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LOLA POS. (LOLA POS) Announces New Sponsor Bank Partnership with Evolve Bank & Trust

LOLA POS., a leading merchant advocacy group and payment processor, announced the launch of a partnership with its new sponsor bank, Evolve Bank & Trust.

The sponsor bank is a key component in the payment process, responsible for transmitting funds to the merchant and the processor, as well as compensating the card brands; so upgrading the sponsor bank relationship has significant benefits for LOLA POS members.

LOLA POS’s Vice President of Risk and Underwriting, Aran January, explained that partnering with Evolve will speed up the boarding process, as well as allow LOLA POS to process payments for a broader variety of products, services and business models. “Our members have asked for faster boarding, five-star service, and increased support for innovative new business models, and we look forward to delivering on those promises through this new relationship,” January said.

The choice of Evolve comes after several months of meetings and discussions with top banks to determine which would be the ideal fit for LOLA POS’s unique merchant base.

“We appreciate the partnership of Evolve in working hand in hand with our underwriting team to support the requirements of our merchants,” said January. “LOLA POS is committed to providing flexible solutions that maximize opportunity for our members.”

“Merchant advocacy is in our DNA, so it’s critical that every partner we work with have a true understanding of the needs of our merchants, and a commitment to their ongoing success,”
said LOLA POS CEO, Heather Altepeter. “We are confident that Evolve Bank & Trust is the best partner to help us deliver on that mission.”

LOLA POS. processes payments for merchants at all levels of risk, from brick and mortar businesses to e-commerce businesses, including “managed risk” businesses that many banks struggle to properly support, such as subscription products, telemedicine, nutraceuticals, and software. This means that having the right sponsor bank relationship is integral to ensuring consistent and profitable results for merchants.

“Evolve is pleased to be chosen as LOLA POS’s sponsor bank of choice,” said Scot Lenoir, CEO and Chairman, Evolve Bancorp Inc. “We are committed to providing best in class service to its members, which will expedite the boarding process. Our innovative approach will expand product offerings to a broad range of merchant member businesses.”

An additional benefit of the new sponsor bank relationship is that it will allow LOLA POS to offer new and unprecedented financial incentives to members.

This includes a new 2021 Stimulus Plan in which LOLA POS will offer free credit card processing to brick-and-mortar businesses to help them get back on their feet during the COVID pandemic; as well as free membership for e-commerce businesses, which includes effective fraud prevention tools to support them as they scale up their businesses in today’s increasingly online economy.

The new partnership takes effect in November of 2020, and both LOLA POS and Evolve Bank & Trust look forward to a profitable future together on behalf of their teams, as well as the merchants they serve.

About LOLA POS.
LOLA POS is the only merchant advocacy group and payment processor that truly Works For You®. At LOLA POS, we’re dedicated to eliminating the unnecessary and unreasonable fees that some processors charge to accept credit cards. Merchant advocacy is in our DNA, and we provide a unique, personalized experience unlike anything else in the market today. Our team members are dedicated to providing top quality service to merchants, including in-house underwriting and risk management, as well as industry-leading fraud protection that helps extend the durability and profitability of merchant accounts. LOLA POS are payments experts specializing in e-commerce and high-risk credit card processing as well as traditional brick-and-mortar payments. To learn more about LOLA POS’s merchant services and credit card processing, contact LOLA POS today.

About Evolve Bank & Trust:
Founded in 1925, Evolve Bank & Trust is a best in class financial institution offering specialized services in Payment Processing Solutions, Banking, Mortgage, SBA Lending and Trust. Headquartered in Memphis, TN, Evolve operates banking centers throughout the Mid-South and mortgage home loan centers nationwide. Evolve has been voted a Top Workplace seven years in a row and has been named in Inc. Magazine’s 5000 List of the fastest growing companies.

– Temecula, California

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