Soar Payments merchant accounts, either directly or via a payment gateway, are compatible and integrate with the following pawn shop Point Of Sale platforms: Pawn Shop Software Integrations Enjoy Seamless Integration With Leading Pawn Broker POS Software Suites:
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. Soar Payments, by contrast, has consistently served the pawnbroker industry since our founding. 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. 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. Online merchandise sales, simply because they are not face to face, are subject to increased fraud and chargeback risk.
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).
High ticket transactions are particularly susceptible to so called “friendly fraud” and pose a chargeback risk to the credit card processor.
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. Why We Proudly Accept Pawn Shop Businesses (Even When Many Processors Don’t) An Overview Pawn Shop Credit Card Processing
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