On-line Gaming Generated $33 billion in Revenue in 2013 alone |Sports Betting Merchant Account

Nov 12, 2014

Need Merchant account processing for your Fantasty Sports site?

Piles+of+dollars+cash+dollarOf 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 on-line 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 sports 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 end 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 or click below 

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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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