Online Casino websites are becoming popular day by day. As we all know that different countries have got different regulations regarding this kind of business. This is the core reason why most of the processors prefer to stay extremely away from this business style. Casino merchant account can definitely be considered an extremely high risk merchant account. Having said that many businesses in the space of online Casinos also offer to game on their website.
Users spend multiple hours playing on this website. They do this because they are extremely addicted to the pleasure and happiness which they experience after winning those virtual gifts and awards. At this point in time, the online Casino business is facing a massive challenge in terms of credit or Debit Card processing. For any business to survive, the most important element is to generate revenue from sales. If casino merchant doesn’t have a Credit Card processing solutions then how that business would be able to generate profit in sales.
As a merchant account consultant, we can certainly say that the rules for this industry are very volatile. Parties that are involved in setting up the rules for the business are the card brands. Merchant account requires Government and different gaming and online Association. Since the rule keeps on changing very often it will not be correct to say that we can definitely help you with a Credit Card processing solutions for your casino business. It will be better to say that we can certainly try to help you with a casino merchant account.
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 Casino and gaming are scrutinized more. If everything works well the processor made say yes to you for your casino merchant account.
Apart from credit or Debit Card processing, merchants from this industry also used to echeck or ACH payment processing. Merchant allows customers to make the payments over the website and over the phone. A merchant can collect the echeck information and send the transaction information to the ACH processor or Payment service provider.
The rate of transaction can be between 5% to 15%.
Since it is a high risk industry then there will be a rolling reserve of 10% for 180 days. The processor may put a monthly account fee as well. Merchants get paid weekly but depending upon the risk profile of the merchants the processor may place a hold of 7, 14 or 21 days.
Merchant in this industry should focus on reducing the chargeback ratio. To reduce the chargeback ratio, online casinos can use chargeback alert services.