Student Loan Modification

Companies providing Loan Modification and Student Loan Documentation Prep are often declined by regular credit card processors and banks, or charged significantly high rates because of the high risk of chargeback volume. Green Pay has the upper hand when it comes to processing because we can offer your business affordable methods to help your loan modification company process credit cards, debit cards, online payments, electronic checks and more. Your business can start processing all major credit cards such as Visa, MasterCard, AMEX and Discover in a short period of time.

Don’t only accept cash and direct deposit! Accepting credit cards will improve your income and let your clients have an option for payments. It’s a win–win for your business and your success is our goal at Green Pay.

Secure a Merchant Account for Your Loan Modification Company:

Merchant Account for Student Loan Documentation Prep

We now find a lot of options for businesses of different types. One of the most popular trend that is on the rise is that of the high risk merchant providers. These are getting popular because of the global demand for high risk business merchant accounts. Having a merchant account is essential for businesses big and small. This would allow the businesses to handle online transactions that happen through credit cards. But some businesses like the student loan documentation prep businesses come with inherent risks that put them in the hard category. So it would be a tough choice to find a good merchant account provider who doesn’t charge very high rates. The application process might be tough and getting approved for the loan would be tougher. So high risk merchants can help out in such cases.

Online merchants can avail the benefits offered by high risk merchant account providers With high risk merchant accounts there are several benefits:

• No application fees in most cases
• With multiple underwriting banks assisting them they would be able to handle any size of transaction with ease.
• Any type of business can get instant approval and quicker processing with high risk merchant providers
• No more hassles of late payment as all payments including the unplanned ones could be done on time.
• Having the expertise in handling high risk cases the market situation and the risks involved are understood well by these providers

The demand for student loan has increased along with the increase in the education costs. With the assistance in student loan modification and refinancing and documentation prep available these days the student loan borrowers too can reap several benefits including a drop in the rates and easier payment processing. Credit card processors might deny the loan requests from high risk businesses

Any business that comes with a loan modification option would be considered high risk and denied approval by the common credit card processors. But student loans cannot be provided without the option for modification. As the employment status is volatile, loan repayment patterns also vary and cannot be strictly adhered to. This burden on the students is in turn a burden on the student loan lenders. When the payments are to be done through merchant accounts the merchant account provider should be able to keep strategies to handle such delays. Though it might increase the chargebacks for the merchant account the provider should have a plan of action for such cases. Normal banks would not be able to handle this and might thus deny loan modification requests to reduce the costs and the risks. Online merchant accounts that can also tackle the risks of student loan documentation prep businesses would come with simpler loan application process, quicker processing times and easier granting of the required funds. This in turn makes the payment processing simple for the students.

Features to look for in merchant account for high risk businesses like student loan processing.

• No setup fees- this would make it easier to setup the payment gateways for simpler payments without any additional costs. This would take the online transactions to the next level
• Acceptance of payment through multiple cards like Visa/Mastercard/Discover/Amex and other payment options. This would ensure that the lender gets the payments on time and it would make it convenient for the customers as well.
• Handling card not present situations should be planned ahead. In loan modification businesses sometimes payments might happen through wire transfer or physical payment at the store based on the financial situation of the customer.
ACH processing/check processing should also be allowed by the merchant account provider so that payments through checks can also be handled when required. This would make sure that payments are not delayed simply because of the lack of payment options even when the funds are available. Because when the lender gets the money on time, and maintains a good credit score it goes a long way in helping the business to find a suitable merchant account provider in the future.
• Offshore and domestic merchant account options. Some simply look at the domestic options as they come with lower rates. Another benefit is the security of having the account near the business location. But offshore accounts have their advantages as well. It would be a well-though out decision regarding the choice of one among these for the business.
• Mobile merchant accounts that allow payment through smartphones and tablets, through mobile apps would be other main factor to look at according to the current market scenario.

Our representatives are happy to answer any questions you might have about our solutions for small, medium, and large business owners in every company size and industry imaginable. Please contact us for more information or to set up an account today.