Doc Prep Merchant Account

Document preparation is a billion-dollar industry and is necessary for a variety of global markets worldwide. The document preparation industry is not only used by corporations in need of debt settlement procedures and loan settlement paperwork, it is also used with tax prep services, student loan applications, etc.

Unfortunately, if you are in the document preparation industry, you may encounter issues when it comes to processing payments. This industry, as straightforward as it seems, is risky for the bank to accept. For this reason, finding doc prep credit card processing will be difficult until you have obtained a high risk document preparation merchant account.

Why You Need a Doc Prep Merchant Account

Every business that accepts card payments has a merchant account. This “account” provides an online or in-person terminal in which customers use to enter card information with the intention of purchasing a product or service from their business. The payment processor supplying the account is backed by an acquiring bank who then backs the transactions. Traditional online, tier one merchant account providers include Paypal, Square, Stripe, and Braintree. But unfortunately, these well-known payment processors have an aversion to working with those who provide products and services in high-risk industries, such as document preparation.

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 viewed as riskier to standard payment processors as it is difficult to locate the owners of businesses 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 preparation company, you may be responsible for managing and storing personal and sensitive information of 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 have a much greater risk of receiving chargebacks and dispute charges 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 lead 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 to ensure your business is protected from interruptions 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 high-risk merchant account designed for document preparation businesses is less likely to cause issues for you while running your business. With a standard payment processor, you may discover that your account is frozen or that you are no longer able to accept payment from clients 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 within rankings of top search engines such as Google, Yahoo!, DuckDuckGo, and Bing.
  • Prevent Missing Opportunities: With a standard payment processor, your account may be frozen or terminated 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 that you want to use for your merchant account, 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, share this information to 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, 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 the 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 is allowed to grow and scale at your pace without worry of being closed because of your industry type.

Full-Service Merchant Services

PaymentCloud is a full-service ISO dedicated to providing innovative solutions and unparalleled customer service. The merchant services field is antiquated to say the least; we aim to break out of the status quo. Our suite of innovative services was built to save you time and money.

Quick Deposits

As a business owner, you should never have to wait for access to your funds. You have bills to pay and a business to run, and we understand. That is why PaymentCloud offers next day funding for ALL card types.

Our next day benefits are great for businesses that…

  • Process the bulk of transactions in the evening
  • Process heavy volume during the weekend
  • Are located on the West Coast
  • Have daily or weekly expenses such as payroll, inventory restocking, or shipping costs

Contact PaymentCloud today at 1-800-988-2215 to learn more.

Innovative Technology

PaymentCloud is an industry leader in product innovation and cutting-edge technology. We provide our merchants with payment processing solutions customized to their business type. Our terminal selections include the latest in EMV Smartchip technology, wireless or PIN pad options, and countertop devices.

We also offer mobile processing hardware and applications, tablet POS systems, and our secure online payment gateways. Your dedicated account representative will assess the needs of your business and set you up with a solution that best fits your needs.

Contact PaymentCloud today at 1-800-988-2215 to learn more.

Dedicated Account Rep

At PaymentCloud, customer and technical support are aspects of the business that we take seriously. Each of our account representatives is rigorously trained in merchant services, product specifications, pricing structures, and technical support.

When you set up your account with us, you will be assigned one of our expert representatives who will set you up with everything you and your business needs. We want to see you succeed and strive to provide the best support that we can.

Your account representative will:

  • Assist you with filling out your application, helping you get approved quicker
  • Walk you through setting up your equipment or electronic processing software
  • Go over pricing structures as well as Visa/MasterCard rates and fees
  • Notify you when industry and/or security updates arise
  • Provide you with personalized customer service when you need it

Contact one of our specialized representatives today at 1-800-988-2215 to learn more.

Competitive Rates

We are proud to offer competitive rates for payment processing services, including highly affordable equipment leases for terminals that accept swiped and keyed-in credit card transactions.

We’ll work with you and try our best to beat competitor rates. Take advantage of our FREE rate comparisons to show just how much you could save.

Contact PaymentCloud today at 1-800-988-2215 to learn more.

Complete payment processing solutions for thousands of clients nationwide