Although the pawn industry was primarily cash-driven in past years, shop owners like you have recognized today’s current business realities and now streamline daily operations with the help of a point of sale system. In order to accept credit and debit card payment cards from your customers, you also need a high-risk merchant account provider. Recently, you may have started to get the feeling that the vendor you chose several years ago might no longer be meeting your needs, but what are the signs you should be on the lookout for?

Sign 1: Ultra-high rates and fees.

When you initiated your relationship with your high-risk merchant account provider, you realized that your pawn business was, by its very nature, deemed riskier than average. Therefore, you believed you had no choice but to pay the additional per-transaction costs. You may have even been required to set up a rolling reserve account.

But years have gone by, and none of these costs have come down. Meanwhile, colleagues in your industry seem to be paying much less. No question about it: The time has come to shop around for a new provider.

Sign 2: Ongoing contracts.

For years now, you have been locked into a strangling contract that forces you to pay high fees and penalizes you if you don't meet a preset sales minimum. There may be other stipulations that you are bound to as well. If you think that you have no choice but to remain in one of these never-ending agreements forever, you’re wrong.

While it might have been necessary when you were just starting your pawn shop, years of business stability and regular, reliable payments should change your prospects. In other words, it’s time to sever your relationship with your current provider and change to one that does not bind you so severely.

Sign 3: Your provider is not an expert in the pawn industry.

When you partner with a high-risk payment processor, it really should be a company that is dedicated to your particular business sector. Those with experience in the pawn area, for example, will have relationships with numerous banks and other financial institutions to ensure that your payments go through smoothly and securely every time. Additionally, the company will understand the vast array of rules and regulations that oversee the industry.

If your current provider seems a bit hazy on the ins and outs of the pawn sector, you could be breaking the law without even knowing it. Alternatively, your customers’ payments might not be processed as quickly or securely as they could be. If your current provider isn’t committed to and knowledgeable about the pawn ecosystem, it’s time to find one with the skills you deserve to have on your team.

Fortunately, pawn shops have become respected fixtures in most American communities, no longer saddled with a reputation for shady dealings. When you partner with the right pawn-savvy merchant account provider, you can put their expertise to work for your respectable, profitable, modern business.