Need A Document Preparation Merchant Account? EMB Can Help

Mar 09, 2017

Nearly 8.300 companies provide document preparation services for industries ranging from healthcare to legal and finance in the United States. The annual revenue generated by the doc preparation industry makes up almost $5 billion. You can find mainly small business in document prep industry with 130.576 employees and more than 87.000 businesses.

Applying for a Doc Prep Merchant Account

Being the top high risk merchant account provider in the United States, (EMB) offers a reliable and low-cost document preparation merchant account to companies providing document preparation services regarding student loan consolidation, loan counseling, loan modification, debt negotiation and settlement, mortgage, tax preparation, legal and divorce services.

EMB aims to provide the best doc prep merchant account services for student loan modification, consolidation, debt settlement, loan counseling, mortgage, tax prep, legal and other businesses in the document preparation industry. Thus, EMB focuses on meeting the unique needs of the document preparation industry taking into account both debit and credit card processing.

When applying for a doc prep merchant account, you’ll generally be required to submit the following information:

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

After you complete the online application, the credit card processors underwriting team will review it. If you get approved, you’ll be able to accept debit and credit card payments.

Why Doc Prep Businesses Are Regarded High Risk

To get a document preparation merchant account, you’ll generally need to turn to a reputable high risk merchant services provider like EMB as doc prep businesses are considered high risk.

The reason the document preparation sector is considered high risk is that doc prep services accept their payments over the phone, via mail, or via email. Retail swiped (or chip) or eCommerce methods are more secure than the mentioned ones when it comes to accepting credit card payments.

As a rule, document preparation services charge well into the hundreds of dollars for their services.  Many of them have but a few dozen transactions each month. Often, larger transactions deal with “friendly fraud” caused by customers.

Document preparation businesses, specifically those working in the student loan consolidation, loan counseling, loan modification, debt negotiation and settlement, tax preparation and mortgage industries are usually associated with higher chargeback risks than most businesses.


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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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