Apply Today For Tier 1 Quality Gambling Merchant Account.
Every online gambling platform requires a robust gambling merchant account without it companies cannot even think of surviving. Quadrapay proudly offers grade 1 online gambling merchant accounts. We offer dependable and cost effective gambling MID’s to qualifying merchants.
A gambling merchant account allows an online gambling company to accept credit card payments on its website or mobile app. With online gambling payment processing account, companies can also receive deposits (First time deposit FTD and VIP deposits) initiate winning payouts and sell digital assets.
QuadraPay has vast experience in working with many merchants that offer various gambling-related services online, including poker, sportsbooks, betting, bingo, casino, lottery, and sweepstakes. Our connections with a massive number of gambling-friendly banks and acquirers make us the best choice for gambling credit card processing in various jurisdictions.
Gambling Merchant Accounts Are Always Considered High Risk By Acquiring Banks
Payment processing for gambling have been deemed high-risk by banks for many years, and there are multiple reasons for this. Some of the most common factors include the potential for high chargeback rates, refund rates, and a likelihood of significantly increased turnover. Additionally, the industry itself is intricate, governed by various regulatory conditions. The sector, coupled with legal and regulatory challenges, heightens the risk in terms of credit card processing. Other contributing factors to the industry’s high-risk nature encompass the potential for substantial fraud, a bad reputation, and the risk of money laundering. Collectively, these elements make credit card processing for this industry a very risky venture for merchant acquiring banks.
Gambling Merchant Account MCC Code And Its Significance
MCC 7995 covers a variety of activities related to gambling, including lottery tickets, sports betting, casino chips, off-track betting, wagers at race tracks, bingo and poker. Merchants falling under this category operate games of chance or online betting establishments. This classification also includes unlicensed foreign exchange trading, binary options, and sweepstakes. MCC &994 is used to classify social casino. However these social casinos should not offer monetary prizes.
Key Requirements For Gambling Payment Processing
There are certain requirements for a gambling payment processing account, some of which differ from other industries. You will need to submit a merchant account application. Additionally, you will be required to send over copies of the KYC documents. Most importantly, for a gambling merchant account, you will need to submit a copy of your gambling license. It helps if you include at least four months of processing history. If your company has a complex structure with multiple subsidiaries, you may also be required to submit an organizational chart.
Timeline To Get Approval For A Gambling Merchant Account.
QuadraPay has been facilitating gambling ventures since 2016, offering a reliable credit card processing solution. The general turnaround time in most cases is a 2 weeks; however, in some instances, it may be longer.
Fees Associated With Gambling Merchant Account
There is absolutely no fee to apply for a gambling merchant account. Once you apply online, we will evaluate your profile, and based on that, our acquiring partners will present an offer to you. Our rates are highly competitive, helping gambling merchants save more, especially if they process substantial monthly sales volumes.
Once your account is approved, you will receive a detailed term sheet for your gambling merchant account. This document will include information about the merchant discount rate you will be paying, along with other applicable fees. The term sheet aims to provide a transparent understanding of what to expect when you use our gambling payment gateway. Here are some of the most common fees that you will find on your merchant processing statement.
- Gambling Merchant High-Risk Registration Fee: Merchants in this industry are subject to a high-risk merchant registration fee. This fee is applicable to each card scheme that you wish to accept cards from. In most cases, it’s a mandatory one-time fee.
- MDR (Merchant Discount Rate): This is a fixed fee paid by the merchant on a percentage basis. It is charged on each deposit. You should also expect payout fees, as you will be sending winning amounts to winners.
- Chargeback Fee: This fee is charged when there is any chargeback on the account.
QuadraPay Supports Various Gambling And Betting Sub Categories
QuadraPay offers support across a range of gambling categories to cater to the diverse needs of our clients. Our services extend to facilitating lotteries, bingo, keno, horse race betting, and online gambling, including virtual sports betting. We also accommodate social gambling among friends or acquaintances and support card games and competitive video gaming. We can assist you with payment solutions for the following gambling sub vertices.
- Roulette
- Blackjack
- Paid Contests
- Social Betting
- Online Sports Book Betting
- Online Horse Racing Tips
- Online Casino
- Bingo
- Lottery Tickets
- Wagers at Race Tracks
- Live Dealer Casino
- Lotteries Lotto Syndicates
- Lottery Jackpots
- Raffles
- Sweepstakes
Features of Our Gambling & Betting Merchant Account Solutions
Our integrated payment gateway and acquiring solutions cater to startup and experienced merchants, providing a one-stop package. Additionally, we offer a robust acquiring service, appealing to high-profile merchants who appreciate the long-term benefits.
Onboarding is quick and easy with a dedicated account manager, addressing the need for speedy payment processing in legal betting and casino companies without dampening overall enthusiasm. Our solutions ensure one of the best uptimes for payment acceptance, supported by high-quality data center infrastructure.
For international merchants, we offer multiple currency processing to accommodate the diverse nature of betting . Through various payment processing platforms, payments can be collected from most nations in their desired currencies.
For expanded pay-in and payout solutions, our OCT options cater to the needs of most merchants, acknowledging the significance of deposits and withdrawals in the industry. The solution provides a resistance-free payment experience, addressing both player and operator priorities.
Recognizing that credit and debit card processing alone may not suffice, we offer local payment options for easy deposits with alternative methods. Debit card payments are highlighted as safer alternatives for gambling merchants, considering the higher risk associated with credit payments.
Payments through e-wallets are supported, with awareness of restrictions in some nations regarding e-wallets accepting credit card loads. The incorporation of an AI-driven fraud identification suite adds an extra layer of security, implementing advanced algorithms to identify risky transactions, reduce merchants’ losses, and maintain the hygiene of the payment ecosystem.
Gambling Merchant Processing FAQ
What is a Gambling Licence and do i need one.
Every game of chance merchant requires a relevant licence to accept payments and operate the business. Our Processing partners support merchants that have valid licences. Please note that all licences may not be supported at all times. Merchant acquiring banks have strict policies about what licences they will accept and what they will not accept. Let’s look at some licences that are popular. Each licence may have its restrictions in terms of payment processing traffic and other factors.
- Alderney License
- Antigua and Barbuda License
- Belarus License
- Costa Rica License
- Curacao License
- Georgia Licence
- Gibraltar Licence
- Greece License
- Isle of Man License
- Kahnawake License
- Latvia License
- Malta License
- Montenegro License
- Romania License
- Seychelles License
- Great Britain Licence (UK)
- Belize Licence
- Vanuatu Licence
- Denmark Licence
- Jersey Licence
- Panama Licence
- Philippines Licence
- St. Kitts and Nevis Licence
- Tasmania Licence
- Swedish Licence
- Seychelles Licence
- Macau Licence
- Singapore Licence
- France Licence
- Spain Licence
- Bulgaria Licence
- Australia Licence
- Lithuania Licence
- Germany Licence
- Switzerland Licence
Please note that the validity of the above-mentioned licenses may be subject to change based on various factors. When you apply, our partner providers will assess whether they can support your license, providing the final decision. It’s important to understand that having one or more licenses from the above list does not necessarily guarantee their suitability for card processing at all times.
What Are The Few Risk Mitigation Steps Used By Gambling Payment Processors?
Strict underwriting is the first risk mitigation step that banks take to keep bad actors away. Evaluating all the details, including even the smallest, helps underwriters stop fraudulent merchants from entering the card processing system.
Merchant acquiring companies may implement 3DS on the first deposit or on all transactions to reduce the risk of fraudulent transactions and deposits. Implementing checks and balances on FTD and VIP traffic also helps maintain proactive risk control on the account.
AML Risk Assessment: Since the industry has many money laundering cases, our processing partners perform extensive AML risk assessments. It helps ensure that genuine clients get access to the solution and that fraudulent businesses do not get the opportunity to abuse the payment ecosystem.
Does QuadraPay Support Mobile Casino?
QuadraPay takes pride in enabling mobile casino, allowing users to engage in their favorite activities through smartphones and tablets. User-friendly platform ensures accessibility and ease of transactions on the go. QuadraPay’s commitment to supporting a broad spectrum of casino categories, combined with the convenience of mobile accessibility, makes us a reliable partner for seamless and secure credit card processing in the dynamic and evolving world of casino.
How Can I Maintain a Healthy Gambling Merchant Account?
It is crucial to keep your merchant account in good shape after approval, and there are various ways to achieve this. By implementing simple steps, such as maintaining a robust customer support team, sending instant notifications to players upon purchases, and keeping an easy-to-understand descriptor, you can significantly reduce the risk of losing your betting merchant account.
How does payment processing for casino and betting activities differ from other industries?
One key factor that differentiates betting and casino operations from other industries is the requirement of making payouts to the players. Unlike regular ecommerce merchants, banks do not typically have to initiate payouts to users. However, in any game of chance where a monetary prize is announced, most merchants prefer to use a merchant account to initiate payouts.
Another factor to consider is the possibility of partial or total financial loss due to the nature of the industry. Bettors may lose their money, and as a result, disputes with card issuers may arise.
Still, Confused On How To Choose A Gambling Merchant Account Provider?
No worries, our staff is always looking forward to solving your queries and satisfying you with answers to the questions you might have about the process. We welcome you to benefit from us by accepting online payments at low cost for your online gambling business.
