Merchant Account for Online Gaming & Casinos
The global entertainment and media market that includes online gaming and casinos is expected to expand globally to $2.14 trillion by 2021.
As a growing and ever-growing market online gaming has grown exponentially throughout the years and is likely to increase in popularity. The data shows that worldwide gaming online traffic is predicted to grow from 126 petabytes in 2016 and 568 petabytes by 2021, which indicates that players are prepared to continue to play.
The two biggest game areas, North America and the Asia Pacific are expected to contribute 78% of all global revenue. Online gaming that is massively multiplayer (MMO) is a type of game that is played by hundreds or, in some cases, hundreds of gamers at one time earned $19.9 billion in 2016.
Although all indications suggest that casinos and online gaming are profitable, banks that are traditional won’t bet on these businesses. The history and background of the industry and high chargeback rates, and legal concerns due to unclear laws make banks hesitant to work with the online gambling industry.
In order to process credit card transactions efficiently and efficiently, companies should use Merchantstronghold.com (Merchant Stronghold) to get casinos and an online gaming merchant account. Specialized in providing the most secure merchant account for gaming on social networks, MMO as well as online casino accounts, Merchant Stronghold can provide customized processing options to all kinds and sizes of business.
To start the process you can apply online today. Merchants can be approved for a casino or merchant account for online gaming within 24 hours. Once they are approved, Merchant Stronghold can set up chargeback management software and an online payment gateway. Additionally, a fraud detection system is also a possibility for online transactions.
Merchant accounts are for all types of gaming and online gambling companies
Merchant Stronghold provides merchant accounts to a variety of companies in the online gaming and casino sector, which includes:
- Horse race betting
- Play-based gambling
- Multiplayer online gaming
- Mobile gambling
- Mobile gaming
- Bingo online
- Poker online
- Gaming with friends
Alongside the companies that are listed here, Merchant Stronghold works with new and established companies, merchants that have been denied or closed by a different credit processor as well as businesses who have bad credit or a record of excessive chargebacks.
What is required to apply for an online gaming and casino merchant account?
To get a casino or the merchant’s account for online gaming, a company has to complete the online Merchant Stronghold application. Alongside the application form and an operational, secure website, merchants need the following things available to processors and underwriters
- An ID that is valid and issued by the government like an ID card for drivers
- A banknote or a checked check that has been printed and voided
- Three months from the latest bank statements.
- 3 months from the latest processing statement If relevant
- The SSN (Social Security Number) or EIN (Employer Identification Number)
- Chargeback ratios should be less than 2percent.
Merchant Stronghold cannot guarantee approval but it can guarantee an easy, simple application procedure. The merchant accounts will be approved between 24 and 48 hours.
Get aces on the table during online gaming and casino account review
When online and casino companies request merchant accounts processors and underwriters need to verify that they’re operating legitimate, trustworthy companies.
When they review their business Underwriters review a variety of aspects to ensure that credit card processors aren’t taking on any risk that isn’t necessary. Merchants who are deemed to be high-risk imply that processors have to take on a higher risk of the financial cost.
The elements that determine a company’s”risk” include:
A record of chargeback (credit card dispute) ratios
- Statements from banks
- Processing history of credit cards
- Credit scores
- Balances on bank accounts that are negative
- Late and unpaid payments
The best method of preparing in advance for the examination is to have a primary in the company who has good credit scores, apply to the account, pay any outstanding debts and deposit some funds at the banks. The review will be the moment to address any issue that appears to be questionable.
If you follow these steps, it will improve the chances of getting a casino account and merchant account with online gaming with fewer restrictions, like limits on processing volumes that are higher or a reduction in rolling reserve.
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Casino and online gaming merchants are high risks
Gaming online and gambling is extremely risky since the business is a gray legal space. While there aren’t any federal laws that criminalize online gamblers, however, the Illegal Internet Gambling Enforcement Act of 2006 stipulates that no person or organization is allowed to accept any money that is associated with an individual who is gambling online illegally. Because the law says that a person or entity cannot “accept” money and this does not have a real impact on a gambler. Since the law bans gambling businesses from lawfully accepting wire transfer payments, they require companies, such as Merchant Stronghold that accept credit card transactions.
There is no provision in the law that says players are penalized for playing on the internet or transferring funds to fund bets. State-level is entirely different. Every state within the United States treats online gambling differently. Certain states, such as Delaware have legalized and regulated gambling online, while some have legalized it in a conditional manner, such as Nevada while some have banned it, including Louisiana or Iowa. Iowa has one of the most strict online gambling laws currently on the books. Based on the number of bets exchanged, those who violate the law can be accused of a serious crime. Nevada allows online poker on licensed state-run sites, but not any other form of gambling.
Although online gaming has emerged as an integral, profitable part of the gambling industry, banks view them as too risky. Gaming businesses and casinos are susceptible to excessive chargebacks and refunds, and also have greater turnover. This increases the risk that the processor will likely be liable for when it processes credit card transactions for the company.
Additionally, online casinos are targeted by lots of fraud. Customers can protest against a transaction since they have changed their minds. Their credit cards were not stolen. They decided that they did not want to cover the costs of the service.
Due to the laws of America, due to laws in the United States, many online gambling companies are located offshore and there are reports of money being smuggled out and fraud. Because they are located overseas it’s harder to keep track of dollars, thereby making it riskier for processors.
Although the online and casino gaming industry is expanding by leaps and bounds. However, many of the businesses are relatively new and have very little prior experience or credit history. The absence of credit or a poor credit score increases the likelihood that a company isn’t in a position to repay any debts they owe to a merchant or bank account provider. The same is true for processors who take on higher risks financially.
Gaming categories, including online and casino
The United States and other countries including the United Kingdom, assign four-digit numerical Standard Industrial Classification (SIC) codes to companies, which identify their primary functions.
Online gaming and casino merchants are all included in 7999, the Amusement and Recreation Service and are not included in the Elsewhere classified SIC code.
Go to the United States Department of Labor for a full list of SIC lists.
Federal statistical agencies categorize establishments by using a set of six-digit numerical codes that are referred to by the Northern American Classification System (NAICS). This code is used to gather data, analyze, and release data on similar types of firms and the ways they affect the economy of the U.S.
Merchants of online gaming and casinos make use of the NAICS codes listed below:
- 713210 – Casinos (except casino hotels)
- 713290 – Other Gambling Industries
- 713990 – All Other Amusement and Recreation Industries
Go to the United States Census Bureau’s Northern American Classification System to look up the entire NAICS codes list.
Merchant Accounts For Casinos and Gaming Online Gaming
Stop playing the traditional game of traditional merchant services and banks. Take a leap forward with an account for merchants from Merchant Stronghold. We are able to provide merchant accounts to gambling and casinos.
This highlights the importance of having a large volume merchant account in place and ready to be used by your gaming business. Apply now and you can set up your online casino and gaming merchant account and run within 24 hours and with no limitations.
Start Your Casino or Gaming Merchant Your account is set up in just a matter of 48 hours
Gaming is the definition of high risk and high return. It shouldn’t surprise anyone who is aware of how much risk is involved in the business banks shy away from offering merchant services for online casinos. Another reason for banks to avoid conventional merchant services providers is the significant rate of chargebacks as well as disputes.
If your casino or gambling company can keep an average chargeback of less than 3%, the Merchant Stronghold service can provide you with an account for merchants that can be designed to suit your high-ticket or large volume needs. Merchant accounts that are specifically designed to match the nature of your transactions will make sure that your electronic payment processing will be smooth and effective. So, let the fun begin, and take advantage of our services today. We can get your merchant account set up within 72 hours.
- Competitive rates
- No Visa/MasterCard is Required
- Many Secure Payment Gateway Options
To be accepted for a casino and merchant account with an online gaming site within just 24hrs Click here or dial +1-888-622-6875.