Gaming Merchant Account & Payment Processing
If you are planning on operating an online gambling platform, you are going to need a gambling merchant account. You cannot receive deposits, or make payouts without gambling merchant account. Gaming or Gambling merchant account specifically serves online gaming industry with the purpose of being able to receive payments from customers using payment cards.
Why Gaming Industry Is Considered As High-risk?
The online gambling industry is enormous and, like other industries has nefarious actors. Therefore, conventional banks are somewhat skeptical of those operating within the gambling industry. This makes the process in obtaining a merchant account difficult than usual. If you are operating in this industry, you have to encounter with high-risk payment processors.
Although online gambling is very well regulated and organized today, notable number of financial entities still believes that significant threat exists within this industry. Also, online gambling businesses are prone to high chargeback and refund rates. They also have high turnover which increases the risk for processors. Many gambling businesses are based offshore that inclines to the risk of money laundering and fraud.
You don’t have to worry – if you can comply with the requirements, there is high chance that an experienced payment services provider can serve you with the merchant account that you need.
What Are The Requirements For Gaming Merchant Account?
Our primary acquiring banks in western Europe requires the contracting merchant to be EU-based and have an EU-issued gaming/gambling license. Licenses are also accepted from territories including Malta and Curacao, if the merchant has decent turnover and good processing history. Gambling merchant accounts are categorized as 7995 (MCC code), by which the payment processors identify the transaction and restrict certain countries.
Which Countries Will Be Blocked For Your Merchant Account?
If a payment is attempted in any of the following countries, the transaction is automatically blocked due to local online gambling regulations: Brazil, China, Hungary, Hong Kong, Iceland, Israel, Japan, Lithuania, the Netherlands, Norway, Poland, Singapore, South Korea, Switzerland, Turkey and the USA.
What Will Be Your Payment Processing Fees?
Gaming industry is considered special on top of being categorized as high-risk. Many gambling payment processors tend to charge unusual fees from the merchants coming from this particular industry. Yet there are many processors who will charge you fairly for their merchant services.
Payfasto, founded by the merchants themselves, is dedicated to assist every merchant in every possible way while being true to honesty, quality and security. Contact us today to learn about requirements and fees for your gaming merchant account.