3 Important Reasons to Get an Online Gaming Merchant Account

Oct 09, 2020

Payment speed is a concern for different types of customers, but the need for instant checkout almost triples for online gamers.

Failure to meet this demand can lead to dissatisfied clients and lost revenue, so you want a reliable merchant account and credit card processing solution for your online casino.

Hiccups such as excess chargebacks and sudden account terminations can threaten to bring down your betting business.

Remember, your company hasn’t maxed its potential until you’ve converted all would-be prospects into repeat clients. And because seamless checkout is key to optimal conversion, success is possible only if you partner with the right payment vendors.

The 3 Pros of Working with the Right Vendor

Below are three reasons to partner with the right merchant account partners.

 

  • Grow your audience

 

Taking your business online opens fresh opportunities, and integrating popular payment avenues ensures you attract and convert more customers.

Credit cards are a well-liked method among customers. Online Casinos need a merchant account to begin taking payments. But banks won’t readily accept you because gaming businesses are branded high-risk.

That’s where “partnering with the right vendor” comes in. Your best solution lies with high-risk merchant account providers. 

Choosing a reputable service with experience serving casinos offers extra advantages such as;

  • Easy application and quick approval despite your high-risk reputation
  • Quick set-up and instant payment acceptance
  • Custom-made offerings to fit your specific business
  • Unswerving support

They will also help you protect your business against fraud and chargeback risks.

 

  • Earn Your Clients’ Trust

 

Security is equally a concern for customers, just like payment speed and convenience. 

Clients confirm whether a website is secure (SSL) before placing a bet. You don’t want to give them any reason to doubt your gaming site.

The best merchant service providers leverage up-to-the-minute technologies like 3D fraud security to ensure client safety.

You want to work with payment providers who prioritize payment security and customer privacy.

 

  • Reduce losses

 

You’ve almost certainly structured your gambling platform to ensure you always win. 

But losses are hard to avoid when running a high-risk merchant account. And given the nature of the gaming business, chargebacks are an obvious threat—it’s not uncommon to meet unsatisfied customers who genuinely lose their bet but still push for reversals.

The best merchant service must offer unswerving chargeback detection and protection to manageable ratios.

Parting Shot

Do not limit your betting company; teaming up with industry experts opens new doors. Plan carefully before signing any deals.

Let us help you get a high risk merchant account today!

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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