Legalized Sports Betting ‘Inevitable’ in More States

Sep 10, 2014
Sports-BettingLegalized sports’ betting is done often in workplaces and between family members, but it is quickly becoming a more lucrative venture in many states. The taboo sports betting of the past is now gone, and many are quickly learning that by legalizing it, you can help boost state economies. If your state has recently legalized sports betting, this is the perfect time to consider it as a new business venture.

Sports betting can bring bad memories of Pete Rose, and shootouts after Las Vegas boxing matches. However, today’s sports betting operations are actually subdued. It is a great way to (hopefully) make some extra cash while watching a sporting match, which is probably what the betters were going to do anyway. While lucrative and in high demand, it can be tricky to find a merchant account provider to process payments. While it is an option to take all cash payments, this isn’t the best idea, especially if you take bets over the internet. Plastic card payment processing is a must, and you need the best services possible in order to keep your operation safe from hacking.

We at EMB know that you need the best possible service and security to protect your customers’ interest. We also know that sports betting merchant accounts are at a higher risk of having fraudulent activity occur, and we will not close your account for it. Instead, we offer chargeback insurance, which helps us, and you, determine is a chargeback is legitimate. Chargeback insurance can also lessen the fees associated with a fraudulent charge. These fees are a big reason why other merchant account processors will not deal with sports betting merchant accounts.

To set up your sports betting merchant account, contact us 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 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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