Many banks today are biased towards industries they do not understand. This is the case for the Student Loan Forgiveness industry. Banks won’t help or approve businesses that need to process their client’s credit cards for the service of helping with the document preparation process of consolidating their student loans or helping them apply for loan reductions. This is because of the associated risk that comes along with accepting payments in the loan doc prep industry. Chargeback disputes in this industry are very common, which is where the “high risk” factor comes into play.
It is important that a business in the document preparation industry truly understands what is needed in a merchant account. Most people in the student loan doc prep industry do not realize how difficult it can be to get approved for document preparation credit card processing. This is where our doc prep account experts come into play. We will assist you every step of the way and outline the key factors that will help you get approved for a student loan doc prep processing account and stay alive for years to come.
Contact our Doc Prep account specialists, and as long as you can keep your chargebacks under 3% we can start setting up your merchant account today.