Fantasy Sports Credit Card Processing Guide To Know
With the rise of digitalization, even outdoor games are slowly shifting online. You can play games like cricket, football on your PC and mobile now. Even indoor games like Ludo and carrom are now available on PC.
With the digital boom in 2007-2008, various new industries have come into play. One such industry is the fantasy sports industry. These industries introduced real games into the virtual world. With a fantasy sports platform, you can play with multiple players sitting at your home.
This innovation helped people reconnect and also make new friends. A boy from Croatia can now play with a boy from Germany just sitting at home. In a fantasy sport, you can compete against each other and make avatars of your own.
You can also bet and play against valuable players from the real sports industry. For example, you can play as a Messi avatar if you are playing football online.
You can also bet and play in the exchange of monetary benefits. These platforms provide you with an option of earning money too. You just need to provide a way of payment. Fantasy sports credit card processing makes it easier for customers to invest.
In the last five years, with the wide reach of technology among people, these industries are a hit. Fantasy sports industry alone is worth $19 billion. With changing times, people are spending more & more time on these platforms. But how do they work? Let us see how
Working of Fantasy Sports Credit Card Processing Platform
- You have to first publish an account on one of the fantasy sports platforms.
- After that, you have to provide a method of payment for your monetary benefits.
- With successful completion, you can easily start using these platforms.
The concepts of fantasy game sport have become trendy. Yet, concerns are continuously raised about it.
Some of the Concerns are
- Researchers argue it is a layered form of betting and gambling. It uses the gamer’s money to bet on famous players & games.
- With the payment credentials, these platforms use to impose a serious threat. Many gaming platforms are allegedly involved in money laundering and frauds.
- These platforms often make you invest in them and promise you guaranteed returns. But most of the time it creates backfires, and you lose out money.
How Does The Fantasy Sports Payment Processing Work?
- As fantasy sports is a high-risk industry, many services do not allow transactions. As a result, there are few processing options available with them.
- European nations like Portugal and Spain are planning to introduce new cards. These credit cards will process payments on these platforms.
- Fantasy sports platforms only made the use of few options earlier. But various methods are coming into play. Several platforms process these payments: credit cards, debit cards, and various merchant account platforms.
- Out of all, fantasy sports credit card processing was the most instrumental.
- Credit card market is a highly volatile market because of the interest rates. Sometimes it affects your return money as half of it goes for interest. But it acts as a catalyst for fantasy sports credit card processing.
- Fantasy sports also accept e-check as a form of payment. However, these platforms support cards and e-checks both. Various platforms are placing their trust with the platforms.
- These platforms do not offer any written guarantee for winning money. It is a rather performance-based action than a luck one.
- So, to invest and earn, you will have to be careful. While investing, engage with good payment methods.
Fantasy sports credit card processing impose fewer option in the market with volatility. Also, sometimes sore losers file for a fraudulent case against the company. This makes them lose out on processors and customers both.
The culmination of all these factors leads to the platform to lose trust. Many financial services imposed certain restrictions against these platforms. Some have duly restricted making the use of their services to invest in these platforms.
But with the introduction of wallet and merchant accounts, the job is easier. They have also created and maintained strict laws to undo the payment processing.
Conclusion For Fantasy Sports Credit Card Processing
Slowly but steadily, these platforms are being duly taken into acceptance. The fantasy sports credit card processing is instrumental in bringing changes. With a fewer option available for consideration earlier, things are slowly changing. Credit card processing will now attract a meaningful audience into these platforms.
Fantasy Football Payment Options and Choices To Pay
Online games always attracted audiences ranging of all ages. Be it online sudoku puzzles or the classic spider solitaire, and online games were a hit. Slowly and slowly, these games got more interactive and fun. It started reaching out actively to more and more people. And soon the gaming industry alone was worth billions.
Digitalization further kicked the pace. With all interactive games and options, the trend of online games accelerated. Every real game had its virtual copy sitting on the internet. Online gaming also made it easier to connect with friends and play games. Geographical location no longer a barrier for playing together.
Around 2008-2009, the concept of fantasy sports platforms came into existence. These platforms took online gaming to one step higher. You can now overtake the avatars of your favorite players and play. You can challenge other players, play in tournaments, and so much more. Common games also became popular due to these platforms.
One such game was football. Football is already a popular game, especially among the younger generation. There are various fantasy sports platforms that include football as a sport. On these platforms, you can play football with your friends. These platforms have also helped many people to brush their skills and learn about the game.
Other interactive features of these platforms are-
- These platforms also include monetary prizes and many incentives. Through playing tournaments, you can bet and win huge cash prizes. Fantasy football payment provides you with an easy option to invest and credit.
- These platforms ask you to register with them and invest money in yourself. Then you can engage in various competitions and win double the money you invested.
- These games are instrumental in increasing the awareness & existing competition of the game. You can play and create a huge game base for yourself.
- You can also play as a team or in partners. These platforms have many options for you to consider and play.
After discussing all fantasy football games, there must be a question. How to invest money on these platforms? What are the fantasy football payment options?
There are a lot of ways in which you can invest your money in these platforms. These are simple, easy ways in which you can pay money and earn back in return.
Some of The Fantasy Football Payment options are:
- Cards: There are various cards that help in initializing payments for these platforms. Both debit and credit cards are viable for investing a lumpsum in these fantasy accounts.
- E-checks: E-checks have also jumped on the bandwagon in support of these platforms. They have also started giving recognition to these platforms. As the markets of fantasy sports are expanding, it is profitable to enter. So, e-checks are also accepted as a mode of payment now.
- Wallets: Wallets are easy and quick ways of providing payment. It is also a secure and efficient way of making payment. These accounts just require an OTP number from your phone. Several fantasy football payment platforms also include wallets.
- Merchant Accounts: There are also small business merchant accounts which accept payment for these platforms. You just have to transfer some cash from your bank account into these accounts. These accounts will act on your behalf as a payment option.
There are several benefits of using these fantasy football payment platforms:
- They are a safe way of transferring funds from the bank to these platforms.
- There can be no chances of any fraud or money laundering. All these methods of payment follow end-to-end encryption. It ensures the best interests of the customer.
- In case of any monetary fraud from the platform, these platforms will immediately act. They will notify you too.
- With these platforms, you can trust them with the authorization.
- All these payment platforms will ensure fast transaction speed. In many cases, the payment could be between countries. In the case of European nations like Romania and Finland, the transaction usually takes 1-2 days to process. But with these payment methods, you can make a payment in 20-30 minutes maximum.
- There are a lot of benefits of using these payment methods. They are a faster and more secure way of transferring funds to these platforms. With them, you do not have to worry about any fraud.
Does QuadraPay Also Provide Merchant Accounts For Sports Clubs And Sports Businesses?
Traditional Sports are becoming more advanced now. With the availability of social media and internet marketing, selling sports event tickets and products is a lot easier now. Large organizations and companies sponsor various teams for different events. It has created a massive market for people involved in the sports industry.
No matter what role the business plays, it must accept payments easily. Quadrapay is proud to announce the availability of payment processing solutions for the sports business. These solutions enable sports businesses to receive credit card, debit card, and Direct debit payments online and at retail locations.
What Are Few Well-Known MCC Codes In The Sports Industry?
- MCC 5655 is for merchants who run sports apparel and riding apparel stores.
- MCC 5941 is used to classify retail stores that are in the business of selling sports goods.
- MCC 7941 is used to classify merchants in the business of organizing an executive commercial Sports.
- MCC 7997 is a well-known classification code mostly used by sports membership clubs like Golf courses.
Note: The processing company decides on MCC after analyzing the business model and other factors.
Conclusion For Fantasy Football Payment
Fantasy football games are in the trend nowadays. It is also an easy way to brush up your skills and earn money. With various fantasy football payment options, you can invest in a secure way. So, what are you waiting for? Create an account and start playing today.