HIGH RISK MERCHANT ACCOUNT SPECIALISTS
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The internet has paved way for casino gambling to be played online. Online gambling refers to any form of gambling game that is played using a computer or a mobile phone while using the internet. Websites or mobile applications are used to offer the games and get the bet from players. Online gambling games include a wide variety of games that can be played in real casinos such as poker, blackjack, roulette, and craps. Games like bingo, keno and even slot games are also available to be played online. There are even sites that offer online sports betting that is also a form of gambling which allows players to place bets on athletic competitions. Gambling is the fastest growing industry and is one of the most lucrative businesses present on the internet with many new players that are enticed to sign up every day. The players can use their credit cards, debit cards, electronic check, certified check, money order, electronic money transfer, and even cryptocurrencies to fund their gambling account and make bets or play games.
The online gambling falls into a gray area when it comes to legality. There are about 70 countries like Australia, New Zealand, South Korea to name a few where online gambling is legal and allow set up of online gambling sites. Some of the countries that allow operation of online casinos have very strict guidelines and regulations that ensure that they are operating legally making sure that the payouts are given to players who won the game and also check that the published odds match the actual odds that are programmed into every game. While there are some countries are not very strict with the regulations and are more interested in taxing the online gambling businesses.
The key to having a successful online gambling business is to get a merchant account and a payment processor that can help the business receive various payment forms including card payments. Conflicting laws on online gambling business make banks and payment processors not to want to deal with online gambling merchant accounts. Adding to that is the probability of having high chargeback that is due to frauds and even player remorse making the online gambling industry tagged as high risk. There is a greater chance of fraud for card-not-present transactions such as the purchase of online gambling funds that are made thru the website or mobile app. Getting online gambling merchant account is crucial for casinos because, without it, the business will not be able to accept and process both credit card and debit card payments. Online casinos need to allow the players to fund their account by charging their cards. Offering the customers the convenience to pay through cards can help the business achieve increased sales as many more individuals prefer to pay thru credit cards. Although it can be quite challenging to open up an online casino merchant account, it can still be achieved by preparing and planning well. There are several steps that an online gambling business should follow to be able to set up and maintain an online gambling merchant account that is needed to be able to do online gambling credit card processing.
1. Make sure to use secure channels during online transactions to prevent and fight friendly fraud. Merchants should also be proactive in taking security measures by recording and archiving details of every transaction including the exact date and time and have this data readily accessible in case needed.
2. Plug in an automated system into the website or app to detect changes in the betting behavior of a player and take the necessary actions should it be deemed questionable and shows signs of fraud.
3. Help players to have a clear understanding of the game by offering guide support and strategies to new players. This can help reduce potential chargeback that is initiated due to gambling loss of the player.
4. Make sure that the players clearly understood and are aware once they sign up for a recurring bill or other fees. This can help to avoid chargeback filed by customers who do not know or have forgotten that they enrolled for a membership and will be billed on a regular basis upon signing up.
As online gambling payment gateways are essential for the business it is necessary to get the right merchant account providers for the online gambling business because it helps improve the overall experience of the player and also bring additional benefits to the business.
1. Do a thorough research on several merchant account providers that specializes in providing services for online gambling businesses. Services and fees must be studied and compared.
2. Competitive and fair rates to allow the merchant to achieve success in the industry. A release of payouts schedule must be included in the agreement and must be followed without delays.
3. Check also if they can provide a seamless web-based transaction process for the customers. The payment gateway must be without interruption.
4. The merchant must also take into consideration that the chosen provider must be able to give a reliable customer support.
5. Advanced risk management and fraud detection tools must also be offered by the provider as additional services. The payment gateway must be fully secured and also PCI-DDS compliant.
Once evaluated, the merchant may now follow the application procedure to open up the online gambling merchant account. The process of application can be summed up as follows.
1. Filling up the application by providing the necessary information such as Doing-business-as name, current payment processor and acquiring bank if there is any and also preparing the necessary documents and requirements.
2. Waiting for the result f the review of the underwriter with the merchant’s application.
3. Once approved, the merchant must wait for the notice to be able to start using the included in the agreement.
iPayTotal offers Gambling merchant accounts with competitive rates through an acquiring banking partner specializing in solutions for high risk industries. Speak with one of our merchant account manager directly at +44 800 776 5988, or get in touch with us through our website.