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.