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.
Why is acquiring necessary for gambling
Recently, gambling has become legalized in many countries and the demand for gambling has increased significantly.
Nevertheless, many users are stopped by the numerous risks concerning this sphere.
But the modern solution of acquiring for gambling allows securing transactions in the sphere of gambling, creating the most comfortable conditions.
We will tell you why acquiring began to be used in gambling, how to choose the right platform and what are the peculiarities of this kind of transactions.
Why is acquiring necessary for gambling
Online payments must go through a processor to facilitate a card transaction with a bank, there is no way around this other than using prepaid solutions such as PayPal or cryptocurrencies.
The reason for the risk is almost certainly money laundering, where the finances that go into the casino are not always the same money that comes out.
There are a number of reasons why gambling is considered a dangerous activity and acquiring is preferred for making payments:
- Banks don’t want to be involved in risk because it’s expensive and time-consuming, and they would also rather not be associated with gambling.
- The chances of fraud, KYC & AML problems, and chargebacks are much higher in these industries, causing additional headaches for payment providers and banks.
Despite the fact that gambling is licensed in many countries and thousands of companies around the world use license permits to operate, there are some risks when making payments.
That is why many users have decided to use acquiring, thereby significantly reducing the existing risks. In addition, many business owners use acquiring because it helps make the site more secure.
In addition to industry risks, the industry is seeing higher levels of fraud and chargebacks in payment processing.
To have the tools to monitor and prevent these problems before they hurt your site it’s best to use acquiring services.
They can help keep your gambling payment processing stable and secure.
If you are in this industry, make sure your business is set up to accept payments through an online casino merchant account.
The ability to detect fraudulent activity is a valuable asset to businesses in high-risk environments. Online gambling businesses typically face a lot of credit card chargebacks due to fraud allegations, high-ticket items, gambling laws, and government regulations.
How to choose an acquiring site
The main requirement – the payment system for the casino must support the merchant account for gambling.
Such accounts are traditionally categorized as High risk: because of the large number of transactions, high risk of refunds, and fraud by customers (for example, payment with stolen card data).
To put it simply, a merchant account operator has to spend a lot of resources to provide transactions for a casino site.
Not everyone is ready for that. Gambling bans in many countries also matter.
To eliminate reputational risk and sanctions from payment systems, many banks refuse to work with gambling projects.
That is why the first criterion is that payment system for online casinos must provide conditions for cooperation.
In most cases, these are specialized operators or payment aggregators for gambling.
Also, take into account such nuances:
- Processing bank cards VISA, MasterCard, American Express, etc.
- The ability to offer players local payment methods.
- Support for payments by electronic money, according to the geography of the site customers.
- Ability to accept subscription payments (recurring payments).
- Fraud prevention system and transfer of responsibility for chargebacks. At a minimum, the payment operator must have fraud monitoring and support 3-D Security protocol.
- Easy integration with major gaming platforms.
Equally important criteria when choosing an online gambling payment gateway are its features and how it benefits your gambling business.
Here are some of the basic features when looking for the best payment service provider for your online gambling and casino gateway and merchant account.
Quick transfers
To retain existing customers and build a large customer base, you must make your payment processes simple, fast and hassle-free.
That’s why you need to partner with a payment service provider that offers fast, seamless, and convenient payment processing times for customers, thereby ensuring that you don’t lose your customers to your competitors.
Low commissions
Your company’s turnover and profit margin are a reflection of your business growth.
Therefore, a payment solution implemented by a payment service provider that takes into account your turnover and profit margin is a sure way to boost your business growth.
Therefore, it is recommended to cooperate with an experienced payment service provider, which offers competitive rates and no hidden fees.
Solid protection
Trust, reliability, and trustworthiness are some of the fundamental principles that distinguish a good merchant account provider from a bad one.
If you really want to maintain trust and reliability with your target customers, you must ensure that their sensitive financial and personal information is kept safe and secure.
Many payment processing providers offer advanced technological features to automatically detect and prevent fraud and chargebacks.
Therefore, you should only partner with a payment service provider that guarantees the safety, privacy, and security of your funds and other data for you and your customers.
Top acquiring systems for gambling
Below is a list of the best-acquiring systems that work in the field of gambling. With these services, gambling will become much safer.
InterCassa
InterCassa is a service with a large set of features, and a large number of the most diverse services are available on the official website:
- currency exchange;
- acquiring;
- making payments to different regions.
This is a multi-currency payment system, which allows you to make and receive payments in any currency you want.
The service is characterized by minimal fees, prompt payments, and the highest level of customer protection.
Moneygrator
The platform allows you to make secure payments in any currency, it is also possible to process transactions in cryptocurrency.
This platform provides merchant accounts, has favorable offers, and guarantees a high speed of payments.
Moneygrator also has a financial exchange function, so users have an extended set of features available.
Wellcoinex
Another fairly popular acquiring service is Wellcoinex, which allows you to use an acquiring service or set it up to be able to safely operate an online casino.
Cooperation with Wellcoinex has a huge number of advantages:
- Guaranteed security of client assets and personal data (the company does not collect, store or transfer information about clients to third parties under any pretext);
- qualified technical support 24/7;
- the ability to accept and process payments in cryptocurrency;
- intuitive interface;
- the fastest possible moderation;
- technically competent service that does not provoke unnecessary problems and questions neither for you, as the owner of the merchant, nor for your clients.
Wellcoinex constantly works with high-risk projects, so it knows everything about how specific areas are gambling and betting.
The knowledge of how to set up acquiring is constantly updated, and new trends and technical capabilities of the service are studied.
Payment gateway and merchant account for gambling
Given the activities of gambling projects, merchant accounts for casinos have their own peculiarities. Merchant can be opened only for a licensed legal entity. Standard steps:
- create a website and integrate certified software into it;
- Choose a reliable bank and open a checking account;
- collect a package of documents (about this below);
- choose an operator and apply for a merchant account;
- agree on the details, sign the contract and integrate the payment acceptance tool into the site.
To legally accept payments in the casino, most operators require a significant set of documentation from clients during registration.
This is the founding documents of the company, which will confirm ownership of the resource, the passport data of the founders, the bank account statement of the organization for the past six months, and the account statements of the owners.
Each operator may offer individual requirements and conditions.
To get a positive result from a payment aggregator, you need to prepare the site. The pages of the gambling project must contain the following information:
- If a refund is provided, there must be detailed conditions for this (reasons, terms, amounts);
- name and address of the company’s registration, according to the documents;
- mandatory policies (Terms of Use, Privacy Policy, KYC/AML Policy, Refund Policy can be combined into one document);
- contact details of the company’s head office, customer support contacts, beneficiary data.
If acquiring for online casinos provides a specialized payment aggregator, the scheme of interaction looks as simple as possible: both for the players and for the administrators of the gambling site.
Peculiarities of payment processing in gambling
In order to make gambling as safe as possible, acquiring is used. It allows to a significantly reduce risks and guarantee the security of the transaction and confidential data.
Thanks to acquiring, the payment processing process consists of several stages:
- Transaction processing.
- Transmission of payment information to the issuing bank.
- Determination of the possibility to perform this transaction and write off funds from the client’s account.
- Operation Confirmation.
In fact, funds are blocked in the system, so customers can be confident in the safety of the transaction.