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Gambling Merchant Services
The Reality Of Obtaining
Gambling Merchant Services
Gambling merchants are considered as “high-risk” therefore, they will likely need a high-risk merchant account to take payments.
Despite the rapid growth of online gambling businesses, it remains challenging to secure merchant accounts for these enterprises due to their high-risk label.
In the UK, the number of registered online gambling businesses has seen a significant increase. This growth underscores the demand for reliable and secure payment processing solutions tailored to the unique needs of the gambling industry.
Question:
Why Are Gambling Merchant's Considered as "High Risk"?
Gambling merchants face unique challenges when it comes to securing merchant banking and card payment processing services. Here are several key reasons why the industry is classified as “high-risk”
1. High Risk to Underwriters: The gambling industry is inherently riskier for underwriters due to the nature of the business, leading to its high-risk classification.
2. Perception of Threats: Despite stringent regulations and organisation in the online gambling sector, some financial institutions remain wary of potential risks. Over time, these entities are expected to adapt and develop greater trust in online gambling operators.
3. Chargebacks and Refunds: Casinos and online gambling platforms often experience higher rates of chargebacks and refunds, which heightens the risk for card payment processors handling credit card transactions.
4. High Turnover Rates: The substantial financial turnover associated with gambling merchants increases the risk exposure for card processors.
5. Chargeback Ratio Concerns: Credit card processors frequently terminate merchant accounts if the business exceeds a 1% chargeback ratio. This precaution is to avoid liability for any unmanageable balances from the gambling platform.
6. Offshore Operations and Fraud Concerns: Many gambling businesses operate offshore, raising concerns about money laundering and fraudulent activities, which further complicate their risk profile.
Despite these challenges, obtaining reliable payment processing for online gambling is achievable. Contact us today to learn how you can secure a legitimate payment processing account for your online gambling site.
Tips to Maintain a Healthy Gambling Merchant Account
To keep your gambling merchant account in good standing with your card processor and to maintain a chargeback ratio below 1%, follow these practices:
1. Clear Descriptor: Ensure your billing descriptor is clear and recognisable to your clients. Some customers will dispute a charge if they don’t recognise the name of your business on their bank statement.
2. Detailed Transaction Records: Record and archive detailed information for every transaction, including the date, time, and IP address of the computer from which the payment was made.
3. Automatic Receipts: Send automatic receipts to customers immediately after a transaction is completed to confirm the purchase and reduce confusion.
4. Full Refunds: Offer full refunds when necessary to prevent disputes, but be cautious as too many refunds can also negatively impact your high-risk merchant account.
5. Effective Customer Communication: Maintain open lines of communication with your customers through knowledgeable and skilled customer support or processing teams to resolve issues promptly.
By implementing these strategies, you can improve customer satisfaction, reduce disputes, and keep your gambling merchant account in good shape.
We Tranxact Ltd
Your Trusted Partner for Gambling Merchant Accounts
At We Tranxact Ltd, we specialise in providing secure and reliable high-risk merchant accounts specifically tailored for businesses in the gambling industry. With our extensive experience and strong partnerships with numerous card processors, we ensure that your gambling business can process card payments smoothly and securely.
Why Choose Our Gambling Merchant Services?
- High Approval Rates: We have several card processing partners who specialize in high-risk gambling businesses, ensuring very high approval rates for our clients.
- Competitive Processing Fees: Enjoy some of the lowest processing fees in the industry, helping you maximize your profits.
- Dedicated Account Manager: Every client is assigned a dedicated account manager from We Tranxact Ltd to provide personalized assistance and support.
Why Secure Payment Processing is Essential for Online Gambling
Secure payment processing is crucial in the online gambling industry especially. Players (your customers) need confidence that their financial information is highly protected, and merchants must adhere to stringent compliance requirements to ensure the integrity of their customer’s sensitive information.
With a high-risk merchant account, you benefit from advanced security features, including robust fraud prevention tools, encryption technology, and compliance with Payment Card Industry Data Security Standard (PCI DSS) guidelines. These measures not only safeguard your customers’ sensitive data but also protect your business from fraudulent activities.
These are the
Key Benefits When You Choose Us:
Choosing We Tranxact to handle your business’ card payments needs comes with a whole range of benefits, here are just a few…
Secure and Safe High-Risk Merchant Accounts
Once your business is approved, you'll receive a secure and safe merchant account tailored to your needs.
UK-Based Providers:
Most of our merchant account providers are based in the UK, ensuring reliability and compliance with local regulations.
Complete Security:
We offer completely secure and safe payment methods to protect your business and customers.
Ready To Start?
We Tranxact Can Help
We Tranxact Can Help
Getting started with We Tranxact Ltd is simple and hassle-free:
Complete Our Inquiry Form:
Start by filling out the inquiry form at the bottom of this page.
Pre-Approval:
We will then get your gambling business pre-approved with one of our high-risk card processors.
Receive a Quote:
Once pre-approved, we will provide you with a quote on behalf of the card processor.
Application Processing:
If the offer makes business sense to you, we will handle the application process on your behalf, taking care of all the details.
Experts in CBD Card Processing