Fast Track Your Betting Merchant Account Application With QuadraPay
QuadraPay Offer Merchant Account Solutions To Licensed Betting Companies. The first step in getting a betting merchant account is to find a payment processor that is fine with the industry. Finding one is not easy. We say this because betting merchant accounts are tough to underwrite since they attract high credit and reputation risk. It is not impossible but certainly is tough. QuadraPay through its partner acquiring companies may now support Legal Betting Companies(Licensed) with credit card and APM processing solutions on a case by case basis.
About the betting industry.
Factors That Help Improve Chances Of Getting A Betting Payment Gateway.
- Licence for Betting Activities. Betting companies and websites must comply with mandatory regulations. Licences are vital in this industry. The jurisdiction of the licence can have a significant impact on approvals and transaction traffic. Be proactive and let the QuadraPay team know what betting licence do you have and this will help us to find the most accurate payment solution.
- Business Documents And Directors Details Relevant to Betting Company. Another most important factor is sharing the KYC documents with the merchant acquiring bank. This should include all the relevant documents. Large betting companies may have a huge organisational structure and may have multiple business registrations in various jurisdiction. All the details of associated companies and stakeholders should be shared with the PSP. A better approach will be to share an organisational structure of the companies associated in the group. This will help acquiring banks to evaluate the credit and reputation risk in a better way.
- Processing Statements Can Have A Big Impact. Yes that is correct. Acquiring firms prefer to work with betting businesses that are already accepting credit card transactions. There are two reasons for the same. An active company brings in revenue from day one. An active company can display the risk in terms of returns and chargebacks. If you have an active history with any provider please share the same. Please note that the processing history should not be in spreadsheet format. The preferred format is system generated PDF or screenshot of the dashboard showing transaction information and url of the merchant dashboard.
- Traffic And Conversion For Your Betting Site Should Show Up On Tools. The merchant website should have some traffic wither via organic traffic or ad network traffic. This helps acquiring banks know that what kind of traffic can be expected. Online tools can easily help identify the source nation of the traffic and the keyword cloud association with the website. In case if it is a startup then also you can apply however PSPs love to work with established entities.
Regardless of the size of your online sports betting business, you can still find the right merchant account for your business needs. Using a sports betting merchant account will allow your customers to make secure payments for their bets. This type of account is specifically designed for those businesses that allows card payments through a website. This makes it possible for anyone with a smartphone to place bets without leaving the comfort of their own home.
Elevated Risk With Sports Betting Merchant Processing.
It’s important to remember that a sports betting merchant account is always considered a high-risk. Most banks and payment processors won’t support this type of business because of the high chargeback ratio and potential legal issues. Fortunately, there are a number of options for betting merchants. Just be sure to choose a provider that will provide you with a high-risk payment solution. Sports betting is a popular industry. With a sports betting merchant account, your website can accept bets from players across the country. If your business isn’t already licensed, you’ll need to apply for one.
Reduction Of Disputes And Chargebacks. The online betting industry certainly attracts higher chargebacks and this alone can be a factor for permanent closure of account. There are varipus ways to reduce the chargebacks and returns on your merchant account. Lets look at few of these.
- Use a Chargeback reduction tool for betting business. We recommend you to use CDRN solutions . These are quite effective in sending proactive alerts in near real-time to betting merchants.
- Use Geo-location & Fraud Detection tools. These tools help merchants decline fraudulent transactions based on various factors. Some of the features that we recommend are Order fraud protection, Ad fraud protection, Re-targeting Fraud protection and Malware Monitoring.
- Using APMs. Alternative payment methods help betting companies accept payments from various methods other then credit and debit cards. This also results in reducing the chargeback ratio.
- Using Crypto To Fiat Solution for betting business. This solution helps business accept Payments in Cryptocurrencies and eventually get paid in Fiat currencies.
- OCT Solutions for Deposit and Credit. This allows merchants to use the same payment rail for credit and debits. Helps keep correct account and enables faster returns.
Payment Gateway For Betting And Its Application Process.
The process is fairly simple. To be eligible, you must have an online gaming license and be in a nation/state that offers legal sports gambling. The best gambling merchant accounts will have a gambling-specific MCCs. When applying for a betting merchant account, you should be prepared for high fees and deep risk evaluation. Nevertheless, if you have good credit, you can apply for a betting merchant account. If you’re an individual who’s been in business for a while, you should also have an active account.
- Pre-Application Of Sports Betting Card Processing Solution. It is the 1st step where you will contact us and send the basic information. This generally includes Name, email, Phone and Website.
- Once we get the details our team will evaluare the website and let you know about additional requirements.
- Next you will send us the filled merchant application form and copies of the KYC.
- These will be forwarded to the processor/Aggregator/ISO/IPSP/Payment Facilitator of our choosing.
- Next we keep you posted on the developments and in many cases patch the merchant in communication with the acquiring entity so that we all stay on the same page.
- If Approved the merchant receives integration details. If need be our team can assist the merchant with payment gateway and merchant account integration on the the betting website.
KYC Dosuments for Betting Merchant Account
Betting Related MCCs And SIC Codes
Related laws and regulations