Online Poker Merchant Accounts: Insider’s Guide
Table of Contents
What Is an Online Poker Merchant Account?
An online poker merchant account is a specialized credit card processing solution for poker platforms and apps. This type of merchant account allows entertainment platforms with appropriate licensing to accept payments from players for various transactions. These merchant accounts are classified as high risk by acquiring banks because of the nature of the industry and complex regulations. Only specialized high-risk payment service providers support such industries.
How Poker Payment Gateways Work?
Specialized poker payment processors support various payment methods such as credit cards, debit cards, gift cards, e-wallets, and bank transfers. These solutions are designed to handle the specific requirements of the online poker industry, including managing high-volume transactions and accepting multiple currency payments.
A payment gateway for poker acts as a bridge between the merchant acquiring bank, card company, and the card issuer. The poker payment gateway completes the entire transaction in less than a second. The gateway transmits the payment information, verifies the transaction details, and enables smooth fund transfer from the player’s account to the poker platform bank account.
KYC for Poker Payment Processors
The KYC requirements for poker payment processors include various documents that help them identify the legitimacy of the business. These requirements are imposed by our merchant acquiring institutions to prevent fraud and promote safe transaction processing.
Every poker payment processor requires merchants to submit certain documents for KYC verification. These generally include personal identification documents such as a driver’s license or passport.
Additionally, the payment processor will need the business registration certificate as well as a relevant industry license copy. Our services are only for licensed operators in jurisdictions where online poker is 100% legal. A license is a must for getting a solution from our partner providers. It is mandatory for poker payment processors to verify the address of the business and directors’ homes, for which the merchant can submit utility bills. In some cases, the processors may ask for details about the source of the funds.
The entire KYC process is beneficial for the merchant, the processor, and all parties involved. The “Know Your Customer” process ensures that bad actors stay away from the payment processing network and only genuine merchants gain access to accept credit and debit card transactions.
How to Apply for a Poker Merchant Account?
The application process for an online poker merchant account is easy. At QuadraPay, we believe in taking a step-by-step approach. The initial step that we request you to take is to initiate contact with us. You can fill out the short merchant account application form on our website, and then one of our poker payment processing experts will contact you.
The representative will ask you a few basic questions that will help us reach a conclusion on whether our processing partners will be comfortable reviewing your online poker platform or not. If our team considers you a good fit, we will connect you with our processing partner for further evaluation and onboarding.
Once the account is approved, you will be given a merchant account agreement for your review and acceptance. Thereafter, the payment processing team will send you the integration modules, which you can use to add the poker payment gateway to your platform.
FAQs About Poker Payment Processing
What is the expected market size of the global poker industry?
According to Custom Market Insights, the market size of the global poker industry will reach $302.2 billion USD by the year 2033, with a CAGR of 12.2%.
Is OCT compatible with online poker payment gateways?
Legal online poker platforms may use OCT, or the Online Cash Transfer solution, to pay out poker winners. With this solution, winners can receive the winning amount electronically into their bank accounts, digital wallets, or cards (which they use for paying the poker platform). However, it is important to note that online poker is a highly regulated industry, and the availability of a merchant account or payout solution is subject to various policies and full compliance with mandatory regulations.
What is the policy regarding refunds and dispute resolution for online poker transactions?
When you apply for a poker payment gateway, the payment processor carefully reads the refund policy on your website. Keep in mind that they read the policy and keep a copy of it. In case any of your players ask for a refund, then you must obey the rules that you have mentioned on the refund policy page. Ignoring the refund request of customers or not initiating the refund even after confirming that the player’s demand is genuine may result in chargebacks.
Chargebacks are not something new for poker, casinos, betting, raffles, social gaming, competitions, or gambling merchants. However, as a merchant, you must know that you should take every chargeback request seriously. We encourage you to use popular chargeback alert and notification services to reduce the risk. In case of any chargeback, you must provide the documents that your merchant acquirer asks for without delay.
Disclaimer: This content is intended for informational purposes only and is targeted at operators in regions where online poker is legal and licensed.