Need Merchant account processing for your Fantasy Sports site?
Of this gigantic amount of revenue, 10% came from the United States. With people playing on their iPhones and mobile devices, the revenues are mounting daily. However, sponsors of online gaming like casinos, sports betting, fantasy football, and baseball, and other games of chance are having difficulties finding a credit card processor for their sports betting merchant accounts.
There are several reasons for this. A sport betting merchant account is considered high risk. It takes a specialist in high risk processing to get a merchant an approved account. Not everyone is a high roller – or in the terms of the casinos – a whale. Many are not even little fish. Quite a few players will only charge $30 to $100 on their credit or debit cards at one time. When they run through their funds, they will charge another smaller amount. This makes for a high number of transactions. Since most processors are paid by the transaction, you would think they would beg for these accounts. However, the credit card associations see it differently. The label of a high risk merchant is governed by the associations.
With the number of transactions come the increased number of chargebacks. Some players may cry foul and want their money back. Rather than contacting the merchant, they contact their credit card issuer and say they were cheated. Issuers tend to side with their customers. They do not let the merchant know that there was a problem and the only way a merchant finds out about it is when the chargeback fee is issued several months later.
In addition to complaints that the sports betting merchant account takes cheaters, there are those charges that are made and when a spouse sees them the other party gets indignant and claims they are not his. In this instance, the online merchant is left holding the bag.
Some of these chargebacks will be negated when the new payment platforms have been initiated and accepted, such as the new Apple Pay. This app should send the ‘that’s not my charge’ syndrome for good. But there will still be other chargebacks.
You must also take into account that conservative banks and traditional processors still believe that online gaming is against the law. It is not. While Congress banned online gaming in 2006, Fox News announced that the ban was lifted in January of 2014. Yet anyone who wants a Sports Betting Merchant Account needs to find an off-shore processor to handle their business.
Gaming institutions who want and need a Sports Betting Merchant Account do not have to deal with overseas individuals at all. There is a domestic high risk specialist that can take care of all the details. This processor can have your merchant account set up in as little as 72 hours with limited application restrictions. And there are no application fees.
If your casino or online gambling business can maintain a chargeback rate lower than 3% you can have Sports Betting Merchant Account that can be tailored for either your high ticket or your high volume needs. Rates are among the lowest in the high risk industry. Plus, you do not need your own Visa and MasterCard license. Get in the game today!
To get approved for a gaming merchant account in 48 hours or less call 1-800-621-4893