It’s a big dilemma for those in the tax resolution industry. Should they accept client payment plans for fees? For tax resolution specialists, this question strikes at the heart of how they conduct business. Many only choose to work for those who can pay the specialist’s entire fee up front. However, others want volume to grow their tax resolution business and so accept payment plans from clients. Choosing a merchant account for a tax resolution business to process payments that come from retainers, upfront fees and payment plans requires careful consideration. You need to find an optimal solution that will keep transaction costs low.
Why the Tax Resolution Industry Needs Specialized Merchant Accounts
Tax resolution specialists have merchant account needs that differ from most other operators. They deal with individuals and businesses – and each uses a different kind of credit card. Thus it’s of paramount importance for a tax resolution business to set up a merchant account that will save as much money as possible on processing and transaction fees. Businesses often use “purchasing cards” – cards that are provided to employees intended for purchasing goods and services needed in their workplace. To get the lowest processing cost for accepting purchasing cards for payment, a tax resolution business needs a software or terminal prompt for Level Two and even Level Three information.
Criteria for Establishing Merchant Accounts
Level One information contains the basic data found on all credit card transactions including the account number, expiration date and security code of the card plus the amount of sale. This transaction type is appropriate for almost all individual cardholders. Level Two Information includes the amount of sales tax paid and provides a special code that assists the owner of the card to separate, reconcile and report transactions. Level Three information provides the most detailed information; in addition to the information above, it also reports and monitors typical purchasing behavior. Thus the owner of the card can ensure that the business receives item specific data such as correct item quantities and pricing. Level Two and Three require hardware and/or software that comply with requests for specialized information at the point of purchase. In addition, should the tax resolution business conduct ecommerce, secure payment gateways are needed to properly process online payments.
How Does a Tax Resolution Business Decide on a Merchant Account?
Rather than divert time and energy from servicing clients, the owner of a tax resolution business will find it more cost effective to partner with a merchant account provider to handle card transactions and processing. eMerchant Broker leads the industry with a vast network of banks and processors. They employ a staff of certified veteran advisors who collectively have decades of experience in vetting payment processors in order to find the one best suited to fill a client’s needs. In addition, eMerchant Broker has the 100% Worry Free Guarantee – if any fault be found with the initial processor, eMerchant will find a new provider within their network without charging any cancellation fees. The Better Business Bureau has recognized them with the ‘Accredited Business’ status and an ‘A’ rating.