High Risk Online Poker Merchant Accounts
An online poker merchant account is a specialized credit card processing solution for online poker platforms. This type of merchant account allows poker platforms to accept payments from players for various transactions such as deposits and tournament buy-ins. High risk payment processors and sponsor banks power these merchant accounts.
Online poker merchant accounts enable platforms to accept payments from players using various methods, including credit cards, debit cards, gift cards, e-wallets and bank transfers.
These merchant accounts are tailored to handle the specific requirements of the online poker industry, including managing large volumes of transactions, accepting payments in multiple currencies, and ensuring the security of sensitive transaction information.
Merchants must use a payment gateway with an online poker merchant account to accept transactions from players. Sometimes, people may think that an online poker merchant account and a poker payment gateway are the same, but in reality, they are absolutely different. A poker merchant is free to obtain both from one provider or two separate providers.
A Payment gateway for poker is an online platform that acts as a bridge between the merchant acquiring bank, card schemes, and the card issuer. The poker payment gateway completes the entire transaction in a very small fraction of time. This gateway transmits the payment information, verifies the transaction details, and facilitates a smooth transfer of funds from the player’s account to the online poker platform.
Poker Payment Processors’ KYC Requirements
The KYC requirements for poker payment processors include various documents that help the payment processor identify the legitimacy of people and businesses involved in online poker transactions. These important requirements are imposed by acquiring institutions to prevent fraud and other illegal activities in the online poker industry.
Every poker payment processor requires merchant businesses 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 also need the business registration certificate as well as a relevant gambling license copy.
It is mandatory for poker payment processors to verify the address of the business and directors’ homes, for which the merchant is expected to submit utility bills. Since online poker is a sub-vertical of the well-known online gambling industry, merchants can be asked to provide details about the source of funds.
The entire KYC process is extremely 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 poker merchants gain access to accept credit and debit card transactions.
Application Process for Online Poker Merchant Account
The application process for an online poker merchant account is very easy. At Quadrating, 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 form on our website, and then one of our online 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 credit card processing partners will be comfortable onboarding your online poker platform or not. If our team considers you a good fit, we will request KYC documents. These KYC documents will be sent to our processing partner for further evaluation and onboarding.
Once the account is approved, you will be given a detailed merchant account agreement for your review and acceptance. After that, the payment processing team will send you the details about the integration modules which you can use to add the payment gateway to your online poker platform.
Poker Payment Processors: FAQ
What is the expected market size of global poker industry?
As per custom market insights, the global poker industry market size will reach $170 billion USD by the year 2030, with a CAGR of 12%. The major players will be Tencent, Playtika, Zynga Inc, PokerStars, Arkadium, and others.
Can OCT be used with Online Poker Payment Gateways?
OCT, or Online Cash Transfer solution, can potentially be used for the payouts of poker winners on an online poker platform. 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 regulations.
What Is The Policy Regarding Refunds And Dispute Resolution For Online Poker Transactions?
When you apply for an online poker payment gateway, the payment processor carefully reads the refund policy on your website. Keep in mind that they not only read the policy but also keep a copy of it handy. In case any of your players ask for a refund, then you must follow 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 request is genuine may result in chargebacks.
Chargebacks are not something new for poker, casino, betting, raffles, social gaming, competition, sweepstakes, or gambling merchants. However, as a merchant, you must know that you should take every chargeback request very seriously. We encourage you to utilize popular chargeback alert and notification services to reduce the risk of chargebacks. In case of any chargeback, you must provide the documents that your merchant acquirer asks for to win the dispute.
