Online Gambling Merchant Account
May 16, 2023
An online gambling merchant account isn’t easy to come by. Sites like Cardgames io, Replay Poker, and San Manuel Online Casino all have something in common; they work in a unique niche. It’s all fun and games until your customers can’t make payments on your site.
Beyond industry risks, this industry sees higher levels of fraud and chargebacks when processing payments. It’s a good idea to have tools to monitor and prevent these issues before they harm your site. They’ll help keep your gambling payment processing stable and secure.
Online Casino Merchant Accounts
If you are in this industry, be sure your business is set up to accept payments through an online casino merchant account. Being able to detect fraudulent activity is a valuable asset for businesses in high risk environments. Online gambling businesses usually encounter high amounts of credit card chargebacks because of claims of fraud, high ticket items, gambling laws, and government regulations.
Factors such as industry, location, and even the clientele can and will land your business in the high risk business category. PayKings has payment solutions for online gambling merchants that are efficient and sustainable.
Processing Fees for Online Betting
As you’ve read thus far, the stakes are very high when considering starting a profitable online gambling site. You have to play to win. Processing fees and competitive rates are usually higher than what traditional banks charge low risk merchants.
Traditional banks don’t have the underwriting capabilities to offer merchant accounts to online poker or other types of casino skill games. PayKings is able to provide secure solutions that make it easier for our online gambling merchants to buy into our payment gateway services.
Gambling Merchant Account Regulations
PayKings does not partake in blind betting on businesses within this industry. For example, businesses in the fantasy sports industry that have a “Legal Opinion Letter” have more leverage as a merchant. A gambling license that says that they can gamble in that country is critical.
Banks typically like to work with online gambling merchants that stay within the traditional high risk chargeback threshold which is below 2%. We are not in a position to work with start-up businesses in this industry, however, we may obtain payment options that meet the needs of those looking to get started in online gambling in the future.
How to Pick a Payment Provider
PayKings is the best alternative to payment processors like, Paypal, Square, and Stripe who regularly shut off and do not allow online gambling merchants to process payments. Reach out to us even If your payment processing needs are currently being met. We compare rates to see if you’re being charged a fair amount for this type of account.
PayKings is sensitive to the unique needs of online casino-related businesses. We have since established many acquiring banking relationships to become experts in getting online gambling merchant accounts accepting online payments. We want your business to prosper and succeed in the long term. Luckily, we have the means and the know-how to make that happen.
May 16, 2023 | Merchants | Dustin