Document Preparation Merchant Account

Why Document Preparation is Considered High Risk

While the document preparation industry encompasses a variety of services and markets, the industry as a whole is considered risky to traditional financial institutions and payment processors. Some of the reasons that the document preparation industry is often considered high risk to payment processors may include:

• Conducting Business Online: While many companies have a physical location, most individuals involved in document preparation work remotely and online. Working online is typically seen as riskier to standard payment processors because it can be difficult to locate business owners if they find themselves taking on unnecessary financial risk.
• Hacking and Data Breaches: With the uptick in online hacking and data breaches, standard payment processors are much more leery of working with digital businesses, including document preparation companies. As a document prep company, you may be responsible for managing and storing personal and sensitive information for your clients. If you intend to host the data and information you collect from your clients online, you are also legally and financially responsible for any data breaches or hacking attempts you receive.
• Chargebacks and Disputes: Depending on the various markets you focus on with your document preparation business, you may be at a much higher risk of chargebacks and charge disputes for the services you provide. The document preparation industry itself is known for its higher-than-standard chargeback rates. Higher chargeback rates and disputes have led major payment processors such as Paypal, Stripe, and Square to avoid working with users who are in the document preparation industry.

Why You Need a Payment Gateway for Doc Prep Services

Merchant services for doc prep business help protect individuals who own and operate their own document preparation companies. Using a document preparation payment processor is a way or issues with generating income. Some of the reasons to consider applying for a high risk merchant account for your document preparation business include:

• Avoid Payment Disruptions: A document preparation merchant account for high risk is less likely to cause you issues while running your business. With a standard payment processor, you may one day find your account frozen or restricted without warning.
• Avoid Blacklisting: If you are using a standard payment processor and it is discovered that you are providing high risk services that violate your processor’s TOS (Terms of Service), you may be at risk of having your domain name blacklisted. If your domain name is reported as inappropriate or high risk, it may fall among rankings of top search engines such as Google, Yahoo!, DuckDuckGo, and Bing.
• Prevent Missing Opportunities: A standard payment processor can freeze or terminate your account at any time without warning. Using a doc prep credit card processing service is a way to ensure that your document preparation business can continue its operation without being shut down.

Applying for a Document Preparation Merchant Account

Once you have found the merchant services for doc prep business you want to use for your merchant account, the next step is to complete the application process. You will be asked for the following basic information before receiving the approval for your merchant account:

• Personal Details: SSN (Social Security Number), Name, Address, Phone Number, EIN (Employer Identification Number) for businesses
• Banking Information: Your bank routing and account numbers may be requested along with bank statements for up to 3 months. If you have a business account, sharing this information will help validate your company’s existence.
• Credit History: Your credit score may be reviewed to determine your financial stability.
• Credit Score: Your current credit score may be checked before receiving approval for a high risk merchant account.
• Online Presence: Verifying the existence of your document preparation website or online presence may be necessary to complete the application process.

Owning a document preparation business does not have to feel stressful or risky, especially with a reputable and trustworthy doc prep credit card processing service by your side. With the right payment gateway for doc prep services you can attract new clients, accept payments, and continue on the path of scaling your business without the fear of losing opportunities to generate revenue.

A Document Preparation Payment Processor You Can Trust

Here at PaymentCloud we strive to provide the best means of support for all high risk business types. With risk mitigation procedures, secure payment gateways, and seamless integrations, you can get your doc prep business up and processing in no time.

We assign one of our knowledgeable account executives to your business as soon as you begin the application process with us. From there, they get to know your wants and needs and work with you every step of the way. With the right bank, your document preparation can grow and scale at your pace without worry of being closed because of your industry type.