Document Preparation Merchant Accounts

How to Apply for Document Preparation High-Risk Merchant Account

Despite the fact that document preparation companies offer essential services for students–not to mention the financial, legal, and healthcare services offered for other industries–it’s still a relatively unrecognized business. This year, the document preparation services industry is already worth $4.4 billion.

Since it’s tagged as high-risk, it may be difficult to apply for a document preparation merchant account and get approved. The experts at First Card Payments can guide you through the application process for the best chance of approval.

Groom your business.

When you apply for a high-risk merchant account, a team of underwriters will scrutinize every detail of your business to make sure that you qualify for approval. So before you submit an application, it’s best to groom your business first by fixing any loopholes that could jeopardize your success.

If you have bad credit, take care of late payments and make sure that you have enough funds in the bank to show that you are capable of paying refunds and managing chargebacks. The team at First Card Payments offers chargeback prevention tips that could benefit your business as you’re getting ready to apply for a doc prep merchant account. You should also ensure your refund policies as well as the term and conditions are clearly stated and visible in contracts, on receipts, and on your website.

Find the right merchant account provider.

Many financial institutions would promise to offer the best payment processing service, but not all of them will deliver. To find the right merchant account provider, you need to read through the fine print as well as the terms and conditions. Any unfavorable terms and hidden charges should be a red flag because you don’t want to be tied up to a provider that will only make you spend more. You should also work with providers that have A+ ratings with the BBB.

Gather the required documents indicated on the application.

First and foremost, you should be honest on the application as well as upfront about what’s going on with your business. Second, you will be required to submit some documents in addition to the application. This will include a copy of your driver’s license or any valid, government-issued ID, three months of credit card processing statements if you already process this type of payment, your Social Security Number (SSN), and a copy of a voided business check. Other supporting documents may be requested so it’s best to have them ready in order to expedite your application.

Finally, you need to be ready for the screening process. Merchant providers do this to determine whether you are a good fit. Remember that a bad credit history or a recently bankrupt business doesn’t disqualify you of an account right away. You just need to prove your worth to these underwriters.