Data Age Business Systems rolls out mobile payments solution for pawn loans

TxTPay is the pawn industry’s first mobile payment solution that identifies debit cards and prepaid credit cards in order to safely accept remote loan payments. Pawn shop customers who want to use TxTPay will receive a payment reminder on their mobile device that includes a link to a payment processing page where they can log in and make payments from anywhere, in the event that they can’t make it to the shop to pay on time.

Credit card processors do not allow existing debts to be paid with credit. For this reason, Data Age has selected a processor that is able to determine the card type and will only allow loan payments to be made with debit cards or prepaid gift cards. Doing so removes the risk for the merchants, as many pawn shop owners are receiving chargebacks on loan payments being made with credit cards.

If a merchant is in violation of their merchant contract for this type of payment, card processor can immediately shut down the account as well as possibly put the merchant in the Terminated Merchant File (TMF) which is a listing of merchants that violated their merchant contracts. TxTPay eliminates that risk by confirming, before the payment is processed, that a credit card is not being used.

Data Age offers financial transaction software solutions that enable businesses doing non-traditional lending, buy/sell, check cashing and even retailers to scale their organization, deliver customer service, capture data quickly and accurately, mitigate risk and adhere to regulatory mandates.