Document Preparation Merchant Account

Document Preparation Merchant Account

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Getting a document preparation merchant account is vital for all companies that are involved in offering various document development and preparation services. large organizations may have internal teams to develop various documents but small organizations prefer to get the documentation done by third-party specialists. These specialist are document preparation companies that offer services online and accept payments by using credit Debit cards and ACH Merchant account.

 Document preparation companies offer various services that include

  • GDP Complaint terms and conditions for website
  • GDPR Compliant Privacy Policy
  • Shareholder Agreement
  • Lease Agreement
  • Suretyship Contract
  • Property Agreement
  • Construction and Manufacturing Agreement
  • Appointment letter
  • Offer letter
  • Non-disclosure agreement
  • Website terms and condition
  • Channel Partner Agreement
  • Intellectual Property Rights documents
  • Service level agreements

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Credit Card Processing for Document Preparation Companies

Most document preparation companies offer subscriptions that range from $100 to $300 every year. Some websites also offer a trial to evaluate the service. Document preparation companies prefer to accept monthly or reoccurring payment. Members can easily make the payments by using credit and debit cards. Subscribers can also make payment by clicking on the Pay by email link on the invoice. If the company is established and has clean processing record of 6 to 12 months then payment service providers or acquiring institutions can also issue virtual terminal/VT to merchants. With virtual terminal, the document preparation companies can accept orders over the phone.

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ACH Payment Processing/Echeck payment processing for document preparation companies.

Most document preparation companies work with businesses. We can say that this industry is primarily a business to business(B2B) industry. Merchants can effectively save a lot on transaction cost or MDR(Merchant Discount Rate) by using ACH payment processing/Echeck payment gateway. ACH merchant account comes with API integration and virtual terminal. Most of the ACH Payment solutions support reoccurring billing for subscriptions. Unfortunately, document preparation companies may be considered high risk primarily because nations have different rules for each business relationship. An agreement that may be perfect for US company may not work for an EU based entity. This is why many payment service providers consider document preparation companies as high risk Merchants. Luckily many high Risk Merchant Account providers offer solutions to document preparation companies based in multiple countries including United States, Canada, European Union, India etc. European Union based payment service providers require merchants to have an EU company

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Application process for document preparation merchant account

The payment processor or the acquiring bank will ask the merchant to submit a completed merchant account application form. They will also ask for the copies of KYC documents.

The website must be ready and should work on the https protocol for this the merchant needs to add SSL certificate to the website. Terms and condition, Privacy policy, Refund policy and cookie policy must be placed on the site’s menu. Products and Services should have detailed information. A detailed description of the service and the product helps merchants in reducing chargebacks.

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The KYC documents for document preparation merchant account usually includes.

  • Business license
  • Identification proof of all the major stakeholders
  • Address proof of all major stakeholder
  • Utility bill in the name of the company
  • Utility bill in the name of the stakeholders
  • Cancel cheque of the business bank account or the letter of good standing from the bank
  • Recent processing history if available
  • Business plan if available
  • Non-expiring username and password to the business website
  • Any industry certification if available
  • Last years financial statement prepared by a third party auditor if available

Based on the experience that we have gathered here at Quadrapay, If the merchant provides the above-stated documents then there is a very high possibility that the merchant may get approved for a document preparation merchant account.

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Common problems with document preparation merchant account

Sometimes few merchants ignore basics that may impact the approval of the merchant account. Document preparation companies should ensure that the website is complete before submitting an application. The underwriters are usually very busy. The reason for being busy is because their job is very intensive. If the underwriting team realizes that the website is not yet complete then there is a strong possibility that they will reject the application. As a professional business owner merchants must ensure that the website is in compliance with the requirements of the payment service providers and various card schemes. The customer support phone number and email must be listed on the contact us page. The logos of all the credit cards that the merchant wishes to accept must be listed on the website.

If you need more details about how you can easily get a document preparation merchant account then feel free to email us on [email protected]. Our team will let you know about the best processing solutions that will help you to accept credit and debit cards. We will also let you know how ACH, Echeck and substitute checks can help in reducing transaction cost.

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