What’s the bail bond business? It’s simple. An individual gets arrested for a crime. A judge sets his/her bail or the money he/she has to pay if he/she wants to be released before his/her court date, which may make up 15 thousand dollars.
The individual gets the money back if he/she shows up at court when he/she is supposed to. Otherwise, he/she will lose the money. However, the majority of defendants don’t have 14-15 thousand dollars on hand, so they have to turn to a bondsman. Bail bondsmen earn their income from the bond posting fees charged to clients.
The Bail Bonds Business in the US
The deaths of several people who weren’t able to post bail after being arrested show how bail requirements make many Americans be unable to get out of jail. That’s the reason why many low-income people awaiting their trial turn to a bail bonds operation.
The thing is that the median bail for a felony arrest is $10.000. The majority of arrested individuals and their families are unable to pay the sum.
According to the nonprofit Color of Change and the American Civil Liberties Union (ACLU), nearly 70% of individuals currently in jail aren’t yet convicted of a crime. Moreover, the share of individuals arrested who had to post money bail increased from 37% to 61% from 1990 to 2009.
If you’re involved in the bail bonds industry, and need a reliable and low-cost bail bonds merchant account, it’s critical to turn to a reputable payment processor in the field. With a respectable merchant account services provider, you can enjoy the best payment processing solutions geared to your own specific business wants and needs.
The Bail Bonds Industry in the US
The bail system is called to make it less possible for an arrested party to inhibit the legal process, usually by not showing up for court or fleeing the area. People usually associate bail bond services with small storefronts that can be found in poor communities across the country. In fact, many of them are run by large global insurance companies.
In general, the bail bonds industry is lucrative and fairly concentrated. Though you can find over 25.000 bail bonds companies in the US, only around 10 insurers are on the hook for underwriting the bulk of the $14 billion in bonds issued each year. Overall, the industry accounts for about $2 billion in profit a year.
Author Bio: Electronic payments expert, Blair Thomas, co-founded eMerchantBroker in 2010. His passions include writing/producing music, and travel. eMerchantBroker is America’s No. bail bonds merchant account company, serving both traditional and high-risk merchants.