Facing Issues To Accept Payments? Bail Bond Online Payment For Profitable Venture
Bail Bond Businesses are a very lucrative business for an entrepreneur who wants to open his own Bail Bond Agency. Either they buy a franchise or start from their own, the business has huge potential. Bail bond agents are almost particularly found in the United States of America. According to the report of IBISWorld, the bail industry generates over $2 billion annually with a 2.7 per cent growth from the period of 2011 to 2016. There are over 24000 bail bond businesses in the USA alone who are employing over 29000 people. If you also want to get started and make good use of the immense potential, then you may face challenges when it comes to Bail Bond Online Payment Solution. It is very crucial for any business to choose the right payment processing solution.
Well, we at quadrapay, can be the right choice to opt for merchant services. We have partnered with processors from the USA, Canada, European Union and others top of the line partners who can help you with one of the best digital payment acceptance methods. Stay connected and keep reading to know all about Bail Bond from scratch and why the industry is flagged as high-risk industries?
What Are The Bail Bond Services In The Us Or Other Nations?
In the US, the defendant can be released from jail by paying bail. The relaxation will be until the next date when he has to be present again in court. A bail is an amount that a defendant has to pay to the court to get released from jail. But sometimes, the bail amount is much that a defendant can’t afford to pay. In this case, the defendant approaches a bail bondsman or bail bond agent for a bail bond. A bail bond is a surety bond or pledges for money provided by professional bail agents or bail agencies to ensure that the defendant will appear in court as dated. If the respondent fails to appear in the court, the bail bond is forfeited, and the bail agent has to pay the remaining bail amount. This is the biggest risk involved in the Bail bond industry.
Why Bail Bondsman Requires Online Payment Solution?
The answer is pretty simple; let say a defendant approaches a bail bondsman to seek help or a bail bond that can help him to be released from jail. The defendant must have to pay a percentage of the bail amount to the bail agent to get a bail bond. Usually, 10% of the amount is paid to the bail agent by the defendant, and the rest is paid as collateral. To accept that 10% of the bail amount, a Bail Bondsman requires an online payment solution because cash payment nowadays is not convenient. After collecting the payment, the bail bond is issued. But in case the defendant is unable or not willingly present in the court as dated, the rest of the bail amount has to be paid by the bondsman. They do so by selling the collateral they have collected by the defendant. But due to the risk involved, the bail bond business is flagged as High-Risk. Keep reading to know the more factors of the business being high risk and how to mitigate the risk.
Is It Easy To Get A Bail Bond Merchant Services If The Business Is Labelled As High Risk And How To Mitigate The Risk?
As we have seen, these businesses involved potential risk due to misleading defendants. There are more reasons for being a high-risk business. The business is prone to huge chargeback and due to inconsistency of cash flow between the bondsman and defendant. A high-risk merchant account is one of the best solutions for bail agents. Many processors during underwriting, estimate the risk and reject the bail bond business. And even there are very few processors who deal with high-risk industries.
Are you a merchant looking for high-risk merchant services which help you to accept payments from your customers or defendant? Don’t worry, though there are very few processors who approve high-risk business and we are one of them. Our partner processors approve almost every business and help them to accept payment online. There are many payment processing solutions like credit card processing for your retail agency, eCheck/ACH, Portable merchant services or Virtual terminal solution. There are hundreds of payment instruments which help you to accept payments.
We also help you to mitigate most of your chargeback risk through our Chargeback alerts solution. It helps you to reduce your chargeback ratio and ultimately increase your sales or service. It also helps you to maintain a good credit history.
Insurance Policies Needed To Run A Bail Bond Agency
Insurance is a very crucial part of any bail bond industry, especially when you are doing business in the USA. If you are also starting a bail bond agency, do have insurance to protect your business in case of any disaster. The insurance will be worked as backend support oy your business.
There are various insurance policies a business can consider in order to start his bail bond business. You can also take the help of an insurance agent if you are not sure which insurance will best suit you.
- Workers’ Compensation Insurance
- Payment Protection Insurance
- Business Owner’s Policy Group Insurance
- General Insurance and there are a lot more you can research on.
Documents Required To Run A Bail Bond Business Which Also Helps You While Applying For Bail Bond Online Payment Solution
To get started to form your Bail Bond Agency, having the right approach and legal documents will reduce a lot of your hassle. The document not only helps you to open your online bail bond agency but will also help you while applying for a merchant service from our processor’s partners. The document may vary with the nation to nation, but these are the general documents which would be required.
- Certificate of Incorporation
- Business License
- Contractual Agreement
- Driver’s License
- Bail Bonds License
- Insurance Policies
- Non-Disclosure Agreement
- Employment Agreement
- Federal Employer Identification Number (FEIN)
- Taxpayer Identification Numbers (TIN)
Apart from the above documents, if you apply for the payment processing solution, we would ask you some more financial documents like:
- 6 Months Bank Statements (most recent)
- 6 Months Processing Statements if any.
- Merchant Application
- Void Check
- A thriving Business Plan
Why Choose Quadrapay For Bail Bond Payment Processing?
- We help in Onboarding of almost each and every merchant from different industry-types.
- High-Risk Merchant services
- 25+ Processing partners.
- 50+ nations Supported.
- Robust Multi-currency gateway.
- Fast Approval
- 24×7 Customer Support
Apply Today! Get robust, reliable and secure merchant service which helps you to accept credit/debit card payments with ease.
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