Like any high risk business, you’ll need to identify a suitable high risk merchant services provider if you wish to get a merchant account for your document preparation business. Document preparation merchant services industry is categorized as high risk. As such, only a merchant services provider with underwriting guidelines that permit them to accept high risk businesses can administer account services for a doc prep company.
As you’ll be accepting credit and debit card payments, you want to be sure that the merchant services provider is right for your business. The kind of account services you have will highly influence how you make money.
This is the place where proceeds from all your credit and debit card payments will go. The payment gateway is also instrumental in ensuring that sensitive details are kept safe.
What then must you consider to ensure your business is not slowed down or brought to a halt completely?
The terms and conditions
To be more specific here, look for hidden fees in the terms and conditions. You don’t want to sign up for an account simply because it appears to be too good from what the sales representative says.
It’s always wise to take your time to read the terms and conditions before you append your signature at the bottom – because truly, most people don’t read them. You might end up being bound by unfavorable terms on hidden fees.
How risky your business is
You are in the documents preparation industry, yes. But what are the finer details and are there aspects that are likely to make you risky? If so, be sure to look for a specialist processor. Getting approval may not be easy with a business considered risky.
Every legitimate merchant services provider will want to put you through a screening process to determine that you are a credible company. You’ll therefore have to be sure that you have all that’s required to get approved. Otherwise this step might just stop your business from rolling out.
These account providers face the risk of losing money each time they process a fraudulent transaction on behalf of your business. Screening procedures are their way of isolating credible companies from those that are considered dicey.
If you elect to get your document preparation services merchant account from eMerchantBroker for instance, you’ll need to have all your business documents, financial statements, processing statements and a cover letter to have your account approved.