How to Get a Document Preparation Merchant Account

Mar 19, 2018

The document preparation merchant services industry is classified as high risk. So, you should find a respectable processor to work with so to get a document preparation merchant account without challenges. This article will tell you what to focus on when applying to a processor so you can find the right one for payment processing.

Document Preparation Merchant Services Are High Risk

The high risk nature of your business suggests you need to identify a suitable high risk payment processor if you wish to get a merchant account for your document preparation business. Search for the provider that’s the best fit for your business. Why? The account services you have will highly influence the way you make money.

So, only a processor with underwriting guidelines that allow accepting high risk businesses can secure account services for a document preparation company. The underwriting team is responsible for assessing the riskiness of your business from the perspective of the credit card processor.

Why are doc prep businesses labeled “high risk?” This is basically due to following reasons:

  • Mail Order/Telephone Order (MoTo) Payments

Doc prep businesses accept their payments over the phone, via mail or email. These services are less secure methods of accepting credit card payments as compared to retail swiped (or chip) or via eCommerce.

  • Large Average Tickets

Doc prep businesses typically require hundreds of dollars to deliver their services. Many of them have but a few dozen transactions on a monthly basis. Larger transactions often deal with “friendly fraud” by customers.

  • Service-Based Nature

Businesses of this type often deal with chargebacks. Also, many doc prep businesses, especially in the finance field, assist customers with student loan consolidation, debt counseling, and other services. The latter services are typically meant for clientele with debt issues and often bad personal credit.

How to Find the Right Document Preparation Merchant Account Provider

Have you decided to apply for a doc prep merchant account? If yes, you’ll be required to include the following information in your application:

  • A copy of the owner’s ID or driver’s license
  • The owner’s social security number
  • A copy of a voided business check
  • The most recent 3 months of credit card processing statements (if you accepted credit cards in the past)

How to make sure you’ve found the right merchant account provider for your doc prep company?

1.      Pay attention to unfavorable terms and hidden fees in the terms and conditions. Don’t fail to read the terms and conditions before signing any document.

2.      Look for a true professional in the field. Only a reputable merchant account provider that specializes in the high risk industry can help you get the best deal for your business. Consider turning to, a respectable payment processor that’s considered the #1 high risk credit card processor in the US and boasts an A+ rating with the BBB.

EMB is focused on providing merchant accounts for businesses providing document preparation services relating to student loan consolidation, loan counseling, loan modification, debt negotiation and settlement, mortgage, tax preparation, legal and divorce services.

EMB talks to every single business owner to get to know his/her business and provide the right merchant services for his/her specific business needs.

3.      Be prepared for the screening process. All legitimate merchant services providers require businesses to pass through a screening process. This will help providers figure out whether a business is credible to work with or not. So, you should have all the necessary business documents, financial statements, processing statements, and a cover letter to submit.

To get fast and easily approved for a document preparation merchant account, you should look for a provider that has a thorough understanding of every aspect of the industry. Only a merchant account provider that’s well versed in all the state legislation and restrictions affecting your business, can help you get the best for your business needs.

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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 on 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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