Were you born to gamble? You know, always making bets about something — even as a child. As in, “Bet I run faster and can beat you to that tree” or, “Bet I can catch a bigger fish than you.”
Moving through later years, play included gambling on happiness.
Rolling the dice to ask for a first date — tossing your name in the hat for class elections — trusting that the academic hand you played was the ace in the hole for a competitive job market — and that your run of luck holds steady when you (finally) say yes to marriage.
High roller through the years or not, you gambled on success by opening your own online gaming business. You’ll face many challenges ahead, but perhaps you’re best when the chips are down.
Whether luck is a lady, we don’t know. But we can wager on a few things to help you succeed in your high risk adventure. Like how to go about landing the online gambling merchant account you need. Let’s take a look at some — hands down — good advice.
Gambling — a Hot Button Issue — Could Lead to Denial or Termination
Payments experts at Chargebacks911 label online gambling a high risk business. Understanding the perspectives behind the label helps.
New online gambling/gaming merchants no doubt encounter various types of skepticism or outright aversion. Gambling represents a hot-button issue in many locales, and the online version follows suit.
Internet searches on the legality of online gaming in the U.S. yield conflicting results. “Experts” in the online gambling industry provide inconsistent information about which states allow or disallow online gambling for “real money.” Age restrictions apply in all states.
Some — but not all — states allow residents to access and use online gambling sites. Betting on professional sports grows apace, but some states still prohibit the activity.
For these reasons, many U.S. residents favor offshore gambling sites — though those merchants may not welcome them due to restrictive U.S. banking regulations.
It’s the flow of money — and the potential for money laundering attributed to online gambling — that concerns U.S. legislators and the banking industry. Though expected tax revenues drive action, like the movement among state legislatures to legalize online sports gambling.
Online gambling is legal throughout Canada, where government sites provide advice to “gamble safe” while issuing public health warnings about gambling addiction. Betting on sports thrives in Canada, though existing in a legal “grey zone” according to the CBC.
The U.K. and Ireland support a thriving online sports betting business. Their U.S. operations include the TVG horseracing TV channel and pari-mutuel online betting network — active in 35 states. It also boasts an online casino and online horse-racing Exchange in New Jersey.
Because of the inconsistent and changing legal status of this high risk ecommerce business, denial often occurs when seeking online gambling merchant accounts. Termination of an account could also occur due to excessive chargebacks or volumes processed.
(Punters and online merchants alike need to seek counsel from their attorneys, and not rely on Internet advice or hearsay. Laws remain in flux at both the federal and state level.)
What You Want in an Online Gambling Merchant Account
When choosing an online gambling merchant account, these processing capabilities will set you up to win the game.
- All major credit card acceptance, to include the card brands Visa, MasterCard, American Express, Diners Club, and Discover; and acceptance of brands popular outside the U.S. to support market expansion (like Visa Electron, Maestro, and UnionPay). Mobile apps and payment wallets provide customer flexibility.
- Multi-currency option for high risk merchants provides access to a worldwide market. After all, your customers may reside anywhere with an Internet connection. Allowing customers to buy products or services in a currency they prefer based on national location provides a competitive advantage and helps grow your business.
- A robust and secure payment gateway provides the entry point that permits the authorization of credit card payments directly from your website. Be sure your payments processor’s gateway is PCI-DSS (Payments Card Industry Data Security Standard) Level 1 compliant, a contractual obligation between merchants and the major credit card brands.
- A complete layered fraud prevention suite of tools within the gateway enhances business protection. And advanced management features like transaction reports, returns and voids capabilities to help improve your business operations.
The right processor will help you land the account you need to get started, and also to sustain a winning hand as your business grows.
Conclusion
When you need a payment processor to help you land an online gambling merchant account, look no further than MerchACT. Other payment processors won’t always take on high risk businesses —but we specialize in high risk ecommerce payments.
Our core business is to provide companies of all sizes — no matter the level of risk — with fast and affordable merchant account solutions. We’re the leading provider of high risk US and offshore credit card accounts because we understand high risk business models, inside out.
Over nearly 15 years, we’ve handled billions of dollars in sales for merchants via cost effective ecommerce payment solutions. If you choose to join us, we’ll match you with the right merchant bank to meet the unique ecommerce processing needs for your business.
And we’ll provide continuous support, with a guarantee of honesty, accountability, and transparency. So your business enjoys safe and secure payment processing with your new online gambling merchant account — and you don’t gamble on success, but win big.