With the current pandemic situation, most of the business has been shutoff such as gyms have locked their doors. Only half of the spaces are occupied by the customers as the scenario has completely changed from the previous time when people are getting busy with their coffee and stuff in the restaurants. But casinos are different since in the current pandemic there are various health hazards related to this business. Despite the warnings from the expert the customers are engaging in high-stake gambling. We at WebPays provide you with Casino Merchant Account that will allow you to have significant payment transactions.
The online casino business is primarily gaining a lot more attention since the game is attracting a lot more audience in the business. Different countries are concerned with getting different regulations regarding this kind of business. The risk associated with this business has become the reason for most of the banks and financial institution refuse to provide them with the merchant account facility. A casino merchant account is considered to be a high-risk business account. Many businesses offer online gaming on their websites. The gaming platform has become popular and there is a huge prospect for these businesses to grow and flourish.
The aspiring online gaming customer spends multiple hours playing games on the websites. They do it because they have become addicted to it. They find it cool and they have a thrilling experience enjoying these games and in winning virtual gifts and awards. While it has become so much important to accept credit or debit card transactions but online casino business is facing a huge challenge when it comes to accepting credit or debit card transactions. For successfully flourishing business, the most essential thing is to generate sales. If the merchant accompanying casino business doesn’t have any credit card processing solutions then how it is going to have a high volume of sales for their business. Online Casino Merchant Account will allow your business to have a high volume of sales for the merchants.
Since we have a year of experience in supporting online gaming merchants hence we know that the rules for this industry are very volatile. The brand association companies such as Discovery, JCB and other companies design the rules for these merchants. A merchant account requires a different gaming association to come together to approve a particular business account for business. Since the rules and regulations keep on changing hence a service provider will not ensure providing the casino merchant account for the casino business. It can also be said that we can help you get efficient payment processing for your business.
To apply for a merchant account facility you are required to submit an online application form with the approved KYC. Though it is not easy to set up a gaming business you need to ensure that you have a legal business that is associated with the corporate account. The underwriting team undergoes a comprehensive process of writing an underwriting for all kind of industries. IF everything goes well the service provider will provide you with the efficient processor that will allow your casino business to flourish successfully.
Merchants that are involved with this industry are required to accept other payment methods such as ACH and e-Checks apart from credit or debit card processing. Casino merchants also provide their customer with the flexibility to make payments over the phone or the website. A merchant is allowed to collect e-check information and convey the transaction information to the processor or the service provider.
The rate of the transaction can lie between 5% to 15%
Because the industry is a high-risk there will be a rolling reserve of 10% for 180 days. The processor may charge a monthly fee as well. Though the merchants are expected to have paid in a week but depending on the risk of the merchant the processor may hold it for 7, 14 or 21 days.
Merchant in this industry should be concern about having the chargeback ratio. Online casinos can use chargeback alert services.
Online Casino Merchant Account Solutions
There is n no. of solutions that merchant account can provide to online businesses. It will allow you to accept payments through credit or debit card. It will also allow you to have other significant benefits such as multiple currency factors, the high volume of sales and other benefits too. Here are some of the benefits listed below.
Secure transactions – We intend to provide various solutions for transaction processing. We intend to do secure databases, customer cardholders personal information, address verification and CVV authentication.
Fraud Detection Mechanism–We are providing the best tools that will allow you to protect against fraud and credit card scam.
Processing Tools and Software – Business account holders are allowed to process the major credit card transactions through their laptops and are allowed to deposit payments to their account.
Cost-Effective Solutions – We are interested in providing a real-time solution to merchants. The cost-effective solutions will help merchant save time and money for them.
Encrypted Data Protection – Service provider provides you with the secure servers that have high encryption standards to protect the personal information of the customer and other high-risk merchants. It also protects customers against all kind of scams and frauds.
Online Reporting – High-risk businesses have the flexibility of having online report transactions that are happening for their business. There is no. of business that can fall under such category such as Casino business, Tech Support, Adult and online gaming etc.
We are specialized in providing services in Casino Merchant Account as well as high-risk merchant businesses since we understand the importance of your business and allow your business to run successfully.
Read our another blog post : ACH Payment Processing For Ecommerce Businesses