Document Preparation Merchant Accounts
Fast Approval + 25% Lower Fees
First Card Payments has over 20 years of experience as an online merchant processor for document preparation businesses.
The student document preparation industry can be volatile. First Card Payments has focused on the document preparation industry for over 10 years and many of our oldest clients have opened document preparation merchant accounts with us.
Banks and ISOs are constantly changing their rules and terms of service to comply with the ever-changing underwriting regulations. For some credit card processing companies, this level of volatility makes it difficult for them to accept student doc prep companies.
Banks and ISOs consider companies in the document preparation industry high risk. First Card Payments offers merchant services to help you manage the volume of your document preparation business whether it’s a million dollars a month as an established entity or much less if you’re a startup or are rebranding.
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Focus on running your businesses and leave the banks to us!We understand exactly how the student doc prep industry operates from almost a decade of experience within the industry. We know where to go to obtain multiple startup accounts (MIDS), to ensure there is never an interruption in service regardless of volume. After 3 months of processing payments, we know the right banks and ISOs to apply to for additional document preparation merchant accounts, which will increase the volume of money you can process across the board. This will typically result in a starting volume cap of $60-$100k and increase to $200k-$400k in volume after the first 3 months. When you work with our reliable payment processing company, First Card Payments, you’re getting more than a document preparation merchant account. You’re getting a partner and an experienced advisor with our vast expertise.
Why Are Doc Prep Companies Considered High Risk?
For years, lenders have been taking unfair advantage of students who struggle to pay off their school loans. That opened a door for companies to come in and assist students with the preparation of documents needed for government programs that are designed to help students.
Most students would not think it’s a good practice to ask for help from the lenders themselves, who put their own interests above those of the students. The lenders would prefer not to have students take full advantage of these government programs, so it’s fairly common for lenders to falsely claim that student doc prep businesses are fraudulent because this is a service that can be done for free directly through the lender.
Instead of taking advantage of these helpful government programs, students are convinced–by the lenders–to file a chargeback against the student doc prep company they hired after their services have already been rendered. Additionally, some students that are low on funds see a chargeback as a way to get some more cash in their pockets. A high chargeback rate is one of the reasons a business is considered high risk and why multiple merchant accounts for document preparation services are necessary.
Documentation Preparation Business Consulting with FCP
Looking for multiple student loan merchant accounts? Looking for more volume? Rebranding?
We offer consultation services and our one-of-a-kind expertise to help you manage the ups and downs of running a doc prep business, not to mention your document preparation merchant account as well.
Doc Prep Merchant Account Costs
As a student document preparation business, you shouldn’t have to pay higher fees simply because the industry is considered high risk. The experts at First Card Payments are able to reduce student document preparation merchant account fees by up to 25% of the marked-up rates.
We secure the lowest costs for your business because of our long-standing relationships with the owners, CEOs, and presidents of over 30 banks and ISOs. This can only be a big advantage for approvals that may need special considerations.
The student loan doc preparation business is no shrinking violet. Students owe upwards of $1.5 billion in the United States. Some students owe as much as $250k and many may never be able to live debt-free. Services that can help students recover from this debilitating debt are unquestionably necessary. That’s why it is our goal at First Card Payments to help businesses acquire the student document preparation merchant processing accounts they need.
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.
Compatibility with CRMs
Our secure payment gateways for document preparation merchant accounts are integrated with your current CRMs to ensure there is no interruption of service. The CRM software that seamlessly integrate include, but are not limited to:
- Captaloans CRM
- Cimmaron CRM
- DebtPayPro CRM
- LoanPost CRM
- LendingWise CRM
- Set Shape CRM
- SX3 CRM
Other Document Preparation Businesses We Service:
- Legal doc prep
- Business doc prep
- Personal identification doc prep
Why Doc Prep Businesses Choose First Card Payments for Merchant Account Services
- No fees for application, setup, early termination, or cancellation
- Month-to-month agreements available
- Lower merchant account fees
- Higher approval rates for high-risk merchants
- Solutions for countless situations from high chargeback rates and bad credit to card-not-present transactions and more
- Easy-to-use encrypted payment gateway