Data Age Business Systems introduces TxTPay – mobile payments for pawn shop customers. 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 take advantage of TxTPay will receive a payment reminder on their mobile device that includes a link to a secure 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. This will help both pawnbrokers and pawn shop customers by reducing the likelihood that items in pawn will default.
Mobile loan payments run the risk of compliance issues that Data Age’s Development team placed a lot of care into addressing when developing TxTPay. Credit card processors do not allow existing debts to be paid with credit. This is why 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 is very precise, well-planned out and well-connected to our customers on all fronts when it is time to deliver new products. We take our time in delivering new, high quality products, that are bullet proof. The new products we are launching are the culmination of a lot of groundbreaking work, long hours of working with our clients and in-depth discussions on the security, compliance and application of these products. We’re excited to be able to release this fully-vetted mobile payment solution that doesn’t put our business owners at risk and gives pawnbrokers another tool to drive revenue.” Remarked Len Summa, CEO of Data Age Business Systems.
The payment processing page is accessed straight from the browser. No app is needed, so it doesn’t bog down the memory on users’ phones.