The 3 Best Merchant Accounts for Pawn Shops in 2023

a business processing a credit card payment at a pawn shop

How to a Find Pawn Shop Merchant Account

Pawn shops, despite having traditional retail needs, are often categorized as high-risk businesses by the credit card processing industry. This classification can make it challenging for pawn shops to open merchant accounts with traditional credit card processors due to a greater risk of customer chargebacks. As a result, it becomes essential for pawn shops to seek out specialized merchant account providers that focus on providing credit card processing services for high-risk industries.

It's important to note that high-risk credit card processors typically charge higher processing rates compared to standard merchant accounts. Additionally, they may impose deposit limits on their merchants to mitigate potential fraud risks. However, high-risk credit card processors can offer valuable merchant services tailored to the needs of businesses like pawn shops.

When searching for a high-risk merchant account for your pawn shop, it's crucial to find a processor that truly understands the unique requirements of your business as a pawnbroker. Look for a provider that is committed to working closely with you and finding an affordable and suitable solution for your specific location.

To assist you in your search, we have compiled a list of the best merchant accounts for pawn shops. These companies not only offer point-of-sale solutions but also provide marketing tools, mobile credit card processing capabilities, and other valuable services designed to streamline pawnshop operations. It's important to note that these providers are known for offering low-commitment contracts with transparent pricing and top-notch customer service.

To determine the right provider from the list below for your pawn store, be sure to thoroughly research each processor's offerings, features, and reputation. Compare pricing structures, contract terms, and the quality of customer service provided. This comprehensive approach will help you identify the ideal merchant account provider that best suits your specific needs and ensures a seamless payment processing experience for your pawn shop.

Remember that choosing the right merchant account provider is crucial for smooth credit card acceptance and optimal financial management within the pawn industry.

Top Picks:
Credit Card Processors for Pawn Shops

#1 PaymentCloud

PaymentCloud Logo

PaymentCloud is an exceptional choice for pawn shop credit card processing due to several reasons. Firstly, as a merchant account provider specializing in high-risk businesses, PaymentCloud understands the unique needs and challenges faced by pawn shops. This expertise allows them to provide tailored solutions that cater specifically to the requirements of the pawn industry.

Located in Woodland Hills, California, PaymentCloud offers a comprehensive range of products and services to support pawn shops in their payment processing needs. These include advanced point-of-sale solutions, convenient mobile phone swipers, a secure online payment gateway, and a virtual terminal for easy remote transactions. The company also offers EMV-compatible terminals, ensuring compliance with the latest security standards.

One notable advantage of PaymentCloud is their ability to accommodate merchants who require offshore merchant accounts. This can be particularly beneficial for pawn shops that engage in international transactions or have specific needs that can be met through offshore processing.

What sets PaymentCloud apart is their commitment to personalized customer service. Every new merchant is assigned a dedicated account representative who provides support throughout the lifespan of the account. This ensures that pawn shop owners have a reliable point of contact for any inquiries or assistance they may need.

Notably, PaymentCloud has earned a positive reputation in the industry, with very few complaints found on the typical consumer forums. Additionally, the company customizes pricing based on each merchant's business type and processing history, ensuring fair and transparent pricing structures that align with individual needs.

While the Better Business Bureau (BBB) does not currently maintain a profile for PaymentCloud, it is worth mentioning that the company scored an “A” rating in our PaymentCloud review.

Overall, PaymentCloud's specialization in high-risk businesses, extensive range of payment processing solutions, dedicated customer support, customization of pricing, and positive industry reputation make them a top pick for pawn shops in need of credit card processing services.

For more information, visit the PaymentCloud website or call (888) 506-7859.

#2 eMerchant Broker

eMerchant Broker Logo is a reputable choice for pawn shop credit card processing, particularly due to their specialization in high-risk e-commerce processing solutions. With a base in Los Angeles, California, understands the specific requirements of pawn shops and offers tailored merchant account solutions to meet their needs.

One of the key advantages of is their comprehensive range of products designed for pawn shop merchants. These include ACH processing, an online payment gateway, merchant cash advance services, and a chargeback management system. The chargeback management system is particularly beneficial for pawn shops, as it assists merchants in effectively disputing and resolving chargeback claims, ultimately minimizing financial losses. places a strong emphasis on providing credit card processing specifically for pawn shops, demonstrating their commitment to serving this niche industry. This focus allows them to offer specialized features and services that cater to the unique requirements of pawn shop businesses.

One of the notable aspects of is their approach to pricing. They offer custom pricing structures for each merchant, ensuring that the rates are tailored to the specific needs and processing volume of the pawn shop. This personalized pricing approach enhances transparency and fairness, providing merchants with customized solutions that align with their business operations.

Furthermore, maintains a low complaint rate relative to its size and merchant portfolio, which speaks to their commitment to customer satisfaction and reliable service. The company has received an overall “A” rating in our eMerchantBroker review, highlighting their positive performance in terms of reliability, customer support, and effectiveness in meeting merchant needs.

Additionally, boasts an “A+” rating from the Better Business Bureau (BBB), further solidifying their reputation for ethical business practices and high-quality service.

Considering's specialization in high-risk e-commerce processing, extensive product offerings, custom pricing options, low complaint rate, and positive ratings, they emerge as a strong contender for pawn shop merchants seeking credit card processing solutions.

For more information, see the eMerchantBroker website or call (877) 301-3442.

#3 Host Merchant Services

Host Merchant Services logo

Host Merchant Services is an excellent choice for pawn shop credit card processing, offering a wide range of products and services tailored to meet the specific needs of pawn shop locations. Headquartered in Newark, Delaware, Host Merchant Services specializes in providing merchant accounts for pawn shops and stands out as a reliable and reputable merchant account provider in the industry.

The company's product lineup is extensive, encompassing point-of-sale solutions, online marketing tools, an online payment gateway and virtual terminal, mobile credit card processing, gift and loyalty programs, merchant cash advance services, and offshore merchant accounts. These offerings cater to the diverse requirements of pawnbrokers, allowing them to streamline operations, enhance customer engagement, and facilitate secure and efficient payment processing.

Notably, Host Merchant Services excels in serving e-commerce businesses, making them well-equipped to handle the unique challenges and complexities faced by pawn shops with a digital presence. As part of their service, they even offer a complimentary website and email address, enabling interested merchants to establish a strong online presence at no additional cost.

The positive feedback received by Host Merchant Services on public forums underscores their commitment to exceptional customer service. Reviewers consistently praise the company's customer support team for their attentiveness, professionalism, and willingness to go the extra mile. This emphasis on providing a superior customer experience further solidifies Host Merchant Services as a trusted partner for pawn shop owners.

Transparency and flexibility are core principles of Host Merchant Services. They offer custom pricing options to all their merchants, ensuring that each merchant receives a pricing structure tailored to their specific needs. The company is known for providing transparent pricing with no hidden fees, giving merchants the peace of mind of knowing the exact costs associated with their credit card processing. Additionally, Host Merchant Services allows merchants to cancel their services without penalties, providing them with flexibility and control over their business needs.

The Better Business Bureau (BBB) assigns Host Merchant Services an “A+” rating, a testament to their commitment to ethical business practices and customer satisfaction. Furthermore, CardPaymentOptions (CPO) also gives the company an “A+” rating, reinforcing their reputation for excellence in the industry.

With their comprehensive product offerings, exceptional customer service, transparent pricing, and top ratings from BBB and CPO, Host Merchant Services emerges as a top choice for pawn shop credit card processing. Their ability to cater to pawnbrokers of all sizes and specialties further solidifies their position as a trusted partner for the pawn industry.

For more information, visit the Host Merchant Services website or call (888) 591-9026.

Frequently Ask Questions:
Pawn Shop Credit Card Processing

What is a merchant account, and why is it important for pawn shops?

A merchant account is a type of bank account that allows businesses to accept credit and debit card payments. For pawn shops, having a reliable and efficient merchant account is crucial for facilitating smooth and secure transactions with customers, as well as managing cash flow.

What are some key factors to consider when choosing a merchant account for a pawn shop?

When selecting a merchant account for a pawn shop, several factors should be taken into consideration. These include competitive processing rates and fees, flexibility in accepting various payment types, integration with point-of-sale (POS) systems used in the shop, security features to protect customer data, responsiveness of customer support, and compatibility with any additional services or features required by the pawn shop.

What are the typical costs associated with a merchant account for a pawn shop?

The costs associated with a merchant account for a pawn shop can vary among providers. Common fees include transaction fees, which are typically a percentage of the transaction amount, and monthly fees, which can include a flat fee or a combination of fixed and variable fees. It is important for pawn shops to carefully review the fee structure of each merchant account provider to ensure it aligns with their transaction volume and business needs.

Are there any additional features or services pawn shops should look for in a merchant account?

Yes, there are additional features and services that can be valuable for pawn shops. These include the ability to generate detailed reports on sales, inventory, and customer data, as well as the option to create loyalty programs or gift card programs to enhance customer engagement. Pawn shops may also benefit from integrated payment processing solutions that seamlessly connect with their POS system, streamlining the transaction process and reducing manual data entry.

How can pawn shops ensure the security of customer payment data when using a merchant account?

Protecting customer payment data is crucial for any business, including pawn shops. When selecting a merchant account provider, it is important to prioritize security features such as data encryption, secure payment gateways, and compliance with Payment Card Industry Data Security Standards (PCI DSS). Pawn shops should also follow best practices for data security, such as regularly updating software, implementing strong passwords, and training employees on handling sensitive customer information.

Reader Comments

Tell Us What You Think

1 User Reviews

  • Jake White

    One of my clients who I do finances for wants to start a pawn shop. I had no idea how to get him started, so I thought I better do some reading to figure out how to help him out. It looks like we will need to get up a merchant account, due the “high risk” state of pawnbrokers. I will delve into these different options in order to find a good fit for him, so thanks for sharing!

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