Merchant Account for Tax Resolution – Tax Debt Negotiation

Feb 15, 2013

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.

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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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