In recent years, it has been extremely difficult for owners of gaming sites to serve the U.S. online gambling community. Strict U.S. regulations have forced operators to go or stay offshore and ultimately pay higher rates with their gambling merchant account.
Locating dependable and affordable credit card processing for online poker and gambling websites has always been a challenge for new and existing businesses (U.S. or International).
A new interpretation of the Wire Act of 1961 has made wagering across state lines and across international borders legal. This deregulation will be a huge boost for the online gambling and poker industry.
At The Transaction Group (TTG), we regularly work with online gambling merchants, providing each with the best merchant account solution for their needs. We have strong banking partnerships both domestically and internationally and are able to secure competitive rates for all our high risk merchants.
If you have a gaming site (U.S. or International), and need credit card processing for online poker and gambling transactions, TTG can help.
Risk and the Online Gaming/Gambling Industry:
There are numerous variables that can define the level of risk relating to online gambling and gaming businesses. Processing service providers evaluate this type of business as high risk and charge higher rates and fees.
The greatest risk typically associated with high risk businesses is the ratio of charge backs by customers. If this amount exceeds the amount allowed by Visa and MasterCard, the processors will be hit with penalties. Processors therefore spread this risk to all merchants by requiring higher rates.
Other variables that have an effect on the determination of whether a particular business is high risk:
• owner’s credit scoring
• product or service offering
• selling procedures
• high ticket transactions
A solid processing track record will give you more leverage in negotiating rates with your merchant account provider. Even if your business is seen as risky, you can still secure excellent rates with a reasonable and untarnished history.
If your online gambling venture has a below average card processing history, you can still be approved, but expect to pay a higher rate. For verification of processing history, the majority of processors usually require at least three months of bank processing statements before they will offer a rate.
On account of the more significant opportunity for fraudulent activity, the majority of high risk merchant accounts include supplementary provisions:
• increased funding waiting times
• security reserves
• limits on volume as well as high tickets
• increased rates and charges
High risk processors will offer programs to help reduce potential fraudulent practices as well as charge backs. Take advantage of these options if possible. Over time, these services will lower the risk of your business to the processor.
Should the processing company determine that your risk factors are just too significant, it may decline your request for a merchant account.
Get Approved Now:
Here at TTG we understand the particular concerns that online poker and gambling enterprises confront when trying get a high risk merchant account. Personalized relationships are important in the high risk industry. We have a wide variety of associations with processors in the U.S. and worldwide, and are able to find the best suited merchant service to match your business.
To set up credit card processing for online poker, a gambling merchant account for your online gaming site, or for more information about rates and service, simply click on the appropriate link below.