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, emerchantbroker.com (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.