Get a Student Loan Preparation Merchant Account

Jun 21, 2018

Are you running a business that specializes in student loan document preparation? Going with the right merchant services provider for customer payment processing is no less important than the student’s selection of a school or college. So, just read this article and you’ll know how you can get a student loan preparation merchant account fast and easily.

Student Loan Doc Preparation Business

Each and every year, student loan debt is increasing. The number of students starting their professional life with a huge burden is growing rapidly. Many of them want to pay off their loans as quickly as possible.

There’re students who wish their monthly payments could be decreased because of issues arising from the facts that they’re unemployed or don’t have a full-time job. That’s where a loan modification merchant comes into play. He/she is responsible for helping students with this.

The document preparation is a multi-billion industry. All businesses on the planet need credit card processing so to process customer payments. Student loan document preparation businesses are among them.

If you, as a merchant, don’t have the right credit card processing solution for your student loan document preparation business, you can’t move forward. Your business won’t be able to operate with the necessary efficiency and cost-effectiveness.

Since this type of businesses is classified as high risk, it’s vitally important to find a true professional to work with. Look for a reputable payment processor that’s ready to assist your business throughout with its payment processing and get you the right merchant account services geared to your business needs.

Student Loan Preparation Merchant Account From EMB

eMerchantBroker.com has exceptional industry knowledge and experience. EMB specializes in the high risk fields and has helped thousands of hard-to-approve merchants get merchant services without challenges.

Along with its network of banking relationships, EMB ensures you’ll be provided with the best credit card processing solutions for your own business requirements. So, setting up a high risk merchant account to accept credit cards will stop being a challenge with EMB.

If you think of traditional banks, be aware that they aren’t willing to work with high risk business because of their historically higher rates of disputes and chargebacks by customers. So, a respectable payment processor is the best option to choose.

eMerchantBroker.com is focused on providing merchant accounts for companies offering document preparation services. The latter services may include student loan consolidation, loan counseling, loan modification, debt negotiation and settlement, mortgage, tax preparation, legal and divorce services.

EMB can help your business open a merchant account fast and easy at the best rates and terms available. EMB does its best to be the undisputed top doc prep merchant account provider in the field. eMerchantBroker.com is voted the #1 high risk payment processor in the US and carries an A+ rating with the BBB. Also, EMB has an A rating with Card Payment Options.

Applying for a Student Loan Preparation Merchant Account

First of all, you should turn to a high risk credit card processing company since your business is labeled as high risk. Look for a high risk merchant services provider, the underwriting guidelines of which allow them to accept doc prep companies.

The thing is that document preparation businesses, specifically those working in the student loan consolidation, loan counseling, loan modification, debt negotiation and settlement, tax preparation and mortgage industries, deal with higher chargeback risks as compared to the majority of other businesses.

So, doc prep businesses can’t do without being familiar with the chargeback process. Importantly, you should know what steps you can take to minimize, avoid and fight illegitimate chargebacks. A reliable high risk processor like EMB can help you combat chargebacks easily. EMB offers unmatched chargeback protection and prevention services in the industry.

As you see, even though you’re a niche industry business considered high risk, a reputable processor that understands the unique set of requirements for your business, can help you grow successfully.

Let us help you get a high risk merchant account today!

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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