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Tax Prep and Accounting for a Merchant Account
When you’re involved in accounting and tax preparation, your goal is to assist as many clients as possible. This is true during the hectic tax season and throughout the rest of the year. To accommodate this, you’ll need an accounting tax prep merchant account capable of processing credit card payments. However, securing a credit card processing provider can be more challenging than expected. Traditional banks often reject applications from businesses in this sector because it is deemed high risk or hard-to-place by acquiring banks.
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Read what our satisfied clients have to say about their experiences with us.
Hell yea
mason smithSeptember 15, 2023
Great service with amazing employees to work with. Very happy with my POS system.
Savyour KhoshiJanuary 15, 2024
Donovan came in and set us up and was able to beat our current rate. We have been with midwest for a year and will never switch to another processing company.
Patty VazquezJanuary 15, 2024
Why Accounting Merchant Accounts are Considered High-Risk
Tax preparation and other financial businesses are often considered high-risk for several reasons:
First, they frequently accept Mail Order/Telephone Order (MoTo) payments, which are less secure than in-person or online transactions, lacking robust safeguards against fraud. Consequently, acquiring banks usually prefer businesses that operate physical locations or sell tangible products, making it challenging for tax preparation services to secure payment processing support.
Second, businesses like CPAs and tax preparers typically have high average ticket sizes, often in the hundreds of dollars, combined with fluctuating income throughout the tax season. This variability makes banks cautious and often reluctant to engage.
Third, these businesses primarily offer services, such as student loan consolidation or debt counseling, which attract clients with debt issues or poor credit histories. This situation leads to higher incidences of chargebacks and fraud.
Despite these challenges, specialized high-risk payment processors understand how to assess and mitigate these risks effectively. This enables businesses to establish merchant accounts with credit card processing solutions that support growth.
Partnering with a Trustworthy Credit Card Processor
At Midwest Merchant Services, we are committed to offering secure, PCI compliant, and straightforward solutions for processing all types of credit cards, including Visa, MasterCard, and Discover. Enhance your business capabilities with our integrated online gateway and in-store terminal options. Get equipped with our fraud and chargeback mitigation suite to ensure that every transaction is processed and tracked from input to deposit.
Seamless Integration with Your Accounting Software
Platforms like QuickBooks, FreshBooks, and Zoho Books are invaluable tools for your accounting business, but their effectiveness hinges on the quality of integrations you can implement. Establishing a merchant account can unlock numerous features to streamline your accounting tax prep business, such as automatic invoicing, payment reminders, digital recording, and inventory management. At Midwest Merchant Services, we recognize the importance of these software solutions and are dedicated to ensuring compatibility with each of these platforms to enhance your operational efficiency.
Support for Every Step: Launching Your New Accounting Business
Even if you don’t have the best personal credit or are starting a completely new accounting business, we have the capacity and proven track record to get your company operational. At Midwest Merchant Services, we have over 30 senior account representatives available each day to answer your questions and provide valuable support, because we are committed to your success. Once you begin the process of securing a merchant account to process credit cards, you will be assigned a dedicated representative who specializes in meeting the specific needs and wants of your business type.
