Only online companies and businesses are generally thought to benefit from the use of a wide variety of online payment gateway options. It is not so, however. Casino merchant accounts are also used commonly in the gaming industry. Even though casino merchant accounts offer significant revenue options, they also suggest a considerable degree of risk (likely chargeback, theft, refunds, etc.).
That is why, when it comes to dealing with online casino merchants, the majority of banks offering merchant accounts are reluctant, who, in turn, consider such a state of affairs unacceptable.
In the UK and the US, there is a great disparity in accepting online casino merchants. When you consider the history of gambling in the United Kingdom, it’s easy to see why the majority of purchasing banks in the country refuse to open casino or betting merchant accounts.
Acquiring banks in the UK accept casino merchants, but consider it necessary to ask about the deposits and credit history of the customers. That is why it is the most acceptable choice to get a casino payment gateway from the most reliable online payment gateway provider, which will help accept credit card payments from gamblers and perform all sorts of transactions.
Due to its ability to help them handle their casino business and control their earnings, setting up a gambling payment gateway is advantageous for gaming merchants. Despite the above-mentioned risks associated with casino merchant accounts, business owners get the perfect opportunity to provide multiple services and benefits to their customers, including the following:
● Payment and purchases with a valid credit card.
● Reliable online scam prevention, which is particularly relevant when it comes to financial matters.
● Basic deposits correlated with purchases by credit card and processing.
● Beneficial time-saving commercial deals for offshore businessmen (the holders of offshore casino merchant accounts get an opportunity to process offshore credit card payments, which significantly contributes to the global expansion of their business)
● Additional Internet scam security due to stable servers.
● The ability of consumers to check their knowledge about online credit card purchases.
● Round-the-clock customer support services that allow them to answer their questions in time.
● Ability to obtain debit and credit cards, which is particularly necessary for owners of online casino merchant accounts.
● Possibility to accept payments by credit card and execute transactions in various currencies
● The above aspects show that setting up a casino payment gateway is important for casino business owners who are serious about the reputability of their business.
Still, if you plan to have your casino merchant account, make sure that you apply to the trusted provider of the online merchant account.
Why is it hard for casino companies and online gaming companies to find a merchant account?
Owing to the high-risk nature of the industry, while attempting to open merchant accounts for conventional payment gateway solutions, online gaming solutions such as poker also face increased challenges.
Alternatively, online gambling platforms can apply to dedicated casino payment gateway solutions for merchant accounts that accept companies from riskier sectors.
These suppliers, however, also take advantage of the high-risk nature of the business, charge additional fees and retain customer funds (anywhere from a few days to several weeks) before moving them to the merchants.
When choosing a payment gateway for online casinos, what to consider?
It is important to consider the following factors to select the right online casino payment gateway solution for your company:
- Regulation: When selecting a payment gateway for an online casino, the first aspect to consider is regulatory enforcement. You should make sure that your company has the requisite authorization to receive payments before applying for a merchant account. Checking if the processor supports all nations where the users are located is also important.
- Transfer pace and fees: Players do not want to pay high fees or wait for their deposits and withdrawals to be processed for several days. Consider selecting a service provider that charges fair rates while providing rapid transactions for that purpose.
- Payment methods: While customers in some countries tend to pay with credit cards, others may choose to use other forms to finance their casino accounts (e.g., bank transfers, e-wallets, cryptocurrency).
It is important to provide multiple payment methods to meet the needs of an international user base so that gamers can choose the one they want.
- Security: Having a payment gateway solution that keeps customer funds secure is crucial for online casinos.
If you are looking for a casino merchant account, you can come to EskayPay when you can get the best assistance for casino business payment solutions.