To an acquiring bank an online gaming business represents a multitude of less than appealing situations. The rules and regulations are inconsistent from state to state and are continually changing. These types of sites are generally an easy target for credit card fraud. Unfortunately, online gambling sites fall victim to a higher instance of data breach. When entering the underwriting process, they are scrutinized much more closely than most businesses. Underwriters will take into account credit history as well as chargeback ratio, which is usually high for these types of businesses. But they will also consider the overall consumer perception that surrounds that industry and how that might affect the bank’s reputation or brand.
Don’t fall victim to unscrupulous sales reps when looking for a online gaming merchant account.
There are a lot of merchant service providers who will tell you they can work with high risk industries. Many high risk offshore merchant accounts are unreliable and unscrupulous. Sales reps are quick to make promises that are too good to be true just to meet their account quota. Often writing your account with outrageous pricing, excessive fees and false promises. Maybe their guidelines are lenient enough so that a gaming site is able to get approved for a merchant account initially, but if they don’t understand the unique needs of the industry and possess the know how to handle the account properly the account usually ends up getting closed down within a couple of months. This will mean significant undue stress for you and your customers.
When shopping for a reliable processor to service your account, don’t let people tell you what you want to hear – instead work with a company that will tell you what you need to understand.
The online gaming industry is still a budding one. It’s only been a little over 6 years since the Dept. of Justice decided that online gaming did not fall under the Interstate Wire Act, which prohibits betting (wire transmission) on sports events and contests. The rules and regulations around online gaming are being updated as time goes on and changes are almost guaranteed. Acquiring banks will take into consideration how long the industry has existed, and how long the business has been operating.
Obviously the merchant account provider you choose will be one that cares about their reputation. That means they are not about to risk their reputation by exercising unscrupulous practices. An upstanding provider will not risk your account or make insane promises, they will instead provide the truth about processing, what the pros and cons are and help you to make the wisest choices on how to process payments in your particular realm for the long haul.
Online gaming companies are saddled with implementing controls to verify age as well as location to ensure there aren’t any violations. Mobile use also creates a challenge for online gaming companies- online gaming needs to be contained in states where it is legal. Verifying that the user is indeed in the state that it is legal to gamble in is accomplished by implementing Geo-location technology and it is up to the gaming company to ensure that their players are playing legally.
Bankcard Brokers has the experience and wherewithal to keep on top of the ever-changing regulations applied to the industry. We continually dedicate time and energy into new and innovative payments products to meet the needs of the payments industry as they change.
The most successful option for accepting payments without a hitch for online gaming companies is a marriage of two products.
E-check processing is the perfect complement to a high risk merchant account. This solution provides the merchant with a reliable way to take payments while also keeping processing costs down. E-check processing demands much lower fees than high risk credit card processing, helps to reduce chargeback ratios, helping you keep your merchant account up and running and affords same day to next day funding.This way your merchant account will have less load and lower chance of becoming flagged by the bank. E-check processing is the perfect back up or even alternative to credit card processing.
We are able to offer multiple MIDs to operate your online gaming accounts through while still giving lifetime fixed rates. The benefits of being able to load balance your processing through multiple MIDs can’t be understated. The goal is to keep your business continually ready to do business while also affording your customers the confidence they demand that using your payments systems is safe and secure. Consistency is key.
With a Bankcard Brokers Gaming solution you will enjoy:
- Streamline your online gaming processes
- Transparent pricing and quality customer service
- (ACH)-Bank transfer for online accounts
- PCI-DSS security protocols
- Provide additional services such as accounting software integration, employee management tools
- Offer domestic and offshore account option
- ETA Certified Payment Professionals
- Domestic service centers- a direct line of contact when you are in need of assistance.
At Bankcard Brokers we believe in fair access to processing for every business type. Why should you suffer just because your business is considered a higher risk than another business? Our ETA Certified Payment Professionals (Electronic Transactions Association) process the education and expertise to help you process payments safely and securely while also helping to lower your risk of fraudulent transactions as well as all the risks involved with your merchant account. Bankcard Brokers is determined to gain your partnership for the life of your business, to focus on providing you a merchant account that enhances your business model, and strive to give you the support needed to let you focus on running that business successfully.