Casino Merchant Account and Gambling Payment Processing
Gambling payment processing
If you are planning to organize an online gambling platform, you will need a trading account for gambling.
Gambling payment processing is an integral part of your business – without it, you will not be able to accept deposits or make payments.
The online gambling industry is very extensive, and there are unscrupulous participants in it, as in other industries.
Therefore, ordinary banks are somewhat skeptical of those who work in the gambling business.
It is not so easy to get a trading account for online games, but if you comply with all the requirements and provide the necessary documents and information, as well as contact an experienced corporate service provider, then the chances of your trading account for games being approved are extremely high.
The key to success is working with someone who is well versed in the industry and can help you navigate the complex application process.
What is a Gambling Merchant Account?
A gambling merchant account is a credit card processing account specifically designed for online gambling companies.
It is designed to accept deposits, payments, as well as to facilitate payments and prizes to players.
As a rule, it is associated with a payment processor integrated into a website and/or application.
Why is a Gambling Merchant Account Considered High-Risk?
Most banks classify gambling companies as “high-risk”. This is due to several reasons, which we will list here.
- Gambling is considered to pose an increased risk to the insurer, therefore it is considered high-risk.
- Although online gambling is very well regulated and organized today, some financial organizations still believe that certain threats exist. Over time, they will probably become more aware of this industry and will be more trusting of online gambling providers.
- Casinos and online gambling establishments tend to have high rates of refunds and refunds, which increases the risk that the processor is exposed to when processing credit card payments.
- In addition, they have higher staff turnover, which increases the risk for processors.
- Credit card processors often close trading accounts of gambling enterprises if they cannot maintain a low (less than 1%) repayment rate. Processors do not want to be responsible for the balances that the gambling platform cannot cover.
- Many gambling companies are based in offshore zones, which raises concerns about the possibility of money laundering and fraud.
This does not mean that it is impossible to get payment processing for gambling on the Internet. It is possible to get legal accounts for processing payments that will serve your gambling site. Contact us today for more information.
What is a Casino Merchant Account and why is it needed?
A specialized trading account connected to the online casino website. Unlike a regular account, it is equipped with a reliable payment processing solution that protects both the customer and the seller.
Gambling operations are carried out under a special code MCC – 7995, it was created to service all operations, except operations using an ATM, including the opening of bets, the purchase of lottery tickets, tokens, chips and other goods in exchange for cash, by institutions such as casinos, card houses, etc.
Need a merchant account for gambling?
Contact us and we will definitely help you to get a legal payment solution for your project as soon as possible.
We have established strong and reliable relations with acquiring banks around the world, which will allow us to provide you with the most favorable conditions.
Benefits of Casino Merchant Account for individuals
Despite the fact that some acquiring banks provide services for casinos, banks have a mandatory KYC procedure and verification of the client’s credit history and deposits – this becomes a long and tedious task, leading to a delay in the processes of the entire business.
Payment gateway providers offer express solutions for onboarding a client in a casino, and also help to accept VISA and Master Card credit cards and process all types of transactions quickly and efficiently, being the best alternative among other online payments such as cryptocurrencies or electronic wallets.
A high-quality trading account should have a number of advantages that allow casino owners to effectively manage their business:
- Standardized and secure transaction processing will help prevent fraud on the internet.
- The possibility of offshore processing of credit cards offered for casino trading accounts helps to expand the geography of the business.
- Secure and encrypted SSL servers that provide additional protection against fraud.
- Access to view reports on all types of transactions.
- Multicurrency transactions and electronic money processing.
- Operational customer support.
- The ability to integrate a shopping cart, a form or a payment button with the casino website, which is convenient for its customers (the ability to top up the account without leaving the site).
- The ability of offshore casinos to accept debit/credit cards of all types, such as MasterCard, Visa and others.
Tariffs for Casino Merchant Account
Wellcoinex provides fair and competitive rates for services to connect such an account from 4%.
MDR rates, as in other areas of the payment industry, are determined individually depending on many factors, which include the type of the seller’s industry (high/ medium/ low risk), monthly sales (turnover), previous acquiring history, the jurisdiction of the company and the beneficiary.
In the case of start-up projects and sites with bad reviews, the % commission for acquiring before confirming positive statistics will be overstated.
According to the above, you have seen the dependence of tariffs, and how they differ in the depth of risk.
Please note that in addition to general fees, such as transaction fees, conversion, and refunds, the payment gateway provider often also freezes part of the funds (Rolling reserve) in case the online casino client decides to carry out the chargeback procedure (full refund of completed transactions).
Gambling Payment Processing Requirements
There is no unambiguous list of documents required to open a trading account for online games. The requirements will vary depending on various factors.
However, we can give you an idea of what will be required. To get started, you need to provide the following:
These are the requirements for opening a trading account.
Please note that additional documentation may be required on a case-by-case basis:
- Fill out the application form
- Provide a copy of the gambling license
- Company Registration Certificate
- Foundation agreement or equivalent document
- The register of shareholders dated the last 3 months and signed by the director of the company
- Certificate of good reputation
- The register of directors dated in the last 3 months and signed by the director of the company
- Certificate of non-criminal record or equivalent document
Provide a forecast of transactions, including the estimated number of transactions, the average cost per transaction, the total volume, the main geographical locations of cardholders and the processing history (if any).
In addition, all directors, officers, shareholders and ultimate beneficiaries of the company must provide the following documents:
- A certified copy of the passport. In some cases, the bank may require that it be apostilled by the country of origin.
- A certified copy of the utility bill as proof of the address of residence, containing the full name and full address of residence (issued within the last 3 months). These include bills for electricity, water, fixed telephone line, fixed Internet, as well as bank statements or official government correspondence. Mobile phone or mobile Internet bills are not accepted.
- You also need a certificate from the bank in the form of a letter on the official letterhead of the bank. As a rule, it contains information about the duration of the banking relationship (at least 2 years), the nature of the existing accounts, as well as whether the account holder is a bona fide customer. This letter must have been issued within the last 3 months.
- A professional letter of recommendation (issued within the last 3 months) of a characteristic nature from a lawyer or accountant whose client the shareholder has been for at least 2 years. Account holders can also provide a second bank statement from another bank.
- Updated resume (Curriculum Vitae), signed properly
How Can Wellcoinex Help Me?
Wellcoinex company has been working in the field of online gambling since the inception of this industry.
During this time, we have accumulated a wealth of practical experience and knowledge in the field of corporate services, online gambling, licensing and opening bank accounts for customers.
Entrusting us with assistance in obtaining a trading account is a reasonable step for an online gaming operator.
We have a long-standing relationship with processors, which we have strengthened through our commitment to honesty and transparency.
To learn more about opening a trading account for online gambling, contact us right now!
Gambling Merchant Account
Gambling Merchant Account
Trading accounts for gambling are used by bookmakers, as well as companies offering gambling and other games that can be played over the Internet.
Nowadays, due to the coronavirus pandemic, the Internet has become the main shopping tool. Now people go online to make purchases, play games or just read, chat on social networks, etc.
In order to be able to play games on the Internet, you need to pay for them using online payments by debiting money from a debit or credit card.
The development of Internet technologies allows anyone to fully immerse themselves in the virtual gaming world, play on a computer or smartphone.
Pay a certain amount of money (buy a virtual loan), and the game world will open wide in front of you.
Since the late 1990s, the gaming industry has been one of the largest in the e-commerce sector. And it is not going to decrease in the near future.
For example, in 2016, the revenue of the electronic games industry was $ 45 billion. In 2018, it is already $56 billion.
In 2020, this figure is likely to exceed the $70 billion mark. These figures clearly indicate the rapid growth of the gaming services industry.
There are two types of gaming merchant accounts – encrypted and unencrypted.
Depending on the type of activity of the company, when paying with bank cards, a merchant category code is assigned – a 4-digit number. Licensed participants of the gambling industry can receive a coded trading account.
For an entrepreneur who wants to work in a niche of the gaming industry, in which consumers buy virtual loans and play various games, including gambling, there is a set of rules and regulations that he must comply with.
Consumers who want to gamble online should be able to quickly and easily convert their money into virtual money in order to participate in the game.
With the development of the gaming industry, people have been able to play games directly through applications on their smartphones.
Therefore, it is necessary to create conditions for people to purchase virtual money through applications.
Online Casino Merchant Accounts
If you work in this industry, make sure that your business is set up to accept payments through an online casino trading account. The ability to detect fraudulent activities is a valuable asset for businesses operating in high-risk environments.
Online gambling businesses typically face a large number of credit card refunds due to fraud claims, high-value merchandise, gambling laws, and government regulations.
Factors such as industry, location, and even clientele can and will bring your business into the category of high-risk enterprises. Wellcoinex offers efficient and reliable payment solutions for online gambling merchants.
Why Choose Us?
Wellcoinex, an international payment system provider, offers customized and affordable trading account services for companies of any size and in any legal field.
We establish strong relationships with banks and trading account holders to achieve long-term success.
Wellcoinex is one of the best providers of gaming payment systems offering services for creating gaming trading accounts throughout Europe and the UK.
We are active in the following countries – Great Britain, Russia, Germany, France, Italy, Spain, Ukraine, Poland, Romania, Netherlands, Belgium, Greece, Sweden, Austria, Switzerland, Norway, Ireland.
Processing Fees for Online Betting
As you have already understood, the stakes are very high when it comes to creating a profitable gambling site on the Internet. To win, you need to play.
Processing fees and competitive rates are usually higher than those that traditional banks charge low-risk merchants.
Traditional banks do not have sufficient capacity to provide trading accounts for online poker or other types of intellectual casino games.
Wellcoinex can offer secure solutions that make it easier for online gambling merchants to purchase the services of our payment gateway.
Gambling Merchant Account Regulations
Wellcoinex does not participate in blind bets on companies in this industry.
For example, companies in the fantasy sports industry that have a “Letter with a legal opinion” have more leverage over the seller. Having a gambling license confirming that a company can conduct gambling in a given country is crucial.
Banks, as a rule, prefer to work with online gambling sellers who do not exceed the traditional high-risk threshold of repayment of payments, which is less than 2%.
We cannot work with start-up companies in this industry, but in the future we can offer payment options that will meet the needs of those who want to start gambling on the Internet.
What are the benefits of a gambling merchant account?
Entrepreneurs can increase their business by having a trading account:
- Quick approval without commissions.
- No currency risk.
- The ability for customers to pay in their native currency, thereby expanding the customer base and increasing the volume of payments for online games.
- Protection against chargeback with the help of special programs.
- Providing real-time tools to get a detailed overview of all types of transactions.
- A complete set of tools for fraud prevention.
How to Pick a Payment Provider?
Wellcoinex is the best alternative to payment processors such as Paypal, Square and Stripe, which regularly disable and do not allow online gambling merchants to process payments.
Contact us even if your payment processing needs are currently met. We will compare the rates and find out if the fee for this type of account is fair for you.
We understands the unique needs of businesses associated with online casinos. Since then, we have established many acquiring banking relationships and have become experts in obtaining trading accounts accepting online gambling payments.
We want your business to flourish and succeed in the long run. Fortunately, we have the means and know-how to achieve this.