If one of your business’s key services is student loan document preparation, then you may struggle to find merchant account services for your company. For multiple reasons, most merchant account service providers decline to work with businesses that operate in any document preparation industry. This inability to find a merchant services provider willing to work with your business can leave you unable to accept payments from credit cards, debit cards, contactless payments like Apple Pay, and other methods. You will be stuck in the era of cash or check, which most businesses have left behind due to convenience factors.
As Your Merchant Account Services Provider, Premier One Payments Delivers
At Premier One Payments, we are different from the average merchant account services company. We are willing and able to offer merchant accounts for student loan document preparation.
Working with us, you can establish a reliable merchant services account and start accepting payments through credit, debit, or other more tech-savvy alternatives. After all, today’s customers expect to be able to pay through these methods. Many don’t have checks and don’t carry cash simply because they have gotten so used to paying with credit cards or debit cards. Being able to accept payments through these channels will help your business provide more intuitive, user-friendly payment options for your customers, which will help support your word-of-mouth, business growth, and revenue.
Why Many Merchant Service Providers Won’t Work with Document Preparation Businesses
Merchant accounts for student loan document preparation companies are difficult to come by in part because chargebacks are statistically common in the document prep industry. A customer may seek a chargeback on a document preparation service to get the service free of charge. By disputing such a charge through their credit card companies, your customers can try to get refunds to which they are not entitled.
In the financial world, this act is referred to as “friendly fraud.” When it works, it works because, legally, credit card companies are required to refund all disputed charges barring evidence from the merchant that the charge was legitimate. Chargebacks can also occur more honestly—such as when a customer sees a charge on his or her account, doesn’t recognize it, and promptly files a dispute with the credit card company.
Both friendly fraud chargebacks and honest chargebacks are relatively common in document preparation. Merchant account service providers are hesitant to work with businesses that have high chargeback rates since they get stuck paying penalty fees every time a chargeback comes through. As a result, many merchant service providers avoid document preparation altogether.
The other big factor is that student loans and student loan document preparation exist in a regulated industry. To serve regulated industries, credit card processors need to go through extra due diligence steps that they would not have to complete if they served businesses in most other industries (such as retail). Among those diligence steps is extra underwriting through a bank or insurance company, which can increase the cost of providing services for the merchant account provider.
Rather than dealing with these extra steps, many credit card processors decline service to document preparation businesses—putting these businesses in a difficult position.
How to Find Merchant Accounts for Student Loan Businesses
For the credit card processing industry, opting not to serve document preparation companies is not a huge sacrifice. Document preparation companies are in their own niche, and sub-industries—such as student loan document preparation—account for an even smaller piece of the puzzle. As such, it’s not a significant revenue loss for most merchant account service providers to ignore this industry entirely.
While the decision not to serve the document preparation industry makes sense from the perspective of credit card processors, it’s a huge problem for document preparation companies and the customers that they serve. In the case of student loan doc prep businesses, lack of access to appropriate payment processing solutions makes it more difficult for companies to offer a service that is often essential.
In the United States, nearly 45 million people have student loan debt, according to the Federal Reserve Bank of New York. By the end of 2018, the total for student loan debt in the United States was around $1.5 trillion. These statistics alone show how much of a market there is for services and support related to student loan document preparation.
People everywhere are looking for help with student loan debt. They are looking for advice about which loans to seek out or assistance with debt consolidation. Doc prep companies provide crucial services to help consumers understand and apply for the ideal loan or loan consolidation solutions—but these companies may struggle to successfully provide those avenues of support when they can’t find merchant account services.
How Premier One Payments Can Help
At Premier One Payments, we aren’t like other credit card processing companies. Unlike most merchant service providers, we provide payment solutions for businesses that are typically considered to be “high risk.” If you have been struggling to find merchant accounts for your student loan document preparation business, we are ready to help.
There are many benefits you’ll secure by working with our business. We are open to taking risks that other credit card processors won’t, whether that means handling clients with high volumes of transactions or making sure that we’ve done the due diligence necessary to serve a regulated industry such as student loans. We offer a simple online application that you can fill out and submit in minutes.
We have a reputation for working with companies to help them through our approval process with the goal of approving as many merchants as possible. For your convenience, we offer fast approvals: less than 48 hours in most cases, with 99 percent of all applicants approved.
We will take steps to protect your business from some of the risks that typically scare away credit card processors from businesses that work in the document preparation or student loan industries. We have multiple chargeback protection programs in place to minimize the risk of fraudulent chargebacks getting through our defenses. We monitor your account for chargebacks daily and notify you about them when they come through so that you can dispute them with the credit card company. Rather than avoiding high-risk industries that see chargebacks with regularity, we decided to do our part to protect these businesses against chargebacks and other industry challenges.
We can help you expand the flexibility of the payment options provided by your business. If you have been running your student loan doc prep company on a cash-and-check basis, you will appreciate having the option to accept credit and debit card payments—and so will your customers. With Premier One Payments, you get the added benefit of being able to accept eCheck payments from your customers. As transactions across all industries evolve, customers appreciate this flexibility.
Apply for Our Merchant Account Services Today
Are you tired of getting rejected for merchant accounts for your student loan document preparation business or hearing that the credit card processors that you approach don’t work with doc prep companies, student loan businesses, or both? If so, apply for merchant account services with Premier One Payments. We’ll fast-track the process and get you approved as quickly as possible. With one click, you could be charging credit or debit card payments as early as next week.
You’ll receive a phone call from
one of our reps within 24 hours.