As everyone visiting this page is fully aware, payday lenders have had an extremely difficult time over the past several months or so. First various branches of the government, both on federal and state level, began cracking down on online lenders, then law suits were filed in New York and elsewhere, cease-and-desist orders were issued, heavy fines were levied, etc. Then to top it off, under heavy pressure from the Justice Department and not knowing what was coming next, the vast majority of the banks that were processing the lenders’ payments bailed out, leaving their former clients scrambling to find a way out of the predicament.
And so were we! All of us payment processors suddenly found ourselves looking for banks willing and able to take payday lenders. And you know what, we talked to dozens of banks (literally), which assured us that they could do ACH processing for our lenders. In fact, some of them even integrated several of our clients. However, at the end none of them actually allowed any of our clients to start processing payments! The worst thing, however, was that the vast majority of our clients’ applications were just sitting on their underwriting desks for weeks and more, with absolutely nothing happening. It was an incredibly frustrating experience and I’m sure that many of you can relate to it.
Well, eventually we got tired of all that and decided to develop a solution that actually works. And we have done just that. It is a payment wallet that payday lenders can now use to process their customers’ payments. Yes, it works and you will like it! Here are the details.
What Does Our Wallet Do?
Our virtual wallet resides in the cloud and enables consumers to cash in, cash out and manage their money all from their mobile phone, tablet, laptop or an ATM machine. Furthermore, our wallet platform allows consumers to access all of their financial data, pay bills, request payroll loans, transfer funds to friends, family or merchants, load a Discover or MasterCard, get cash at an ATM machine, create a virtual check, deposit payroll funds, etc. The wallet is literally a depository for a consumer’s money that is accessible at anytime and anywhere. So the benefits for consumers should be clear.
Why Would Payday Lenders Like the Wallet?
Well, to begin with, it actually works and does so just fine. But it gets better: there are no more return fees — a payment is only possible if there is money in the wallet. Furthermore, you will no longer hear “check is in the mail” stories. No more need for an ACH to be batched, submitted and than wait for several days for the transactions to clear. No more 3 – 5 days holds of “reserves” by your ACH processor. Moreover, our wallet lowers significantly your scrubbing and due-diligence costs on the front-end. So yes, this thing works just fine and you should implement the API and launch today.
Start by filling out the form below:
