Every student who has taken a loan for their education worries about paying it back on time. Though there are many loan forgiveness programs and other options to help out the struggling students, many do not opt for these. Due to lack of information and convenience, many students default their payments without realising they are getting into bigger trouble.
If you are in the business of providing student loans, you are well aware of the complications involved in collecting back the money. And most of the times, the student wants to extend or consolidate their loans. When hundreds of students are making a number of card payments towards their loans, it is quite a task to handle all the transactions. With our merchant accounts, the students can make their payments with ease and not worry about cash or credit payments.
We aim to promote the companies and businesses that strive to make these students’ lives easier. We aid in reducing the burden on the student. Modifying a student loan is not an easy task as there are many formalities involved. A student can opt to get an extension on their loan term, reduce the interest rates or consolidate all the loans into one by taking out a fresh loan at an affordable interest rate.
When changes to loan terms are constantly made, it is difficult to keep track of all the payments and details. Restricting loan repayments to cash payments is very inconvenient and will cost you dearly. Worry not, we are here to provide you merchant accounts for student loan modification. With today’s generation, every payment is via plastic. You need merchant accounts to accept credit card payments
With our secured virtual portals, your information is highly secure and the entire process is quite simple. Our terminals are designed to accommodate the new age technology and can be accessed via iPhones or androids. We have a gateway setup to ensure all your credit card payments are accepted and processed without any glitch.
Our gateways accept Visa/MasterCard/Discover/Amex cards to ensure the payment processing is smooth for both you and your customer. Student opt for various credit cards based not only on their accounts, but it also depends on the compatibility with their loans, offers related to the places or shops they frequent, etc. With our gateways and terminal, you don’t have to worry about the type of credit card anymore.
Many banks do not underwrite owing to the risks involved. We have multiple underwriting banks to handle such situations. The risk level of your business is analysed and then terms and conditions of the underwriting can be discussed.
Setting up your merchant accounts is very simple. You just have to fill in a few details and once we receive your signature, the account can be set up. Our portals are very user friendly and your clients will find it very easy to make payments.
The rates vary depending upon the risk level of your business. We will analyse to determine if your business is high risk or low risk and will offer services and rates accordingly. The rates will also vary depending on whether your business is a start-up or is well established as these play an important role in the risk factor.
Student loans are generally provided by companies in and around the same area. When you are a local business, the risk levels are considered to be lesser and hence you will be offered lower rates. Since domestic businesses are more secure and our risks in offering you merchant accounts are lesser, we want to share the advantages with you.
We also understand many businesses in this industry have a global presence and may offer loans to students in other areas as well. In such a case, offshore gateways can also be easily set up and similar services can be provided. However, the rates for offshore merchant accounts will vary and will tend be higher as the risks involved are higher.
We collect information about your clients, which is kept very secure. You can use the contact details on the files to send any promotions or reminder messages without having to spend time hunting for the right file.
The billing process is also well recorded. Recurring billing information can be easily accessed to keep track of your regular payments. If you want to contact these customers, you can access their information without any trouble.
We provide new merchant accounts to promote both your business and to help the students. Give us a call and our friendly team members are always eager to clarify your doubts and assist you in setting up a merchant account. Join us and watch your business flourish.