Casino Credit Card Processing Is Essential To Accept Credit Cards
The online casino industry has risen up vastly, specifically in North American and Asian countries. But operating such type of a business may come at an increased price. The increasing number of online gamers of Massively Multiplayer Online Role-Playing Games (MMORPGs) has carried an evaluated amount of $19.9 billion in benefits globally. This report summarizes the number of people who are planning to pay to play these sorts of games. Yet, banks and primary financial organizations do not like to gamble on online Casino Credit Card Processing services.
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Sorts of Online Gaming Businesses
Among the many sorts of high-risk businesses are the following gambling businesses:
- Online Casino Business
- Online Lotteries
- Massively Multiplayer Online Gaming
- Mobile Gaming
- Online Gambling
- Online Bingo
- Social Gaming Platforms
- Online Slot Machines
- Online Table Games
- Fantasy Sports
A Standard Industrial Categorization (SIC) code is specified by primary nations, comprising the United States, to specific business objectives. For casino and online gaming businesses, there are various restrictions.
Why is a casino credit card processing account difficult to come by?
Online casino and gambling businesses are regarded as high risk because it falls into the legal gray area pursuing federal regulations. While there are no precise restrictions on online casinos, the US has the Unlawful Internet Gambling Enforcement Act. And which declares that no person-specific or business may “consciously receive payments in association with the contribution of another individual in prohibited online gambling.”
This regulation punishes only those who “receive” transactions from online casino players and not the gamers themselves. Regrettably, this brings it difficult for online casino merchants to function online payments from stated online gamers. Although many casino merchants are based globally. Regardless, they are presently secured by state and national rules & regulations. This is where credit card processors for online casino merchants arrive into the frame.
Another cause why an online casino merchant account in Europe is regarded as high risk is that it can experience a lot of familiar fraud protests along the path. Familiar fraud is unlawful claims by account merchants who transform their minds and set a conflict over online payments. Examples like this lead to high chargeback assertions which harms merchants.
How to Acquire An Online Casino Merchant Account?
While it appears difficult to acquire a casino merchant account, it is also not impossible to accomplish so. There are payment processors who still acclimate skilled casino credit card processing. What you will require is a secure and dedicated payment processor who specifies and is able of managing merchant account online payments. These are some of the factors to consider in a casino credit card processing provider.
- Multi-Currency Payment Processing
It predicts for casino accounts to have online payments in further currencies. Thus, a credit card processor who can execute in numerous major currencies is vital in the selection procedure. One aspect to consider is the conversion rate of the respective payment processor. How much is assessed per online payment processing? Are there any other prices that can also calculate on top of the conversion price? Is the conversion speed higher or lower than the expected speed?
- Real-Time Payment Processing
Some online payment processors cannot function online payments in real-time. It can abide a day or more for some to conduct every transaction executed to an account. This implies that the funds credited would not be present instantly on the online merchant account’s bank account. Even if the acquiring bank has already assessed the online gamer.
- Compatible with Most Popular Gaming Platforms
Most significantly, a payment processor should be capable of functioning payments from all types of online casino games, specifically those that are famous to many. This assures that the choice for credit card transactions is always present to online gamers nevertheless of what game they select to partake in.
- 24*7 Customer Support
And in the duration of the problem, customers of online casino businesses should be capable to arrive at customer support to serve their requirements. Frequently, chargeback disputes could’ve been recompensed even before the assertion is pointed. Yet, their troubles are not managed perfectly, which then shifts into a standard chargeback protest. This is why customer support is vital for any online casino merchant account.
What Does Excessive Chargeback Imply to Casino Merchants?
As said, excessive chargebacks can be a huge issue for online casino merchants and high-risk merchants generally. Excessive chargebacks set any online business one step ahead of getting comprised in the MATCH list. This can also result in casino credit card processing providers revoking the casino merchant account of business merchants. But how do you actually specify the chargeback rate?
To put it easily, you can estimate the chargeback ratio by diverging the number of chargebacks by the entire number of online payments conducted within a month. The solution to that is the chargeback volume of any merchant and this should be inferior to 2%. Banks and other financial organizations mostly set the bar to 2% and any number outside that can regard to be outrageous.
Some ways to decrease chargeback volume comprise the following:
A declaration email to verify the buy with a fulfillment survey document. This email can also function as a reminder should the customer overlooks their online casino payment processing.
Time, date, and IP address documentation for online payments could also assist in opposing a dispute.
A clear business identity with the bought report can also create a dissimilarity. This will assist customers in identifying the payment processing once stated on their billing information.
Delivering customers the choice for a complete reimbursement will also go a long way to evading conflicts. Online casino merchants should be capable to deliver this via customer support.
Comfort programs delivered by casino credit card processors give another coating of security and authentication. And that reduces the possibility of chargebacks.
Your Own Casino Merchant Account in a Few Steps
Get initiated with your online casino merchant account. Find reliable payment service providers and dedicated underwriters. That will assist you in boosting your sales and receiving more online payments globally. Avoid uncertainties and move ahead with your correct government identification, a copy of formerly voided checks, recent bank statements of minimum 3 months, and further essential documents. Adequate credit history and bank status will also deliver you an approving picture in the sights of payment service providers. What are you staying for? Visit our official website WebPays.com now to get further information regarding payment processing solutions. And to acquire the best gambling payment gateway in Europe for your online casino business. You can just drop us a mail with your business’s payment requirements. And our payment experts team will be in touch with you shortly.