Thursday, March 16 2023
If your business deals with bail bonds transactions, then you know the struggle of finding an affordable, trustworthy merchant services provider. While many merchant services providers won’t open an account for bail bonds transactions or provide reasonable rates, we offer bail bond merchant accounts at affordable rates that open up a new world of possibilities for your bail bond business. If you’re looking for a bail bond merchant services account that will respect your profession and provide you with reasonable rates for merchant processing then we are the right partner for you.
In the past, the bail bonds industry has been looked down on as an industry that didn’t have high enough cash flow to supply with a merchant processing account. However, over the past five years the industry as a whole has taken form and taken leaps forward in various phases of the business. For starters, the bail bonds industry continues to rise in annual revenue, providing a proven track record of success to tap into and rely upon.
While many view the bail bonds industry as tricky due to the loss ratio, the past five years have actually proven the opposite. Over this time, it has been proven that it actually has a very low loss ratio. This is mostly due to the ability of bail bonds businesses to use any means necessary to ensure that their defendants show up in court on the day that they are supposed to. This means that very few of the bonds actually end up delinquent, increasing the margin of the bail bonds business and making it much more friendly an industry than previously thought for merchant and banking services.
Another factor contributing to a case of safety when it comes to bail bonds is that people continue to use the services at an increasing rate. Personal savings’ are lower than ever, making it more necessary for bail bonds services to be used upon incarceration. This increases the cash flow and makes bail bonds a very attractive industry to invest in when it comes to merchant services.
In the past, bail bonds businesses have operated on a strict cash-only basis. This was due to the fact that almost no bank or merchant processing company has been willing to offer them a processing account in the past. However, that is changing as bail bonds businesses become larger, want to expand, and feel as though they can increase their operations by partnering with a merchant processing company.
Even with the improvement in the prospects of the industry in recent years, bail bonds are still well within the definition of being considered a high-risk business. But that doesn’t mean that they don’t have options when it comes to merchant processing. Bail bonds companies can use a high-risk merchant processing company to process their transactions and while their credit card processing fees will be higher, they will also be gaining a partner that can help them conduct their business in a professional and more efficient way.
If you are going to accept payments as a bail bonds company, then there are some very valuable tools that you will want to have access to to improve your margin and make it easier to be successful with processing payments. The first of these is a chargeback fighting tool, which reputable merchant services companies frequently offer. Since merchant services is a very high-risk business dealing with a lot of people that have a high potential to not pay what they owe, chargebacks on credit cards used at a bail bonds service are quite common. When a chargeback occurs, it is generally assumed that the transaction is going to be invalid. However, a business might be able to block these funds from being reversed with the right tools. With a suite of chargeback fighting tools, you can increase your chances of blocking a chargeback reversal and losing money on the transaction.
Another tool that bail bonds companies will want to have is a fraud prevention tool. Dealing with chargebacks and lost money is never fun, and the best way to combat it is to stop the transaction in its tracks before it even happens. When you are able to identify a fraudulent transaction before it occurs, you are not only saving yourself the cost of the transaction, which has a high likelihood of being overturned anyways, but you are also able to save your business the time it takes to fight a chargeback such as this.
If you want to enjoy success as a bail bonds company, then working with a merchant services provider that offers these benefits is paramount. As an industry that is more vulnerable to fraudulent activity than perhaps any other industry, finding a partner that offers the tools you need could be the difference between success and failure as a business.