Earn More Money, Get a Bail Bonds Merchant Account

Aug 06, 2015

Bail bond businesses can be surprisingly profitable. The industry is very lucrative. Within the past two decades, of nearly 750,000 Americans who are in jail at any given time, two-thirds were awaiting trial. This is close to 500,000 people. Interestingly, (of course only for merchants in the bail bond industry), 89% are usually there because they can’t afford bail.

Although there are no clear statistics on the matter, available data shows that even a few days in jail can wreck havoc. For instance, in Oregon, the cost per inmate is $234 per day. In New York, you can expect to pay double that at $460 per day. If you were to stay in jail for the whole year, you could be paying millions in bail.

Bail bond businesses play an important role in helping alleged criminals stay out of jail while arguing their cases. They make money by putting up funds for accused persons.

However, just as with other businesses, this type of business comes with several risks. For instance, you depend entirely on the people you fund to honor their obligations. If they don’t pay up or if they fail to show up in court a planned, then you instantly lose the money.

There are several ways used by bail bonds businesses to secure their trades. For instance, the businessman can get a contract with the accused person’s family and even demand collateral such as a house or other property to be put up as a requirement to complete the contract.

However, this is never enough. To be a successful bondsman, you need to be able to identify and filter out risks from early on. You should be able to see right through clients and swiftly determine whether or not they are worth investing in. The laws governing bondsman practice allows you to establish your own criteria to assess situations and grill applicants. Thereafter, you can turn away individuals based on factors such as past criminal history or if you think they pose a big risk.

Finally, every bondsman should consider opening a bail bonds merchant account. Banks typically shy away from bondsmen citing inconsistent cash flow. The industry is also known for frequent chargebacks – a trait that will quickly get your applications declined by traditional banks. This is why you need to open a bail bonds merchant account with a company such as EMB and start earning more money.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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