Bail Bondsman Business Merchant Services

• Fraud: Bail bond companies have a much greater risk of experiencing fraud or working with individuals who have no intentions of paying for services rendered.
• Chargebacks: Bail bond companies and services are also at risk for a higher chargeback rate. Traditional banking institutions and merchant account providers are more likely to turn companies with higher chargebacks away due to their risk.
• Reputational Risk: Some banks don’t like to support less-than-perfect industry types, and bail bonds is one of those industries. Unfortunately, the brunt of this risk is felt on behalf of the bail bondsman payment processing account

Risks of Standard Payment Processors

If you get a merchant account with a traditional bank, you put your business at risk of closure. Many of our bail bondsman merchants come to us because they have had their accounts shut down by other processors due to their industry type. Tier one banks use auto-approval techniques to onboard their merchants and don’t underwrite them according to their risk. This leaves high risk merchants at risk of being found and shut down, sometimes days or weeks later.

Some of the most popular payment processors include Stripe, Square, and Braintree. While these payment processors are well-known, they do not typically work with high risk industry companies. Even if you currently have an account with a standard payment processor, you run the risk of encountering the following issues at any time and often without warning:

• Processing Payments: If your account is determined to be high risk, you may no longer have the ability to process payments or collect money owed to you. Your account may be shut down for violating the processor’s terms of service as well.
• Payment Holds: If your business is shut down because of its high risk status, your revenue will immediately stop and your funds can be held for up to 6 months. This may happen without warning and can throw a big wrench in your business moving forward.
• TMF List: In addition to everything above, if you have been found to be in violation of terms of service, your business can be added to the Terminated Merchant File. A spot on this list prevents your business from getting another merchant account or accepting payments for up to 5 years.

Why You Need High Risk Merchant Services for Airlines

Before you collect any bail bond payments online from clients, you need to apply with a high risk bail bondsman credit card processor. This way, you have a secure bail bond payment gateway that can accept all types of online card payments.

A merchant account designed for bail bonds is extremely useful because of the payment processor’s underwriting and risk mitigation procedures. Avoid the risks of using a standard payment processor by applying for a high risk merchant account that is right for your business.

Steps To Approving Your Bail Bondsman Business

Applying for an online bail bond merchant account is possible once you have researched and compared your payment processing options. Along with standard banking information, credit score history, and your personal information (SSN or EIN), you will be requested to share the following:

• History of Sales/Chargebacks: Proof of sales and your current chargeback rate may be requested (if available).
• Website: Your current eCommerce store or setup will be required to ensure that you are compliant and fully operational.

Working in the bail bondsman business is not always easy, especially as the industry is rife with risk. Whether you provide consultation services for individuals in need of a bail bond or if your company provides the bonds themselves, working with a bail bondsman credit card processor is a must. With the right bail bond payment gateway, you can streamline the transaction process, collect continuity payments, and scale your business efficiently.

Partnering with a Credit Card Processor you can Trust

Here at Easy Processing, we are able to support the bail bondsman business and support their industry type. With hundreds of integration possibilities and individualized help, we make the onboarding process as easy as possible for our merchants. If there are any questions about the application, onboarding, or after integration, your dedicated representative will be available directly. Allow us to walk you through the process and begin accepting credit card payments for your business.