Are you in the bail bonds business? Recent legislation in the bail bonds industry has made it even more difficult to turn a profit. States like New Jersey, California, New York and others have put the reigns on how bail bondsmen find clients and make money. If you deal in bail bonds, you need a merchant account to enable a variety of fast and simple payments to counteract any legislation that may cut into your profits. Unfortunately, the bail bond business is yet another industry that banks and traditional payment processors try to avoid. Luckily, online payment processors like EMB see the value in your business and offer premium services to expand profits.
Banks avoid doing business with bail bonds merchants because they are considered a “high risk” merchant. Even though the Federal Deposit Insurance Corp (FDIC) withdrew the list that designated certain merchant types as high risk, most banks and major payment processors still treat businesses that were on the list unfairly; charging excessive fees or difficult contract terms.
Bail bonds businesses are seen as high risk due to concerns with inconsistency of cash flow. Although people are consistently going to jail, they may not always post bail. And even if they do, some use credit cards to pay for bail and then dispute the charge once they get out. Oftentimes, these chargebacks are granted and the money for bail is given back to dishonest cardholders. As a result, most banks will bypass working with even the most profitable bail bonds merchants in exchange for low risk and consistent returns.
EMB knows how to navigate the high risk industry, and has the tools and support to protect our bail bonds merchants. It all starts with our easy application process. In as little as 48 hours, we can get your bail bond merchant account set up and ready to go with low rates, no set up fees and 24 hour service.
Our requirements are simple: keep your chargeback/dispute rate less than 3% and we’ll get you a bail bonds merchant account that enables debit/credit card transactions, check transactions, electronic checks, and more. Once all proper documentation is received, we can get your account approved in as little as 48-72 hours.