Online gambling payment processing
Card providers for gaming websites
According to The Gambling Commission, online gaming and betting in the UK during 2016 contributed to 33% of industry market share. A large proportion of this was made up of sports betting, casino games and online bingo sites. Gambling and online paid gaming sites are more accessible than ever and, therefore, the need for merchant accounts to support the industry has also increased.
Online gambling merchant services
Online gambling, is commonly known as gaming within the merchant services industry. It is perceived as a high risk industry by the majority of card processing providers for several reasons:
Online gambling businesses have a high-volume turnover, which plays a part in the overall risk when an acquiring bank is assessing the complete profile of the merchant.
The majority of gaming businesses are based offshore – historically there have been cases of both money laundering and fraud within the industry.
If the business is a startup or new to the gaming business, the lack of credit and transaction history can put off an acquiring bank.
Online gaming payment methods
Operating in a high risk industry like gaming and online gambling doesn’t mean businesses won’t be able to secure a merchant account. There are several specialist high risk providers and at Merchant Advice Service we work closely with these when working through client payment process options.
Countries where online gambling is prohibited
Online gambling is prohibited is prohibited across a number of countries internationally. This means anyone with IP addresses trying to access gambling sites will be automatically blocked;
Every single businesses selling goods or services is given an operating code which corresponds with the nature of the company. Online gaming and gambling businesses are all coded under 7995 by both Visa and MasterCard and, therefore, the listed countries that ban gambling would automatically block users trying to when trying to process payments user this code as it falls outside of local law.
Gaming Merchant Accounts and Payment Gateways
Securing a merchant account for online gaming can be difficult, especially if you are a new business. There are a selection of partnering banks who will accept applications from newer gaming companies and save money for more established ones.
We can assist in gaming card processing in the following areas;
– Raffle websites
– Games of skill
– Sports books
– Penny Auction
To ensure your gaming application is successful the majority of providers will require six months transaction history, a business plan or accountants projections and the relevent gaming or gambling license.
As with most high-risk, higher turnover businesses we suggest that you have more than one merchant account working to support your site. Meaning that if you have been served notice by one gaming merchant account provider, the site can still accept card payments as normal using the back up account.SPEAK TO OUR GAMING EXPERTS
Finding a gaming merchant account
At Merchant Advise Service we specialise in both online gaming merchant accounts and online gaming payment gateways. Our team of experts in online gambling payment processors work closely with providers to ensure we can secure the best deal possible according to the needs of the business.
If you need merchant account advice for a business in the following areas, get in touch today for a no fee, no obligation quote:
- online gambling merchant account
- online gambling pay by phone
- online gambling payment gateway
- online gaming payment gateway
- online gaming payment processor
- online gambling payment processing
- online gambling credit card chargeback
With our range of online gaming and gambling payment options our experts can provide the right advise first time around, saving you both time and money.CALL US
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