Posted by NationalACH on Sep 07, 2020
Document Preparation Merchant Accounts

Document preparation merchant accounts provide tailor-made payment processing solutions for document preparation, legal service, student debt and loan and loan modification firms.   Quickly get the payment processing you need to manage and grow your business.

Given the exponential growth of the online document preparation industry in recent years, the need to be both competitive and easy to work with has become more and more acute. Due to the digital nature of the world, and the increasingly litigious conditions businesses and individuals operate in, the need for legal and financial document preparation has grown rapidly.

Unfortunately for successful firms in the industry, while business is healthy and growing, the ability to smoothly process customer payments can be a painful experience. This is a basic fundamental of your customers’ interaction with your business, and any difficulties making payments can cause frustration all round. It makes cashflow difficult to plan and predict for document preparation businesses, and payments difficult to make for customers.

Reasons Doc Prep Merchants are Classified as High Risk

Document Preparation Merchant Accounts
Document Preparation Merchant Accounts

Most traditional banks classify document preparation companies as being high risk. This is because successful document preparation firms see high volumes of payment transactions that are often conducted online or by phone. Without physical card payments, there is a higher risk of chargebacks that increase the bank’s potential for making a loss on the transaction. To compound the problem further for the banks, document preparation firms are often billing reasonably significant sums, meaning even greater risk on the transaction.

Because of this, many legitimate document preparation firms struggle to get the merchant accounts and payment processing services they need to take customer payments.

How a Doc Prep Merchant Account Helps Your Business

A document preparation merchant account offers customized solutions for the industry. The account enables businesses to accept high volumes of high value transactions that are typical of the way they provide services to and bill their customers.

Whether your firm offers administrative services such as preparing contracts, producing, or adjusting loan applications, or drafting legal documents, you need to be able to bill your customers for your valuable services.

Multiple Payment Choices

The right type of account to suit your business also enables your business to offer a variety of payment options to your customers for maximum flexibility. You can accept credit card, debit card, echeck or direct bank account payments, and limit the risk of chargebacks occurring. The accounts also offer smooth international transactions if you serve clients in other countries outside the US.

Importantly, for the type of services that document preparation companies provide, merchant accounts also offer the functionality for higher risk ach processing, which enables your customers’ bank account to be charged directly. Similarly, automated billing can be arranged on a regular basis, which enables you to bill your clients monthly for a reliable reoccurring revenue source.

Offering electronic check and alternative forms of payment is known to contribute up to 30% of growth to businesses, simply by making it easier and more flexible for your customers to pay you. By offering you these payment methods, document preparation merchant accounts enable you to accept payments from customers that do not have card facilities available.

This is a frequent occurrence in larger organizations where departments and teams do not always have card payment facilities available to them, and process dictates working through a purchase order and invoicing system. Similarly, your smaller customers will also have payment options available in the event that their card is maxed out, or they simply prefer to make a direct bank payment.

Discover More about Doc Prep Merchant Accounts

Interested in finding out more about payment processing for document preparation merchants?  Free to email  Or call 866-ACH-7600 today.