10 Apr LoanPaymentPro a revolutionizing Debit Card Processing Platform
(Written by Justin B. Perun)
Since 1997, the financial lending industry and more specifically the consumer lending industry has experienced an increase in regulation from government and financial authorities. This increase coupled with operation chokepoint and more recent the proposed CFPB small-dollar loan rules has created a difficult and costly operating environment for the overall lending industry. Service organizations such as ACH processors and domestic acquiring banks are finding it difficult to service the payment processing needs of these lenders while staying in compliance with a moving target by the card association (Visa/MasterCard) as well as U.S. Government rules and regulations.
Better Merchant Rates dba LoanPaymentPro understands the issues and challenges of these lenders and as a result launched its flagship product LoanPaymentPro. Better Merchant Rates (BMR) through its patent pending flagship product LoanPaymentPro provides bankcard processing for state by state licensed consumer lenders such as: Installment Loans, Auto-Title Loans, Personal Loans, Personal Lines of Credit, Revolving Lines of Credit, Thrift Loans, etc… LoanPaymentPro has positioned itself as a leader in the industry by not only providing the technology platform to accept payment but also providing the lender with a domestic merchant account(s) at a competitive rate.
Test while using LoanPaymentPro, our lenders/merchant comply with State, Federal and Card Association Rules and Regulations as well as mitigating perceived risk to the consumer/borrower through various tools integrated into the technology platform. I have provided below some of the highlights as to our technology platforms capabilities and benefits processing through us:
– 100% compliance with card association, state, and federal’s rules and regulations
– Increase payment acceptance by over 35% with our processing solution, lower default rates over ACH/Check
– FastFund, issue funds direct to consumer/borrower bankcard (Q1 2017)
– Maximum rate of card type acceptance, get more approval payments with LoanPaymentPro
– “Real-Time” confirmation of funds (Funds Verification Tool)
– Visa Payment Account Validation (new version of ZDA (zero dollar authorization))
– Directly certified into Visa/MasterCards’s Direct API platform
– Seamless integration into the Top 10 Loan Management Software systems (LMS)
– LoanPaymentPro (a completely underutilized and revolutionizing payment processing solution)