to ensure debit-only for card brand compliance. Limited acceptance processing means strictly debit-only payments to abide card brand regulations. Visa and Mastercard limited acceptance programs are to ensure lenders are properly following payment acceptance in respect to re-payments coming from a debit card as opposed to a credit card. Due to ongoing compliance concerns, this can be one concerning reason banks stay clear of lenders but with our double-layered BIN technology, you can be rest assured that debit-only acceptance is monitored at the authorization process via our payment gateway along with being monitored by our proprietary dashboard. With our 20,000 unique BINs in our databases and advanced monitoring technology, card brand compliance is easily attained with limited acceptance due to our financial technology.
ACH – Easily debit a bank account for re-payment via our ACH system or credit to quickly fund a consumer. With same-day ACH, expedite payments and increase both customer satisfaction and cashflow.
With added-value capabilities, we support tokenization to securely store the debit or ACH information for easy future payments, SMS texting & IVR acceptance for automated payment acceptance, hosted forms for easy implementation, batch uploading, and more. Contact us today to get started!