Recently, there has been a steady increase in the need for high-risk merchant account bail bonds payment acceptance. Between 2015 and 2020, the bail bonds industry rose by over 1.8%, totaling more than $2.3 billion in revenue. These are astounding figures that will only continue to scale. Despite the industry’s growth, finding a reliable high-risk bail bonds payment processing company that is both affordable and reliable can be challenging.
The real issue may stem from the reality that merchant account providers rarely auto approve high-risk merchant account bail bonds applications. Credit card processors use various banking solutions to process transactions, and the acquiring bank your processor uses is the one that ultimately approves or declines the merchant account. A majority of merchant service providers have established partnerships with traditional banks that do not deal with high-risk transactions.
Ultimately, your best high-risk bail bonds payment processing solution gets determined by your ability to locate a merchant service provider that caters to your specific business type or the bail bonds industry in general.
Hard to Place Merchant Account Payment Solutions
SecureGlobalPay has the experience and knowledge necessary to manage high-risk merchant account approvals and process bail bond credit card transactions. If you run a typical business like a bail bond agency, it’s not just important to make credit card payments over the phone, you need to be able to do so in person as well.
Accepting high-risk online transactions allows companies to make large transactions easily and saves them time and money. Bail bonds are big business, so the bail bond agent’s responsibility is to safeguard client payments.
This is why they need a payment processing solution that is reliable, safe, and effective. Due to the apparent nature of the sector, many businesses find it challenging to even get approved, let alone process high-risk merchant account bail bonds payments.
Avoid Difficulties That Come with Opening High-Risk Bail Bond Merchant Accounts
If your company deals in the bail bond industry, you might find it challenging to establish a merchant account with some banks and financial institutions. Banks avoid bail bond companies altogether, partly because of concerns about unpredictable working capital and the risk of chargebacks.
As experts in the bail bonds market, SecureGlobalPay will get your application approved and set up the ideal credit card processing merchant account solution to meet your organization’s specific requirements.
Have You Ever Been Accused of Taking on Too Much Risk?
Although bail bond agents provide a much-needed service, the sector is still considered high-risk. This means that you have limited options for taking payments from customers; despite the advantages, you may provide to clients convicted of a crime.
However, the reality is that there’s an element of danger involved in the bail bond sector called friendly fraud. When a client incorrectly charges back their payment due to a communication or family-related issue.
Alternatively, there’s the risk that the accused may not appear in court, may default on the payment, or will purposefully chargeback the payment for services.
Several bail bond companies have experienced sudden termination of their merchant accounts and have received inconsistent or mistake-ridden services. Others have had to leap through additional hoops to change service providers.
SecureGlobalPay is by your side throughout the process and will help you prevent chargebacks and fraud. The bail bonds industry is full of risks, but SecureGlobalPay is here to help. We understand how important it is to provide reliable and robust payment solutions for a risky business.
Our team has over 25 years of experience working with high-risk industries, including bail bondsmen and bail bonds service providers. We’re always providing instructions on how to stay compliant with regulations and avoid fraud. We understand the importance of your chosen industry and are able to answer any questions you may have down the road.
What You’ll Need When Opening a Bail Bonds Business Merchant Account
A merchant account for bail bonds can seem like a struggle when dealing with other processing companies. You could be required to jump through a few hurdles to get approved. You could also spend excessive time waiting for approval, that may never happen. Furthermore, you will be required to submit the following documents along with the application form:
- Bank statements from the last three months.
- A copy of the voided check or bank letter.
- A verified driver’s license from the United States.
- Three months’ worth of processing statements.
- The website’s privacy rules are well defined.
- The EIN number of the business or the SSN of the owner.
- Chargeback ratios of less than 2% are desirable.
Putting these together might feel like an onerous responsibility, especially when you’re working long hours to operate your company daily. We at SecureGlobalPay make every effort to ensure the process is as simple as possible. From the application process, through underwriting, approval, and integration. We understand that other payment processors have abandoned you. However, our bail bonds credit card processing professionals will assist you in getting approved.
Our mission is to offer you reliable bail bonds merchant services and unparalleled customer service to help assist with your operational processes.
Create a High-Risk Bail Bond Merchant Account Today
With SecureGlobalPay, creating a bail bond merchant account is straightforward. We specifically designed our credit card processing services to meet the demands of your particular business. With the bail bond program, you can lower your chances of fraud and chargebacks while remaining compliant with industry rules.
We are always here to provide you with the best one-on-one assistance whenever you require it. Find answers to your account-related issues, courteous advice on credit card readers, and the most effective methods of implementing your credit card processing account. Choose SecureGlobalPay today for your bail bonds payment processing needs!