Merchant accounts for online casinos are widely applicable in the gaming industry. For all participants in the process, they carry significant levels of risk, as they are often accompanied by chargebacks (refund), chargebacks, fraud by gambling enthusiasts. Often casinos are also used by carders, casters – this area of the Internet business is fraught with high risks. If an online gambling establishment does not have a license and the software (software, platform) provided by the gaming technology provider is not regulated, connecting a payment service for such a project will be a difficult task. It is these reasons that are a barrier for start-ups, since most traditional financial institutions and banks offering acquiring services do not want to deal with online casinos.
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Opening a merchant account in a casino at several large and well-known providers of trading accounts is not at all a quick process, since it is necessary to take a number of steps to optimize the legal base and visual part of the site. Typically, payment providers work with all types of gambling businesses, including casinos and poker. However, like most in the payment world, such payment gateways are not eternal, therefore for stable operation it is necessary to connect several sources. For this, it is recommended to use payment aggregators.
What is a Merchant account casino and why is it needed?
A specialized trading account that connects to an online casino site. It is provided unlike a regular account with a reliable payment processing solution that protects both the client and the seller. Gambling transactions are conducted under a special MCC code – 7995, it was created to service all operations except transactions using ATM, including opening bets, purchasing lottery tickets, tokens, chips and other goods in exchange for cash, by institutions such as casinos, card houses and etc.
Benefits of Casino Merchant Account for individuals
Despite the fact that some acquiring banks provide services for the casino, the banks have a mandatory KYC procedure and verification of the client’s credit history and deposits – this becomes a long and tedious task, leading to delaying the processes of the entire business. Payment gateway providers offer express solutions for onboarding the client in the casino, and help to accept VISA and Master Card credit cards and process all types of transactions quickly and efficiently, being the best alternative among other online payments, such as cryptocurrencies or electronic wallets .
A high-quality merchant account should have a number of advantages for casino owners to effectively manage their business:
- Standardized and secure transaction processing will help prevent online fraud.
- The opportunity for offshore credit card processing offered to casino trading accounts helps expand the geography of the business.
- Secure and encrypted SSL servers to provide additional protection against fraud.
- Access to view reports on all types of transactions.
- Multi-currency transactions and electronic money processing.
- Operational customer support.
- The ability to integrate a basket, form or payment button with the casino website, which is convenient for its customers (the ability to replenish an account without leaving the site).
- The ability of offshore casinos to accept debit / credit cards of all types, such as Master Card, Visa and others.
Tariffs for Casino merchant account
Wellcoinpay provides fair and competitive tariffs for services for connecting such an account from 4%. MDR rates, as in other areas of the payment industry, are determined individually by numerous factors, which include the type of seller’s industry (high / medium / low risk), monthly sales (turnover), previous acquiring history, company and beneficiary jurisdiction. In the case of start-up projects and sites with poor reviews, the% of the commission for acquiring until the confirmation of positive statistics will be overstated. According to the above, you saw the dependence of tariffs, and how they differ in the depth of risk. Please note that in addition to general commissions, such as transaction fees, conversion fees, refunds, often the provider of the payment gateway will also be freezing part of the funds (Rolling reserve) in case the online casino client decides to make a chargeback procedure (full refund of completed transactions).
Need a merchant account for gambling?
Contact us at https://wellcoinpay.com/ and we will certainly help you in obtaining a legal payment solution for your project as soon as possible. We have established strong and reliable relations with acquiring banks around the world, which will allow you to provide you with the most favorable conditions.