ACH Processing for Payday Lenders
Payday lenders have been having a hugely difficult time over the past year. They’ve been under enormous pressure from a number of states, led by New York, whose Attorney General filed a suit last month charging one particular lender — Western Sky Financial — with charging excessively high interest rates of more than 300 percent on its borrowers, in violation of the state’s law which limits interest at 25 percent. In response, Western Sky Financial told us that it would stop financing loans altogether.
But soon afterward came another blow. One of the largest U.S. providers of ACH processing for payday lenders announced that it was no longer going to work with payday lenders and cut all of its existing clients loose. In an instant, dozens of lenders found themselves unable to service their borrowers.
If your business happened to be among the victims of these developments, you’ve probably done quite a bit of research already to come up with a plan to get out of your predicament. You’ve probably talked to a number of ACH processors in your search to replace the one who dumped you and you may have even filled out an application or two here and there, only to see it go nowhere and still leave you unable to go about your business. Well, your quest is now over. At UniBul we have a reliable and proven solution for you, which will allow you to start processing both debit and credit transactions once again and do so quickly. Here is how we are making ACH processing for payday lenders work.
UniBul’s ACH Processing for Payday Lenders
Below is a detailed guide on how our payday application process works:
1. Application form and supporting documents. We will send you the appropriate application form at the start of the process and will request the following items to go with it:
- Articles of incorporation.
- Corporate Resolution confirming elected officers.
- Corporate Bylaws.
- Stamped copy of Fictitious Name Statement or a copy of Notice / Proof of Publication.
- Bank letter confirming Corporate Account and Corporate printed voided check.
- Corporate Organizational chart (if holding companies are involved).
- Three most recent company bank statements.
- Six most recent processing statements.
- Owner passport or U.S. driver’s license.
- Owner utility bill confirming owner’s address (within 2 months).
- Consumer Loan Agreement.
- Marketing materials, scripts and / or copies of contracts with customers.
- List of states in which the company operates.
- BSA / AML Policy and a copy of the company’s most recent BSA / AML review or audit.
- Licenses for the states in which the company operates.
That is a lot of paperwork, but we can’t do much in today’s environment, if we don’t have it all.
2. Our proposal. Once we’ve received all the documents we need, we will get back to you within a day or two with a specific proposal, which will list all terms and conditions of your ACH processing agreement.
3. Set-up. Once you’ve signed your ACH processing agreement, we will immediately initiate the set-up process. Usually, set-up takes no more than a day, as there isn’t much that can complicate things in such a set-up.
4. Start processing your ACH debit and credit transactions. Once your set-up is complete, you are ready to begin processing your ACH transactions once again.
So that’s really all there is to it. Once we have all the requested paperwork, we can have you up-and-running within as few as a couple of days. We will not be wasting your time — we do ACH processing for payday lenders and it is a solution that actually works. So fill out the form below and get started!
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UniBul enables American and international businesses to accept payments for the things they sell on their websites.
