We know that the number of available online gaming services is rapidly expanding. It’s a proven fact that one successful internet broadcast may generate millions of dollars in revenue overnight. Do you not find it fascinating?
What does a merchant account have to do with it, then?
Wait, this article will explain everything. Here, we’ll talk about why merchant accounts are so crucial for a successful online gambling site.
What is a Merchant Account?
Personalised merchant service is exactly what it sounds like. It’s a big help when trying to gather funds over the Internet. The ability to monitor and manage an online store’s finances is greatly assisted by merchant accounts. It’s not only internet stores that take payments online; online gaming sites do too.
Simply said, a merchant account for online gambling is a way to get paid for playing games.
There are a number of time-saving tools available with a dedicated online gambling merchant account. As a consequence, your business dealings will be fruitful.
Online Gaming and the Importance of a Merchant Account
Having a merchant account may make running an online store much less stressful. In addition, there are online payment systems that facilitate activities like online gambling. Today, however, internet gaming stands head and shoulders above the others because of the possibility of making millions from a single live broadcast.
What a fantastic thing!
Services that provide protection from online threats, including scammers, cyber bullies, and credit card fraudsters, are essential. These online gambling businesses are totally dependent on payment processing providers.
However, some con artists prey on the naive, and security is never guaranteed. As soon as they get the money, they will completely ignore you. For this reason, you can be certain that OpenUp has been serving your needs for more than 10 years and has all of the top-tier amenities you could ask for. Using a High-Risk Merchant Account is required for each transaction made on a gaming merchant’s website.
Why are merchants in the casino industry classified as high risk?
- Banks and merchant account providers are wary of the gambling industry because of the high turnover rates in the industry.
- The gambling industry is risky since it is offshore and there have been cases of money laundering and fraud.
- The gaming company’s product is considered high risk due to the high likelihood of chargebacks and refunds, which might significantly increase the processor’s liability.
- The merchants in the gambling industry may be new to their industry and so lack a credit line, raising the risk of bankruptcy for the bank or merchant account provider financing them.
This is not to say that banks and other credit card processors will not provide merchant accounts to high-risk firms like gambling sites. High-risk merchant accounts, also known as offshore merchant accounts, may be obtained from any number of merchant account providers. In the long term, they would allow for a limitless number of sales, which is the foundation of the gaming sector, but this comes at the expense of increasing transaction costs and reserves.
Where do I go to get a merchant account for high-risk online gambling?
OpenUp has decades of expertise in handling online gaming payments. Our worldwide network of banks and partners that specialise in online gaming merchant accounts and payment processing may save you time and money. This provides you access to reasonable rates and assures your firm will be robust, working across various acquiring banks that can all be put on our gateway without unique integrations. We can assist you in increasing profits while reducing currency risk.
With our extensive industry connections, we are able to advise our clients on the best strategies for securing the lowest possible rates for their online gaming merchant accounts from the most accommodating financial institutions. Whether you need one-click tokenization for rapid in-game purchases or recurring transactions for game subscriptions, we will adapt our merchant services to your unique business model. Our casino payment partners provide the lowest possible rates for online gaming merchant accounts.
Achieving and sustaining positive standing with gaming merchant accounts.
OpenUp is familiar with the peculiarities of online gaming and can cater to them. Our experienced team understands the challenges faced by online gaming enterprises of all stripes, including online casinos, online gambling, online poker, social gaming, and skill gaming. Apply today and we can have your merchant account up and running in as little as 72 hours.
By using transactional algorithms developed to predict possible chargeback risks, our knowledge of high-risk payment processing may help your legal gaming company get merchant accounts and secure those accounts against excessive fraud.