Looking for a Merchant Document Preparation Merchant Account
Document preparation businesses require high risk merchant accounts. We provide payment processing for law firms specializing in doc prep services like certified bankruptcy lawyers, divorce documentation, and will preparation. Look no further than PayKings; leading experts in getting your document preparation merchant account approved fast.
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Document Preparation Merchant AccountsDocument preparation, also known as “doc prep”, is a lucrative industry for legal businesses. With many different types of services from certified bankruptcy, divorce paperwork, will preparation, and more, there is an abundance of services that fall into this prosperous industry. Your company may be considered high risk due to the brand association and enhanced regulations involved in the fields.
Why is Document Preparation High Risk?
- MoTo Transactions: An abbreviation for Mail Order / Telephone Order, MoTo payments are considered higher risk because a person is not physically present when making a payment. Most lawyers will bill a client for time or services through the mail, and the payment is made either via phone call or mail-in check. These types of transactions are less secure than card-present forms of payment.
- High Ticket Sales: Legal fees are never going to be a low-cost product. Most firms bill for time and accrue large sums over the course of a project or case. When due, these payments may be difficult to make, especially in the case of someone who just lost money from a divorce or filed for bankruptcy. Additionally, there is a chance that friendly fraud can occur. When a client refuses to pay or claims the services provided weren’t up to par, they may file a dispute. With fewer higher dollar transactions, a companies chargeback ratio can quickly change.
- Service Businesses: It’s difficult to enforce payment with businesses that provide a service. Due to the ambiguity of a service, a client can say it wasn’t performed at all, or not well enough. Moreover, document prep business are often in unique verticals. They can work on government grants, student loan combinations, and even debt consolidation.
PayKings understands the unique needs of different document preparation related businesses and has established a 24+ acquiring banking relationships to become an expert in getting document preparation companies accepting online payments.
Government Grants Merchant Account Experts
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