- Online Casino Merchant Accounts
- Online Casino Merchant Account
- Online Casino Merchant Account Management
A merchant account refers to simple, reliable, and popular methods of accepting payments on gaming sites with the possibility of further transferring them to any bank account. Having a merchant account allows you to provide hundreds of transactions per minute and receive money from bank cards of site customers.
- Secure solution through an Online Casinos Account. The need for a casino merchant account is on the rise due to the rise of online casinos worldwide. The present generation is grasping the information in the technological world around us and at the same time is searching for a way to earn money through it.
- To apply for a casino merchant account, you must submit an application form with the required KYC document. Please keep this in mind that the casino business must be legal and should have a corporate bank account. The underwriting team follows a similar process of underwriting for all type of industries. For merchants in the industry of online.
Main advantages of merchant account for international companies
- Reducing costs for a business to process operations.
- Lack of currency control.
- Foreign markets acceptance.
- 24/7 maintenance of the processing company.
- Easy to integrate all e-commerce payment methods.
- Increase sales through the intuitive interface.
A feature of a casino merchant account is the presence of an identification number that allows you to transfer funds automatically.
Online casino merchant accounts vary but general fees like transaction fees, discount rates, charge back fees, etc. Need a Casino Merchant Account? We are the best choice! Gambling is associated with risk. People love to take a risk and casino merchants are more than happy to fulfill their wish. But a casino business cannot run. Casino merchant accounts are necessary. To succeed, legal online casinos need to be able to earn money by gaining players’ trust by reliably charging their cards and funding their accounts. Online casinos need to meet their customers’ needs while complying with all laws and regulations. Your priority must be to make money and support growth.
A casino merchant account can be opened only for institutions that have a license to provide such services. A request for establishing a merchant account for an online casino is submitted immediately after the legal entity passes a full audit. It is necessary to eliminate all risks that may crop up during the onboarding. Documents that are necessary for opening a casino merchant account:
- a merchant account can only be opened on a legal entity;
- The company must have a website with a detailed description of services, including connected payment systems, indicated prices, terms and conditions, privacy policy.
- The website should be hosted on an official paid hosting, and all pages must be located in one domain zone;
- payment page has to be secured;
- the site has a registration and authorization system;
- the company has a bank account with a licensed bank connected to the processing system.
Online Casino Merchant Accounts
After applying, along with a package of documents, it takes some time for its approval. The contract can be signed by the owner of the company or his authorized representative. According to the rules of MasterCard, companies provided with an individual credit limit. It allows you to refund payments, regardless of whether there are currently funds in the account.
How to set up an acquirer bank
The choice of a bank depends on the preferences of the company, but there are several conditions you should consider, including technical ones. The acquiring bank must be able to process a required number of transactions and do not have limitations on the number of transactions. The second condition is the availability of a license for processing activities.
Comprehensive information about the company is essential for the acquiring bank, and the process of registering a merchant account is very similar to the procedure for issuing a loan. Banks strive to minimize possible risks, so the process of opening a merchant account is quite complicated.
Risks of using the merchant account system
The main problems and dangers of using a processing system are:
- uncontrolled debiting by the owner of the merchant account of money from the client’s card after its identification on the site;
- Chargebacks risks. In this case, the bank fines the owner of the merchant account, and that is why banks carefully check companies when opening merchant accounts. The bank is obligated to return the requested money to the client in case of cancellation of the purchase. The responsibility rests with the bank, not the processing center.
Needless to say that not all financial institutions are willing to open a merchant account online casino, as this is fraught with certain risks. Banks are aware of the percentage of illegal casinos operating across the globe, and therefore suspicion within gambling establishments who want to open a casino merchant account.
The best way to open a casino merchant account is to use the services of legal offices that process such accounts with acquiring banks. Some processing centers also provide this service.
Casino Merchant
This one is one of the most sensitive subject when a Casino Merchant and iGaming Companies ask me. To be very frankly I would like to say one needs to do the proper research & home work. Before you sign up with any particular PSP or Merchant Provider for your Casino Merchant or iGaming Merchant you must know your potential customer and market, Now a days a lot of popular payment options are prevalent except the main stream cards like MasterCard & Visa.
Wallet Payments and Bank Transfers are not too behind when online payments are considered and more importantly they are low cost and easy to mange too.
Casino Merchant surely require a stable multi option Payment gateway so that they do not loose too much of the clients due to the unavailability of any particular payment option when you have invested a greater time and money to generate traffic on your online casino and iGaming platforms,
Payment Options to be consider for every Casino
1. Card Processing
2. Wallet Payment Options
3. Bank Transfer
Online Casino Merchant Account
4. Crypto Payment Option
All of the above payment option will have a greater success with the traffic whether you have brought it from the third party platforms or Received from the affiliates or invested your own time and money directly. I do believe no one would love to looser the client.
There are really a lot of Payment service providers which help you to integrate a multi option merchant account where you would really have a payment gateway which accepts all the above Payments.
The payment solution for regulated casino and unregulated casino are equally challenging. The presence of License has its own merits and Demerits. So if one think that challenges are only for the unlicensed casino then it will be a great mistake. It becomes more challenging and uphill task for start up which do not have much expertise in the payment space.
Every Month we see a good number of Casino Merchant and iGaming merchant struggling with right merchant account and waste a lot of time and money integrating un compatible payment gateway only to realize later that it has gone in vain.
