Accounting & Tax Preparation Merchant accounts
When you’re in the accounting and tax preparation business, you want to be able to help as many people as possible. Whether that be during the busy tax season or all year round, your services will require an accounting merchant account to accept credit cards.
But, finding a credit card processing provider may be more difficult than anticipated. Traditional banks are likely going to turn your application down because this industry is considered high risk or hard-to-place by acquiring banks.
Accounting Merchant Accounts are Hard to Place
Tax preparation and other businesses in the financial industry are tagged as high-risk due to the following reasons:
- Strike One: Accepting Mail Order/ Telephone Order (MoTo) Payments
This transaction type is very common in this profession, but tend to be less secure forms of payment. Compared to in-person swipe and online gateways, MoTo payments have fewer failsafes to counteract fraud. Overall, acquiring banks prefer to support brick-and-mortar establishments and businesses with physical products making it harder, but not impossible, for tax preparation services to find payment processing support.
- Strike Two: High Average Ticket Sizes
CPAs and Tax preparation businesses are lucrative services that commonly have high ticket sizes of hundreds of dollars or more. This in addition to the inconsistent income when processing during vs. after tax season leads banks to keeping these business types at arms length.
- Strike Three: Accounting is a Service
Businesses such as these don’t usually deal with physical products, and services in the financial industry, especially student loan consolidation or debt counseling, commonly have clientele with debt issues or bad credit. What comes along with that is higher rates of chargebacks and fraud.
As you can see it isn’t anything personal, many banks have strict policies deterring them from supporting businesses with these risks.
Partnering with a Credit Card Processor you can Trust
At PaymentCloud, we strive to provide secure, PCI compliant, and simple solutions to begin processing all types of credit cards including Visa, MasterCard, and Discover. Capture more business with our integrated online gateway and in-store terminal options. Then get set up with our fraud and chargeback mitigation suite to ensure that every transaction is processed and tracked from input to deposit.
Still unsure? No Worries, You Have our Support
Even if you don’t have the best personal credit or are beginning a completely new accounting business, we have the bandwidth and track record to get your company up and running.
We house over 30 senior account representatives available each day to help answer questions and provide valuable support because we want to see you succeed. And once you begin the task of securing a merchant account to process credit cards, you will be assigned a dedicated rep who specializes in your business type’s wants and needs.
Let us show you how easy it is to get started.
Contact us at 1-800-988-2215 or by filling out our simple online form