THE BLOG

14
Jun

Same Day Payment Processing

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It’s here! Instant, same-day funding for small dollar lending. Real-time payment processing and instant funding is available for payday loan, single-payment, installment, car title lenders and Native American tribe lenders,

Borrowers today want and deserve instant gratification. Consumers whip out their phones, apply for a short term small dollar loan and receive their funds immediately.

There are a multitude of $$ delivery systems available to lenders today. REACH OUT and we can explore your options. Team@eCheckSystem.com

30
Apr

eCheck Payments: What Are They & How Do They Work?

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An eCheck is simply an electronic reproduction of a paper check. You are old enough to remember them, right? Here’s a refresher:

An eCheck is like a paper check – but no paper. In the world of “lending to the masses,” – think payday loans, car title loans, personal small-dollar loans… – an eCheck is the borrower’s promise of payment, authorizing a lender to debit funds from the borrower’s bank account, either on a one-time or recurring basis. ECheck transactions are conducted electronically! Loan payments are debited and transactions are settled faster than with paper checks.

How Do eChecks Work?

Small dollar lenders having an Automated Clearing House (ACH) merchant account can debit money from their borrower’s bank account directly,  avoiding network fees associated with debit and credit card networks.

ECheck transactions are routed through the ACH network that provides the infrastructure for electronic transactions in the U.S. EChecks are the lower-cost option versus debit and credit card networks [rails]. eChecks are:

  • Less expensive than other forms of payment
  • Easy
  • Convenient
  • Fast
  • Secure.

Regularly scheduled payments – rent, mortgage payments, iTunes, Spotify, membership fees, payday loans… can be paid with an eCheck.

ECheck’s make it much less of a hassle for lenders and their borrowers to initiate new transactions for recurring loan payments.

To implement eCheck transactions, small-dollar lenders simply request authorization for payment from the borrower and initiate a transaction on the ACH rail network. The loan payment is debited from the borrower’s bank account and credited to the lender’s bank account.

Lenders partner with 3rd party payment providers to enable integration. Accomplishing this, it’s a no-brainer to employ eChecks to collect your loan payments. An API via your loan management software is a common solution.

To learn more about eChecks, how to reduce your ACH chargebacks, add an additional payment method for your borrower’s convenience, get the dope here:

Fill out my online form.

20
Mar

ACH, Debit, Check-21, ICL, RCC, Same Day Processing

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  • We have:
  • ACH
  • RCC
  • RDC
  • Check 21
  • Instant Funding
  • Debit Processing for Store, Online and Tribe.
  • No Reserves
  • Instant Funding
  • Bank Accounts
  • Same Day Funding

eCheckSystem.com. High-Risk Merchant Processing. Ach. Image Cash Letter Processing. Domestic CBD Merchant Processing. ICL Bank Transactions. ICL Check Processing.

Since 1998, our founders have been consulting payday loan and other “high risk” merchants with their processing needs.

We are NOT locked into one platform or provider. We work with only the best and brightest payment solution providers.

We’re the conduit you’ve been looking for!

Stop with your “Googling…” for hours and reach out to us for a world-class payment solution.

We’re here for tribe payday loan lenders, storefront lenders, cannabis and CBD merchants… if you’re facing merchant processing challenges, we must talk.

We engage merchants, billers, banks, service bureaus, card issuers, Native American Indian lenders…

We have debit, credit, prepaid, ACH, ICL, RCC, RDC, Same-Day…

We’ll introduce you to Fintech disbursements and payment-driven platforms and technology with killer pricing, state-of-the-art technology AND CUSTOMER SUPPORT you’ve never experienced!

Our solutions are integrated with a multitude of LMS platforms or you can employ our “stand-alone” program.

AND, unlike the “also-rans,” we get you a bank and then get out of your way. You have direct access to your banker.

Fill out my online form.
27
Jun

Cannabis Banking, Debit & Credit Card Processing Solutions Available Today

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What’s Important When You’re Looking At The Top Cannabis High Risk Merchant Accounts?

Cannabis Business owners that are labeled high risk sometimes think they have to settle for less. Don’t fall into that line of thinking. You need a Cannabis merchant account to do business, and you don’t want to enter into a contract that doesn’t treat you right. There are plenty of companies that offer high risk merchant accounts that feature worthwhile contracts that can even be renegotiated after a time.

For sure, you want to pay close attention to all fees charged. Are you familiar with the fees? There are the per transaction fees, but there can also be fixed or flat fees. Then there are variable fees, like the chargebacks and also hidden fees. You certainly don’t want to be blindsided by hidden fees. It pays to know what’s in a contract.

It pays to know a company’s customer service department, too. You can be happy with the fees, but you need a Cannabis company that takes care of its clients. There will be situations that arise from time to time, and you will have questions. When you need to reach out to your Cannabis payment provider concerning your merchant account, you need a company that is accessible.

Merchant Services for Tribes and Payday Loan Lenders

Merchant Services for Tribes and Payday Loan Lenders

The different types of fees were touched on earlier, but there are also different types of pricing models for Cannabis merchant accounts. Are you familiar with what they are? You will want to know about the pricing models as you select the best Cannabis merchant account provider. Tiered, blended, interchange plus and membership are the four types of pricing models. You can look into them further as you discover which Cannabis credit card processing companies are the best for high risk merchants.

You aren’t going to want to choose a Cannabis merchant account provider based on any one metric. You’re going to want to look at all sides, each aspect of a contract that is offered. What about early termination? That can be one of those hidden fees that you would want to know about. What about contract length? You certainly want to know how long you have to be in a contract with a payment processing company.

Find out as well why you’re labeled as a high risk merchant. Some reasons can’t be helped based on your Cannabis business in general, but other reasons can be worked out over time. In other words, after identifying the cause for your business being labeled as high risk, you might be able to work on removing that label over time. For example, if it were in relation to your credit history, improving your credit could change the game in time.

Search high risk Cannabis merchant accounts, and see which ones other business owners are using most often. Do business with a company that isn’t going to give you the runaround. You want to be sure that you are presenting payment options that your customers can trust and that they find to be convenient. Convenience as well as safety and security are important for sure. Keep all of that in mind as you search out the best high risk merchant account.
Need help? Email Jer@eCheckSystem.com for Cannabis banking, credit card & debit card Cannabis processing.

03
Apr

How to Calculate Payday Loan APR

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How Do You Calculate the APR of a Payday Loan?

There are lots of methods for calculating the annual percentage rate of a payday loan.

Here’s one way:

Divide the total loan by 100.

Multiply the result by the fixed fee for every $100.

Now you have the total finance charge. Calculate the APR using the method above.

Payday loan APR example:

Say you borrow $650 and you know there is a fixed fee of $30 for every $100 borrowed.

Calculate the total finance charge:

Divide $650 by 100 and multiply by $30.

The total finance charge for this example is $195.

Calculate this loan’s APR using the method above. The result is  782.14%. ($195 / $650 x 365 days /14 days x 100).

09
Feb

Cannabis Banking, Credit Cards & Merchant Accounts

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Hello Cannabis Merchant!

We’re certain that you have received many offers for banking and credit card processing and you are either dissatisfied or your contact was unsuccessful at getting you approved and running.

We have helped many merchants in the Cannabis, Hemp and CBD industry, with end-to-end solutions to help drive business.

We understand the unique challenges that your business encounters and we customize our solutions to meet your needs. All our services are provided separately, or you can combine them to create the perfect environment.

We offer the following financial solutions:

Domestic Bank Accounts

We can provide this banking solution, with all the features you would expect in a traditional bank environment, in every state cannabis is legalized. This solution is a traditional banking product and is perfect for cash deposits, funding your payment processing solutions, online banking and you will receive checks and debit cards with your bank account with all the features you would expect in a traditional bank environment.

PIN Debit Payment Processing and Traditional Credit Card Processing

These products are designed for physical store fronts and mobile delivery.

The PIN Debit Payment Processing competes with Point-of-Banking however it’s much more cost effective for your cannabis Customers because they will not be assessed additional fees from their bank for using this service; as they would with Point-of-banking.

You can charge the processing fee to your Customer in whole or in part.

We can integrate these solutions with your Point of Sale system for Credit Cards and Debit Cards!

We support growers and extraction companies, as well as dispensaries. We also provide payment processing to merchants who support the cannabis industry but may not directly touch cannabis (like suppliers, manufacturers, realty companies, etc.)

Contact us today so we can review which of our products are a match for your company’s needs.

 

Best Regards,

Team@eCheckSystem.com

Direct: 1-702-208-6736

http://www.eCheckSystem.com

01
Feb

APR FOR DEFERRED PRESENTMENT, PAYDAY LOAN, CAR TITLE LOAN TRANSACTIONS

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HOW TO CALCULATE THE APR FOR PAYDAY LOAN, DEFERRED PRESENTMENT & CAR TITLE LOAN TRANSACTIONS

The Annual Percentage Rate (APR) as required by the Truth-In-Lending Act
(TILA) for deferred presentment transactions is calculated by multiplying
the interest rate for the term by the number of terms in a 365-day year, or
symbolically:

(Interest Rate for the term) * (365/term in days)

For example, a 14-day deferred presentment loan at 17.5% interest has an APR of:
17.5% * (365/14) = 456.25%

A 15-day deferred presentment loan at 17.5% interest has an APR of:
17.5% * (365/15) = 425.83%

A 14-day deferred presentment loan at 15% interest has an APR of:
15% * (365/14) = 391.07%

A 15-day deferred presentment loan at 15% interest has an APR of:
15% * (365/15) = 365%

23
Jan

Bank & Processing Services for Lenders: Tribe & State Licensed

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By Jer Ayles. The Business of Lending Money.

We got a “bad” letter from our bank!

15 days to find another bank for our 11 year old consumer loan business.

Things appeared grim. Our bank was “very sorry.” Something about “the people at Corporate…”

I went nuts.

“Operation Choke Point” is kaput… over… out of fashion… President Trump is in charge now,” I screamed into the phone! I couldn’t stop myself. I lost it!

Then, I went to work.

Luckily, I’ve nurtured relationships with a lot of processors over the years.

I reached out to a BUNCH of them.

Success!

8 days later we had a new ODFI and a processor with 20+ years in our consumer loan industry. (Yes, we were prepared. You gotta be in our industry. Sh$%^^&T happens 🙂

IF you’re worried about suddenly getting a horror letter from your bank or processor, REACH OUT TODAY!

My old friend offers banking and payment processing for B2C financial services employing Tribal, Offshore & State lender programs.

Get super competitive rates from an experienced Team specializing in our industry:

  • Tribal, offshore and State Based Programs all over the United States
  • Online and Brick and Mortar Programs
  • MSB servicing
  • Tribal Lending depository accounts
  • Payday lending
  • Title loan lending
  • Signature loans
  • $ push to consumer transactions
  • PIN debit/EBT card processing
  • ACH Processing
  • Credit and Debit Card Processing
  • Bank accounts (ODFI)
  • RDC
  • Same day funding
  • Cash delivery
  • Cash Pickup
  • Vaulting
  • Internet and storefront
  • Compliance consulting

Schedule a private, personal call to discuss your options BEFORE YOU GET A “BAD” LETTER!

Fill out my online form.

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