There are different options bails bond companies can use to collect the money owed to them by the defendant, in exchange for posting their pay. In today’s electronic age, while cash is still accepted, most people will want to pay with a debit or credit card. To accept debit and credit card payments, these companies will require a bail bond merchant services.
Setting up a merchant account can be challenging as most banks and financial institutions view bail bonds businesses as high-risk accounts. In fact, many debit and credit card processing and bail bond merchant services provider have been discontinuing merchant account services for this type of business. Those that continue to offer solutions tend to do so by placing the business in a high-risk category.
Being classified as a high-risk business means the fees charged to process credit and debit card payments cost more, although the increased fees are often worth it to the business owner because it enables them the flexibility to offer a wider array of payment options for their clients and customers.What Do Bail Bonds Company Do?
Bail bonds men and women offer a valuable service for those arrested and charged with criminal activities. Once the accused has been granted bail by the court, rather than paying the full amount, they can contact a bail bonds company for assistance. Typically, most bail bonds operations require the defendant to pay a minimum amount of their bail, and, in return, they will secure their release from jail.
However, there are risks bail bonds men and women take to help people secure a release from jail. To help offset these risks, most bail bonds companies will keep at least 10% of the money paid to them, regardless of whether the defendant shows up for court as promised. In the event the suspect fails to show up for court, the bail bonds company does not always risk losing any bail they paid to the court.
Rather, the court will make the suspect fully responsible for the entire amount of the bail, issue a warrant for their arrest, and may even retain the services of a bounty hunter to return them to custody. All the bail bonds man or woman does is pay any excess amount collected above their fee to the court.
For instance, the court sets bail at $500 for the defendant to be released from custody. The defendant contacts a bail bonds company, which requires a payment of $100 to secure their release. In the event the suspect skips town, the bail bonds company would keep $50, pay $50 to the court, and then the court would hold the suspect fully responsible for the remaining $450.
As such, the risks of chargebacks are often not much of an issue, in most cases, but can still be cause for concern since bail bonds companies are dealing with those involved in criminal activities. If you are having problems getting a bail bond merchant services for your business, help is available from us, here at Leap Payments. Contact us at (800) 993-6300, now, to learn more about how our merchant account solutions can benefit your business.
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