Tier 1 Quality Document Preparation Merchant Accounts
A document preparation merchant account is a credit card processing solution specifically designed to meet the unique payment processing requirements of document preparation companies.
Businesses may not have detailed knowledge about preparing different kinds of documents. Here, document preparation companies play an amazing role. These companies are highly skilled in creating documents for various industries, including legal, healthcare, financial services, education, real estate, and loans, to name a few.
Apart from serving business-to-business (B2B) clients, document preparation companies also offer business-to-consumer (B2C) services. Therefore, a document preparation merchant account accepts both corporate cards and consumer cards, with the proportion of B2B and B2C orders depending on the company’s strategy.
Unfortunately, conventional credit card processors may not be the perfect fit for document preparation merchants due to various reasons. There have been instances of low-risk credit card processors shutting down accounts or freezing funds without notice, which can pose significant financial challenges for document preparation companies.
Document Preparation Merchant Accounts Are High Risk
There are many reasons why document preparation companies are considered higher risk by acquiring banks. Some of the key reasons are listed below:
Friendly fraud is quite common in this industry. Document preparation companies often create documents for students. For the payment of these document preparation services, students may use their parents’ cards, and the parents may not be aware of the transaction, which can result in friendly fraud.
Many document preparation companies accept payments over the phone, which increases the risk of chargebacks compared to traditional web-based payments. It’s important to note that e-commerce transactions for a document preparation company are also high risk. However, if a majority of transactions are done over the phone using a virtual terminal, then the chargeback risk elevates significantly.
In the process of creating documents for clients, document preparation companies may have access to various internal documents of the customer. Fraudsters may try to take advantage of the merchant and fraudulently steal these documents, which can create significant problems for the merchant, the processor, and the customer.
Some verticals that document preparation companies serve may be highly regulated due to the sensitive nature of the documents being prepared. This can create additional compliance requirements for credit card processing companies.
It is a reality that some document preparation companies may employ unethical practices. This may include plagiarism, which can lead to dissatisfaction among customers and result in chargebacks.
Additional factors that contribute to the document preparation industry being classified as high-risk include merchants processing international transactions, significantly high average order values, seasonal fluctuations in overall sales volume, and the majority of merchants lacking previous processing history. All these factors bring in additional scrutiny from the acquiring company.
QuadraPay Offers High Risk Document Preparation Merchant Accounts
With us, document preparation merchants can get highly dependable merchant accounts that truly suit the needs of their unique business requirements. Our team is highly skilled in supporting merchants from the document preparation industry. Our extensive experience in working with various high-risk merchants from many industries makes us one of the top choices when it comes to being a provider of document preparation merchant accounts.
QuadraPay has been assisting high-risk merchants in the US, Canada, Europe, and the UK since 2016. With over 7 years of experience in providing high-quality credit card processing solutions to hard-to-place merchants, we can be your number one choice.
We work with a network of payment processors that are fully comfortable in working with merchants from the document preparation industry. These payment processors feature mitigation tools and advanced fraud filtering that reduce the risk of account issues. Ask us today for a zero-obligation quote.
Student Loan Doc Prep Merchant Accounts
Some document preparation companies specialize in student loan document preparation services. These companies face serious challenges when it comes to getting the approval of a merchant account. The business model of a student loan document preparation company is to assist students and their families in preparing important documents required to obtain student loan approval from banks and other financial institutions. These documents include loan application, consolidation and repayment plans.
Such companies should work with specialized merchant services companies that have experience working with businesses related to student loans. Preparing documents for student loans requires detailed financial data analysis, and any error in entering the correct information can result in disqualification of the student loan application. In such cases, the student may request a refund.
The student loan document preparation industry is more prone to increased risk of chargebacks due to confusion over services or very high student expectations. Another challenge that makes this industry high-risk for acquiring banks is the above-average ticket size. Student loan document preparation companies generally charge high fees as they prepare a bundle of documents but these high fees increase the risk of returns and chargebacks.
QuadraPay also specializes in providing student loan doc prep merchant accounts through its acquiring partners. Our student loan doc prep merchant services are designed to easily handle the specific needs of student loan document preparation companies, whether they are dealing with consolidation documents, repayment documents, or application services.
Our domestic high-risk merchant account providers understand the need for fast payouts, and most of our merchants from this industry qualify for same-day or next-day funding. This helps in maintaining good cash flow. The pricing is also very competitive and can be reduced if the merchant processes a significantly high transaction volume each month.
Features Of Our Document Preparation Merchant Accounts
Credit card processing solutions for document preparation merchants come with amazing features. These features help document preparation companies efficiently accept credit and debit card payments, as well as various other payment methods. Our processing partners proactively add new features as they become available in the market. Let’s look at some important features that will make a significant impact on your business’s transaction processing.
Quick application process: Nothing is better than getting the merchant account set up quickly without any unnecessary hassle. Our objective is to save your time and effort, enabling your business to focus on core activities rather than wasting time chasing application statuses.
High approval rates: With us, document preparation companies have better chances of getting a merchant account application approved. This is possible because of our strong connections with acquiring companies that have tremendous experience in supporting merchants from various high-risk industries, including document preparation.
Support for international transactions: Most document preparation companies offer services to both domestic and international clients. Our ability to provide you with a payment solution that allows you to accept local as well as global transactions makes life easier for you. You can accept payments in multiple currencies and make your company truly international.
Competitive processing rates and fees: For any business, profit maximization is the main goal. We are truly aligned with your goals and offer a highly reasonable pricing structure that you will appreciate. Our pricing models are transparent and will give you a detailed idea of all costs and value in processing payments for document preparation businesses.
Virtual terminal for over-the-phone payments: A significant percentage of document preparation companies prefer to accept orders over the phone, for which they require a virtual terminal. Our payment solution is a great addition to your payment processing capabilities, allowing you to accept orders of various card types using the virtual terminal.
Recurring billing options for subscription-based services: You may have customers and businesses that require services on a regular basis. For this, you may be interested in offering them a payment tool that automatically debits the amount at agreed-upon intervals. Our subscription payment solution does just that.
Same-day or next-day funding options: Our domestic solution for US-based document preparation merchants comes with same-day and next-day payment options. However, it’s important to note that not all merchants qualify for this fast payout mode. If you are approved, you will have access to quicker cash flow.
KYC for Document Preparation Merchant Accounts
When setting up a merchant account for your document preparation business, you will need to provide certain business documents for underwriting. These documents include the business license, national ID of all directors, utility bill for address verification of the company and directors, a letter from the bank confirming your bank account information, previous bank statements, and processing history. Some processing partners may also ask for a non-expiring username and password for your website.
Industry Papers
https://www.kentleyinsights.com/document-preparation-services-market-size/
