Posted by NationalACH on Oct 14, 2020
Merchant Accounts for Lenders

Merchant accounts for lenders provide a range of excellent benefits for consumer loans, business loans, brokerage firms, and other financial institutions. All types of lenders accepted. Quick account approvals.

National ACH’s merchant accounts for lenders provide simple, flexible ACH, echecks and debit card payment processing for lenders and loan providers.

Benefits of Merchant Accounts for Lenders

Benefits of Merchant Accounts for Lenders
Benefits of Merchant Accounts for Lenders

In addition to the simple, fast methods of accepting payments, National ACH’s merchant accounts for lenders provide a range of other benefits to lending organizations.

The ability to receive payments via a choice of channels is good practice for lenders. This offers greater choice for borrowers to make repayments in ways convenient for them.

Online payments are an increasingly common way for borrowers to make repayments, and merchant accounts for lenders enable you to accept online payments seamlessly. This is enabled through direct API integrations between lenders websites and borrowing platforms, and secure hosted payment pages.

Although online payments are becoming more and more common, it is also good practice for lenders to offer a choice for customers to make payments.  With this in mind, merchant accounts for lenders also offer other payment facilities. These include accepting phone and mail (MOTO) payments, and mobile applications from smart phones or tablets. For payday loan or check cashing stores, the accounts also offer the ability to accept point of sale payments via secure virtual terminals.

Complete Visibility of Your Finances

Another benefit of merchant accounts for lenders is making it easy to keep track of payments and debits as simple as possible. With online reporting functionality and dashboards included in all account types, it is possible to track all incoming and outgoing payments in real time.

The reporting function also makes it possible to very easily create and filter data related to your account. This is useful for managing cashflow and handling customer queries, and the export functionality facilitates simple exporting and sharing of data. This enables data from your account to be made available across internal systems and accounting platforms in a simple manner.

Stabilize Your Cashflow

Merchant accounts for lenders also help to easily produce recurring billing plans for your borrowers, with no limit on the amount of plans you can have open at any one time. The frequency of the payment plans can be tailored depending on the individual loan account. These can be taken from the borrower on a daily, weekly, monthly or other basis.

Whether your customer makes loan repayments by ACH, echeck, or  debit card, your company’s cashflow is more predictable. Stability is achieved by the ability to receive uninterrupted payments into your merchant account for lenders until the end of the loan agreement. Accepting recurring payments via ACH or check makes for especially reliable payment receipt. This is because bank accounts rarely change, while cards do so much more often due to expiration, loss or theft.

Which Type of Organizations Best Suit Merchant Accounts for Lenders?

Direct lenders, brokers and professional services companies can receive fees more quicky than from traditional bank accounts.

The accounts can also enable more efficient transactions between lender and customer accounts. This is achieved with easy debiting facilities for consumer and business customers paying back loans in regular instalments.

Crowdfunding platforms are also perfectly suited to merchant accounts for lenders. This is because the accounts can handle various types of transactions including donations, equity payments, straightforward lending, and different kinds of reward payments.

For lease-to-own lenders, merchant accounts for lenders make it possible to smoothly swich customers from leasing to owning assets by setting up recurring payment plans. The accounts also provide ideal solutions for a variety of lenders. This includes loan servicing companies, merchant cash advance lenders, payday lenders, retail payday lenders, check cashing stores, student loan providers, and title lenders.

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