It can be exceptionally difficult for gaming operators to get gambling merchant account approval from traditional domestic providers and banks for several reasons:
- The ongoing need to make large online transactions.
- The requirement for instant access to funds throughout the gaming process.
- As a business, gambling is at risk of fraudulent and illegal activities.
Account Providers and Gambling
In almost every case, merchant account providers view gambling businesses with skeptical eyes. Across the board, gambling establishments are considered high-risk and the vast majority of the domestic account providers and banks you approach are likely to have in their terms and conditions that they refuse to service gambling and gaming sites. The minority that will consider your site will either charge enormous fees and/or offer greatly limited services. It is therefore often in the best interest of the gaming owner/operator to bypass domestic providers and banks and seek services from international and offshore facilities. Reputable offshore and international providers offer worldwide services, often with excellent rates, efficient set-up and reliable payments.
Offshore & International Gambling Merchant Accounts
Many reputable international and offshore gambling merchant account providers offer attractive terms, with discount rates that can range from three to six percent. Additional services and features typically include:
- Account approval within 48 hours.
- Timely set up and affordable set-up fees.
- Online billing and accounting.
- Secure, encrypted real-time handling.
- Services for both one-off transactions and regular billing (such as membership fees).
- Options for how regular billing is handled (including facilities for free trial periods).
- Offshore US Dollar processing.
- Virtual terminals.
- State-of-the-art fraud prevention tools and software.
Through the use of reputable international or offshore providers, gambling site owners/operators can experience efficient operations without being plagued by unwanted interferences, exorbitant fees or highly limited services.
Account Holder Responsibility
Proper account management is vital for a successful relationship with an account provider. Remember, gambling is considered high-risk and there may be worries over the need for large transactions, the possibility of gambling license loss as a result of mismanagement and the risk of fraudulent or illegal activity.
That means the account holder must strive to:
- Safeguard not only his/her personal business reputation, but also the reputation of the gambling industry as a whole.
- Build and retain customer trust; keeping players contented and coming back.
- Remain diligent in efforts to prevent fraudulent and illegal activity.
Gambling businesses and games of chance facilities almost always require a license and reputable account providers do not grant approval to unlicensed gambling and betting businesses. To that end, the merchant account provider will want proof of your license.
In some countries, online gambling is illegal; therefore, while your country of operation may not be an issue, the facilities used to set-up your account may block customers from certain countries from participating.