You will need a casino merchant account if you plan to use an online casino platform. You cannot receive deposits or payouts without the processing of gambling-payments. The online gambling industry is huge and has unfavorable elements like other industries. The conventional banks are therefore a quiet sceptical about those in the gambling industry.
Obtaining an online casino merchant account is not easy butif you meet your specifications and provide the documents and information your equire as well as an experienced corporate services provider, you will beextremely likely to be approved for your gaming business account. Knowing theindustry and helping you navigate through the complex application process isthe key to success.
A merchant casino account is a credit card processing account that serves online gaming companies in particular. It aims at accepting deposits, payments and facilitating payouts and awards to the players. It is usually-linked to the website and application as a payment processor.
Most banks consider gambling companies to be 'high risk.' Thisis because of several reasons that we're going to list here.
The gaming company is considered to represent a higher risk forthe contractor, which makes it a high risk.
As well as being regulated and organized online gambling today,some financial companies still feel there are certain threats. Over time, theindustry and online gambling providers are likely to be up-to-date.
They have also increased turnover and the risk to processors is higher. credit card processors often close online merchant gambling accounts if companies cannot maintain a low fee ratio (less than 1 percent).Processors are not responsible for balance that cannot be covered by the gambling platform.
Many gambling companies are located offshore and the effect ofmoney laundering and fraud concerns.
This does not mean that it is not possible to process online gambling payments. There is still a way to get legitimate accounts for payment processing for your website
A definitive list of documents is not available that is necessaryfor opening an online gaming merchant account. Depending on variousfactors, the requirements change. But we can give you an idea of what is goingto be needed. You will need to give the following as a starting point:
These are the conditions for opening a merchant account. Please note that additional documentation on a case by case basis may be required:
Webpays has worked with numerous gaming companies worldwide. We helped them openmerchant accounts in various offshore countries to casino companies and we have a very high rate of success. To know more about online casino merchant accounts contact us now!!