Depending on the line of business you own, will depend if applying for a merchant account is easy. Some business is considered high risk and this means that many merchant companies won’t offer their services.
However, there are some merchant accounts that deal specifically with high-risk businesses and will accept applications and even offer a bail bond merchant account, which is a high-risk business. The higher the risk of the business, this can sometimes mean the higher the fees that are charged.
It is important that you look into more than the first high-risk company that you find. There are alternatives and getting the best deal for your business is important.
Understanding the terms and conditions of a merchant account is important, check out some of these areas to compare the best prices on offer.
- Monthly fees, some companies charge a set monthly fee, others base the fee on the sales made during the course of the month; working out the best costs for your needs is important.
- Cancellation fees, if you close your merchant account beware of any fees that you might need to agree upon, before signing the contract.
- Compare the interest rates between different companies ensuring you have the best deal for your business.
- Ensure that the secure payment gateway is in the price you pay for your service accounts.
Offering business services to people who have found themselves on the wrong side of the law is important. It allows people to move forward with their lives until they need to appear before a court of law; the risk to the business is if that person disappears and doesn’t attend the court hearing, the money they have loaned on the bail bond is lost. Making the potential very high for risking money invested, however, this isn’t the only risk to the business. There is a high percentage of fraud in this line of work and the merchant accounts need to take this into consideration.
Therefore, even if you are looking to start a high-risk business there are options open to you, to allow applying for merchant accounts.
Contact us today to set up your high-risk bail bonds merchant account in as little as 48 hours!