Online Gambling Merchant Seeking a Merchant Service Account
Gaming Merchant Account: Online Gambling Payment Solutions
Credit card processing tailored for your online gambling merchant account Operating an online gambling platform requires a specialized gambling merchant account to facilitate deposits, payouts, and overall payment processing. The online gambling industry, like any other, has its share of bad actors, making conventional banks wary of engaging with businesses in this sector.
Why Choose High Risk Payment Processors?
Acquiring an online gaming merchant account can be challenging, but by complying with the necessary requirements, providing essential documents, and partnering with an experienced corporate services provider, your chances of approval significantly increase. Success lies in collaborating with a partner who understands the industry and can guide you through the complex application process.
High Risk Payments has helped numerous gaming businesses worldwide open merchant accounts for gambling companies in various offshore jurisdictions, boasting an impressive success rate.
In this article, we’ll discuss the process, intricacies, and challenges of establishing a gambling merchant account.
What is a Gambling Merchant Account?
A gambling merchant account is a credit card processing account designed specifically for online gambling companies. It enables the acceptance of deposits, payments, and facilitates payouts and player prizes, typically through an integrated payment processor on the website or app.
Gambling payment processing is considered high-risk for various reasons discussed later in this article. High Risk Payments, with over 23 years of experience, has been assisting online gambling operators in obtaining suitable accounts for their platforms.
Why is a Gambling Merchant Account Considered High-Risk? Gambling companies are deemed “high risk” by most banks for several reasons:
- The gaming industry presents a higher risk to the underwriter.
- Despite being well-regulated and organized today, financial entities remain skeptical due to perceived threats.
- Casinos and online gambling businesses experience high chargeback and refund rates, increasing the risk for processors.
- Higher turnover rates also elevate the risk for processors.
- Credit card processors often terminate online gambling merchant accounts when businesses can’t maintain a low (less than 1%) chargeback ratio, as they don’t want to be liable for any balances the platform can’t cover.
- Many gambling businesses are based offshore, raising concerns about money laundering and fraud.
However, obtaining legitimate online gambling payment processing is still possible.
Contact us to learn more about how we can help you establish a merchant account for your online gambling site.
Why Do I Need Gambling Payment Processing?
Online payment processing accounts are crucial for online gambling companies. They enable you to accept payments via credit cards and other popular online payment methods.
As a gaming provider, you must accept credit card payments worldwide, around the clock, while ensuring secure and efficient processing.
Contact Us for Your Gambling Payment Processing Needs
High Risk Payments can help you set up a gaming merchant account that covers all types of gambling, including sports betting, online casino, eSports, online poker, live betting, online lottery, live table games, online bingo, fantasy games, and all other games of chance.
As an online gambling provider, accepting payments via credit cards and other online payment methods is essential. That’s why you need a reliable online payment processing account that can handle your global transactions securely and efficiently, 24/7.
To apply for a gaming merchant account via High Risk Payments, there is no cost, but the minimum processing volume is €100,000. If your application is accepted, there will be set up or activation fees involved, and you’ll receive a detailed fee schedule for all your transactions. Our fees are transparent, competitive, and affordable, and we provide expert assistance throughout the process.
We require various documents to open a merchant account, including a gaming license, company certificate of registration, memorandum of articles of association or an equivalent document, register of shareholders, certificate of good standing, register of directors, certificate of incumbency, and a forecast of transactions. Additionally, all directors, officers, shareholders, and ultimate beneficiaries of the company must provide certified copies of their passport, utility bills, bank reference, professional reference, and updated curriculum vitae.
To keep your gaming merchant account in good shape, there are several actions you can take, including ensuring that your descriptor is clear, recording transaction details, sending automatic receipts, conducting customer satisfaction surveys, offering full refunds when necessary, and communicating effectively with your customers.
At High Risk Payments, we have decades of experience in online gambling and corporate services. We have developed strong relationships with processors and are committed to honesty and transparency.
Contact us today to learn more about opening an online gaming merchant account.
Industries We Serve
Our Process
Submit Your Completed MPA
Send us your completed and signed merchant application along with any necessary supporting documents.
Get Your Approval
Boarding and approvals take 3-5 business days depending on the account and needed documentation.
Integrated Payments
Once approved, we’ll provide you with hardware or payment gateway options for your high risk merchant account.
