Casino Merchant Account For High-Risk Industry Like Gambling And Betting
Casino Merchant Account For High-Risk Industry Like Gambling And Betting
Running an online casino business is unimaginable without a method to take credit card payments. Although, acquiring an online casino merchant account can be a stringent struggle due to the high-risk tag that arrives with any gambling business. Read on to know more about this topic and how you can solve it.
According to Statista, the gross gambling revenue (GGR) in Europe has expanded overall. Yet, since 2008 the GGR from offline casinos has stood out and more and more revenue has been received from online casinos. Also, with an assessed 33.2 billion euros evaluated from online gambling in 2023.
In 2018 controlled operators in Italy reported an entire GGR of around 18.8 billion euros, considering 1.07 percent of the country's GDP. Other magnificently big GGRs were registered by regulated firms. The GGR from regulated firms in Greece was 2.2 billion euros in 2018.
Even though, not as effective when resembling the GGR of some of the bigger European countries, these account for over 1.15 percent of the country's GDP, the most important stake of all of the countries within this record.
The prevalence of this GGR is rendering online, with online GGR in Europe calculated to go around 24.8 billion euros by 2020. However, mostly rendered by sports betting, online casinos, and online lottery games.
This statistic shows casino gaming revenue in Greece from 2010 to 2017. In 2010, the gaming revenue was calculated to be 530.2 million euros before it reduced to 260 million euros in 2017.
What is a casino merchant account?
In-depth, all merchant accounts provide a fundamental function. They deliver businesses with financial and technical solutions essential for them to get funds for products and services. But, the dissimilarity arrives when we resemble extra features and schemes payment systems deliver in addition to the merchant account.
Therefore, an online casino merchant account is a sort of account that delivers merchant services. Particularly to businesses within the given industry.
Another critical thing to regard is that not all financial organizations function with offline and online businesses exclusively in casinos, betting, gambling, etc. The reason behind this is that these firms acquire a lot of chargebacks as compared to others.
It forms banks categorize them as high-risk. And you can understand more about the meaning and effects of having a high-risk online casino business in this blog.
Why Does Online Casino Payment Gateway Appear Challenging?
The online gambling industry has never been more famous. Although the industry has in the past few years been bounced up by new legislation.
This drives it very tempting to initiate or expand an online casino business.
Usually, gambling firms have been favorably thriving businesses, providing the phrase "the house always wins".
Unfortunately, this is not the circumstance for new and actually specified small and medium-sized casino firms.
If you don't have (impractically) huge financial backing. Moreover, then acquiring an online casino up and operating is created complicated by the fact that it's marked as a high-risk business.
One of the places where this is most apparent is when you explore to get a merchant account for an online casino to link with your online business.
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High-Risk Merchant Account For Online Casino
We also cater to global businesses via our worldwide acquiring network of banks which obtain online gambling merchants.
- To evade trading with associations that will smash your time but never offer you any service.
- Or ordinary payment gateways that will unexpectedly shut you down and isolate your funds.
- You have to prefer a payment service provider that can deliver you a payment gateway for casino business.
A high-risk merchant account is constructed with the higher risk of a gambling industry (among others) in mind. This implies it won't be broken like a standard merchant account would when you have chargebacks or undergo other things familiar to online casinos.
A high-risk merchant account can be very costly. Yet- so we're back to effectively higher fees.
Gambling license requirements
When we put merchants with our immediate acquiring banks in western Europe. And the desiring merchant must be European and keep an EU-issued gaming/gambling license. Licenses are also received from regions comprising Gibraltar, Malta, Alderney, the Isle of Man, and Curacao.
Gambling merchant accounts are classified as 7995 (MCC code). Also by which the payment processors recognize the online transaction and determine specific countries.
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Best Factors you have to see choosing a payment gateway for casino
1. HIGH-RISK PAYMENT SERVICES AND PRICING STRUCTURE
Before reaching any payment service provider or bank. You must assure they provide payment services for high-risk businesses such as betting and casino businesses or deliver casino merchant accounts. And when you specify that - go directly to the pricing structure and resemble your prospects.
We must alert that due to the higher support in providing such businesses. However, banks assess such businesses more for account acquiring resembled their low-risk portions.
2. PAYMENT MODES
Next up - if you are operating an online business including betting, casino, or gambling sphere, you are likely to have customers from all around the world, from Albania and Montenegro to Greece and Algeria.
So, what you require is a bank that allows you to take standard payment modes and alternative methods. We are talking about local choices, such as eWallets, mobile payments, Skrill, Apple Pay, Google Pay, Neteller, iDeal, etc.
Thus, research which payment methods are preferred by the countries you serve and select a casino merchant account consequently.
Even also, this casino payment gateway must have a well-advanced payout feature so casinos, and betting. And also gambling businesses can transmit their clients' awards and pay wages to employees and contractors.
3. CHARGEBACK PREVENTION
As mentioned below, high-risk online businesses trade with chargeback and fraud at a high volume. Thus, your casino payment gateway must come with payment services that protect your security.
WebPays has amazing examples of such benefits. For one, we deliver automatic money via some advanced features. These authorize merchants to issue automated payments on their conditions without experiencing chargebacks.
There are also some advanced features that enable a business to verify the transaction performed by a consumer was a success and evade chargebacks.
We also have real-time alert features, which inform you about chargebacks within minutes. However, delivering you a chance to repay a buyer and cancel product delivery.
For all these payment services and more features, visit our website www.WebPays.com
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Get Casino Merchant Account With Lower Fees
Not only have we encountered online casino merchant account providers, already functioning with thousands of businesses in high-risk businesses such as Gambling, Tobacco, CBD, and Adult Entertainment - we also deliver our payment services for the best fees and prices in the payment industry.
With WebPays payment processing, you will get low credit card processing fees. And you can also obtain fast approval for your online casino merchant account. So that you can begin receiving online payments as soon as possible.
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Conclusion
We are always ready to help you and answer any queries you may have about acquiring and keeping an online casino merchant account. And if you like to initiate your application form. And we'll assist you through the whole procedure now. So, contact us now and get answers to all your inquiries.
FAQ's
1. WHY IS CASINO MERCHANT ACCOUNT IMPORTANT?
A casino merchant account implies easy, reliable, and famous payment methods of receiving online payments in the gambling business with the option of adding funds and transferring them to any bank account. Owning a casino merchant account enables you to deliver hundreds of online payments per minute and accept funds from the credit/debit cards of the buyers.
It is the web of banks that actually provides us the capability to deliver our buyer's high-risk merchant accounts for their online casinos. This also enables us to custom-create a more secure and safe payment gateway and infrastructure to allow us to make better credit card payment processing solutions.
2. HOW TO CHOOSE THE BEST CASINO MERCHANT ACCOUNT?
Online casino businesses require to consider all of these factors when choosing a casino merchant account. Selecting a merchant account that can both assure the security of money and have some regulatory compliance, but also delivers UX that enhances customer approval, is essential.
- High volume turnover
- Chargeback Prevention Tools
- Multiple Payment Methods Acceptance
- Quick transfers and low fees
- Advanced security features
- Regulatory Compliances
3. WHY WEBPAYS THE BEST CASINO MERCHANT ACCOUNT PROVIDER?
We suggest you contact WebPays if you have an online casino business. WebPays has functioned in the industry for numerous years, delivering a full payment cycle for high-risk businesses.
- Fraud protection
- Chargeback prevention
- Advanced security measures.
- A multi-currency account with over 40 currencies all controlled through a single casino merchant account
- One contract and a single API to get initiated with WebPays
- Top-notch security of payments and personal details
- Excellent customer experience
Also, it combines every online business with a personal customer support manager to obey all the procedures in detail.