Why Are Accounting Merchant Accounts Hard to Place?
The financial services industry, particularly tax preparation and accounting, faces unique challenges when it comes to credit card processing. Here are three common reasons why these businesses are often tagged as “high risk” by traditional banks:
However, finding the right credit card processing provider can be more challenging than anticipated. Traditional banks often label accounting and tax preparation businesses as “high risk,” making it difficult to secure payment processing solutions through conventional means. Fortunately, High Risk Match specializes in providing secure and scalable payment solutions tailored specifically for high-risk industries, including yours.
- Frequent Use of Mail Order/Telephone Order (MoTo) Payments
MoTo transactions are common in the tax prep and accounting world, but they come with significant risks. Because these transactions lack the in-person security features of card-present swipes or even the enhanced security of online payment gateways, they are more vulnerable to fraud. This makes traditional acquiring banks hesitant to approve such accounts.
- High Average Transaction Sizes
Tax prep and accounting services often involve high-value transactions, especially during tax season. High-ticket transactions pose a higher chargeback risk, as larger amounts are more likely to be disputed by clients. Banks view this as an additional layer of risk and may hesitate to approve these accounts.
- Service-Based Industry with High Chargeback Risks
Unlike retail businesses dealing with physical products, tax and accounting professionals provide services. Service industries are generally more prone to disputes over work performed, which leads to increased chargebacks. Combined with seasonal income fluctuations, this puts tax preparation and accounting businesses in the high-risk category for banks.
Despite these challenges, your business can still thrive with the right support. High Risk Match specializes in working with businesses like yours, finding innovative solutions to mitigate risks and ensure smooth and secure payment processing.
Why Choose High Risk Match as Your Merchant Services Partner?
At High Risk Match, we understand the complexities of running a tax preparation or accounting business. Our goal is to provide you with tailored payment processing solutions that cater to your specific needs, no matter how unique or challenging. Here’s what we offer:
- PCI-compliant, secure payment gateways to process all major credit cards, including Visa, MasterCard, Discover, and American Express.
- Fraud prevention and chargeback mitigation tools to protect your business from chargebacks and fraudulent transactions.
- Seamless integration options, including online gateways and in-store terminals, so you can accept payments anywhere.
- Fast and reliable payment processing, ensuring you never miss out on a payment, regardless of transaction size.
We offer dedicated account managers who understand the tax prep and accounting industry, giving you personalized support throughout the payment process.
Integrate Payment Processing with Your Accounting Software
Your accounting business relies on platforms like QuickBooks, FreshBooks, and Zoho Books to manage finances, automate invoicing, and track payments. With High Risk Match, you can easily integrate your merchant account with these platforms, simplifying your workflow and boosting productivity. Our solutions offer features like:
- Automatic invoicing and payment reminders for seamless client billing.
- Digital record-keeping to ensure all transactions are logged accurately.
- Seamless reconciliation between your payment processor and accounting software, minimizing manual data entry.
By integrating your payment processing with accounting software, you enhance efficiency and free up more time to focus on helping your clients manage their finances.
Flexible Solutions for Your Unique Business
At High Risk Match, we understand that every business is unique. Whether you’re a startup or a well-established tax prep service, we have the resources and experience to help your business grow. We work with businesses that may not have perfect credit or are launching new ventures, providing customized payment solutions that fit your needs.
Once you’re set up with High Risk Match, you’ll gain access to a dedicated account representative who is familiar with the specific needs of accounting and tax preparation businesses. From the very first consultation to ongoing support, your representative will be there to ensure your payment processing runs smoothly.
Why Risk Waiting? Get Started Today
Ready to take your tax prep or accounting business to the next level? High Risk Match makes setting up a merchant account fast and easy. Whether you need a custom package or help integrating with your accounting software, our team is ready to assist.
Contact High Risk Match today to get started!
- Phone: 1-877-242-2009
- Email: info@highriskmatch.com
Benefits of Choosing High Risk Match for Your Merchant Account
Choosing High Risk Match comes with numerous benefits designed specifically for tax prep and accounting professionals, including:
- Security & Fraud Prevention: Advanced fraud detection software and chargeback protection keep your transactions secure.
- Tailored Payment Solutions: Customized tools like recurring billing, virtual terminals, and online payment gateways enhance your payment experience.
- Compliance & Risk Mitigation: We ensure your business remains PCI-compliant and protected from common risks in high-ticket service industries.
- Comprehensive Integrations: Our payment solutions integrate smoothly with your CRM and accounting software, allowing for a seamless flow of information.
- Experience with High-Risk Industries: With years of experience working with high-risk industries, including financial services, High Risk Match is your trusted partner for secure payment processing.
FAQ
Why is tax prep and accounting considered high risk?
Tax preparation and accounting services often involve high-ticket transactions, MoTo payments, and service-based operations, which increase the likelihood of chargebacks and fraud, making them high risk in the eyes of banks.
How long does it take to get approved for a tax prep merchant account?
Approval typically takes between 3-7 business days, depending on your documentation and business profile.
What are the fees for tax prep and accounting merchant accounts?
While fees vary based on your business profile, High Risk Match works to secure the most competitive rates available for high-risk industries.
