What Is The Need for a Document Preparation Merchant Account

As a document preparation merchant, if you want to receive credit card payments, you will require a merchant account to process the payment. A document preparation merchant account provides an in-person or online terminal where customers enter card info to buy something from your business. The payment processor that supplies the account is backed by an acquiring bank, which then backs the transactions.

A document preparation business is considered high-risk. Most payment processors don’t work with high-risk industries, so you must find a merchant account provider who can process card payments for your business.

Host Merchant Services is one of the best solutions available for document preparation merchants. We specialize in merchant accounts for almost all types of high-risk businesses. If you’ve been turned down for payment processing by most merchant service providers, you can count on Host Merchant Services for a tailored solution. Our team of experts has the knowledge and understanding of your industry and the challenges you face.

Why Are Document Preparation Merchants Considered High-Risk?

Doc prep merchants are considered high-risk by banks and processors for three main reasons:

• Consumers seeking services like student loan relief or debt consolidation often struggle financially. Some wrongly dispute charges for the services rendered. This fraudulent practice is also known as “friendly fraud.” Such fraud can lead to substantial losses to the merchant and damage their reputation.
• Merchants frequently take payments by phone or online, which increases the likelihood of chargebacks, which is higher than traditional transactions. The higher dispute ratios tied to these telephone orders make the merchant a high-risk merchant.
• Data protection is another major concern that makes document preparation a high-risk business. If document preparation merchants choose to store their client's data and information online, they are also responsible for legal and financial accountability for any data breaches or hacking attempts.

The above-mentioned factors make document preparation merchants high risk for traditional merchant accounts.  Host Merchant Services has taken pride in providing merchant services for high-risk businesses, such as document preparation. With the combination of fraud and chargeback fighting technologies and our outstanding partnerships with credit card processors and banks, we are uniquely positioned to provide doc prep merchants with affordable, dependable merchant accounts.

Understanding how difficult it is for doc prep merchants to access payment processing solutions, we have custom-made our services to suit their needs while covering all aspects, such as regulatory and security concerns.

Selecting the Right Merchant Account for the Document Preparation Industry

a. Examine the terms of services diligently to identify any unfavorable terms or hidden fees. You must read their terms and conditions before endorsing any documents. For example, the terms and conditions offered by Host Merchant Services are transparent and easy to understand.

b. Seek expertise in the field. Opt for a trustworthy merchant account provider specializing in the high-risk industry to secure the best deal for your business.

Host Merchant Services stands out as a reputable payment processor. It is recognized as one of the top high-risk credit card processors in the US and has an A rating from the BBB. Host Merchant Services offers merchant accounts tailored to businesses providing various document preparation services. The team at Host Merchant Services engages with each business owner, gaining a deep understanding of their specific needs before delivering the right merchant services.

c. Prepare for the screening process when you choose the merchant services provider that suits you. Legitimate providers typically require businesses to undergo this process to assess their credibility. To ensure a smooth experience, gather essential documents such as financial statements, business documents, processing statements, and a cover letter for submission.

For swift and easy approval of your document preparation merchant account, opt for a provider well-versed in every aspect of the industry. Only a merchant account provider, like Host Merchant Services, with a comprehensive understanding of state legislation and restrictions impacting your business, can assist you in securing the best solutions for your business needs.

Different Types of Document Preparation Services

At Host Merchant Services, we take pride in our high-quality merchant account services for all types of document preparation merchants. Here is a list of doc prep merchants that we work with

• Debt Document Preparation Services
• Business Requirement Document Services
• Loan Document Preparation Services
• Loan Modification Document Preparation Services
• Business Reports
• Business Financial Plans Services
• Legal documents like contracts, notices, and affidavits merchants Services.

At Host Merchant Services, we’re excited about the opportunity to help you with the payment processing of your document preparation business.

Requirements to Get a Merchant Account

To complete the process of securing a doc prep merchant account, you will require the following

• EIN Tax ID
• Social security number
• Processing volume
• A copy of the owner’s ID or driver’s license
• Voided business checks
• Recent credit card processing statements, if any