Payday Loan ACH Processor

Published: Thu, 01/16/14

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Payday loan ACH processor:

Since the inception of Four Oaks Bank's relationship with
TPPP-TX, Four Oaks Bank has permitted TPPP-TX to originate more
than 9.8 million ACH debits on behalf of TPPP-TX's merchants.

In dollar value, Four Oaks Bank has permitted TPPP-TX to process
more than $2.4 billion in ACH network transactions for its
merchants. In return for access to the ACH network, TPPP-TX has
paid Four Oaks Bank more than $850,000 in gross fees.

As of today, approximately 97 percent of TPPP-TX's merchants for which Four
Oaks Bank permits debits to consumers' accounts are Internet
payday lenders. Annualized interest rates for Internet payday loans
frequently range from 400 percent to 1,800 percent or more - far in
excess of most states' usury laws.Four Oaks Bank also has
permitted TPPP-TX to originate ACH debit transactions on behalf of
other merchant-clients engaged in... READ MORE:
http://paydayloanindustryblog.com/?p=2291