The Push for Legal Fantasy Sports Betting

Feb 13, 2015

Gambling may soon be coming to a city near you, thanks to ramped up talks of legalizing fantasy sports betting. While it is often done in break rooms and gyms, it is not legal just yet. The legalization can mean big business for large and small establishments, as well as added tax revenue. If, or should we say when, it is finally legalized; fantasy sports betting merchants may have issues processing their payments.

Payment processing is a big business, but the processors do not cater to every type of business. Legalized fantasy sports betting merchants will no doubt face issues getting a merchant account, as their businesses will be placed into the “high risk” category. Businesses in the categories range from car dealerships to online auction websites to gambling websites. They are categorized as such because they have a higher risk of incurring fraudulent charges. If you try obtaining a high risk merchant account from a traditional processor or banks, one of two things will happen: Option 1 is that you will be turned down completely, and option 2 is that they will offer you can account, with sky-high fees. You need to know that there is another option for your high risk business. That option is EMB.

With EMB, you are getting the foremost experts in high risk accounts. We are also one of the few that already offer legalized fantasy sports betting merchant accounts, so we are ready when legalization hits your area. In additional to industry-standard fees and outstanding security, we also offer all of our merchants a chargeback suite, which can help keep chargeback fees low. These fees occur when a fraudulent charge is made, and without chargeback insurance, the fees can be upwards of 270% of the original charge. For more information about legalized fantasy sports betting merchant accounts, 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 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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