High Risk Merchant Account Solutions for Online Gambling & Betting Companies

The online gambling and betting industry is undoubtedly one of the biggest and most lucrative markets in the world. Despite the various legal and societal stigmas attached to it, businesses in the industry continue to thrive and grow.

The rapidly growing online and betting market is anticipated to reach a staggering $94.4 billion by 2024 globally showing no signs of slowing down at all. No wonder then new merchants are trying to enter the market and take advantage of the benefits it offers.

Keeping that in mind, new as well as existing betting merchants need to understand the growing demands of their customers as well as the market in general. And on top of their priority should be changing the way payments are received.

Especially, as a merchant operating online business, integrating secure payment gateway to accept credit/debit card safely of your players should be your top concern.

Apply for a Instant Approval High Risk Merchant Account

How to obtain High risk merchant account solutions for Online Gambling & Betting?

Online gambling and betting are risky business ventures which makes securing a good merchant account provider a bit tricky and difficulty.

It can be often challenging for betting merchants since the industry comes under the high risk umbrella tag due to market perception and high chargebacks making it important for the business to work with the right kind of merchant accout provider.

If you are wondering what options do you have as a betting merchant, do not fret! Due to the increasing market demand and lucrative business opportunity, many reputed merchant account processors have come up to offer quality high risk merchant account solutions for online gambling and betting businesses.

Now, increase your business revenue and expand your business beyond your reach by employing a range of payment methods that will help your business establish in new markets and also reducing currency conversion rates too.

A player needs real-time and a quick way to process transactions. High risk merchant account for online gambling and betting will fine tune your payment process and help in customer loyalty as well as conversion.

With quality high risk merchant account solutions, a merchant can easily and smoothly process high volume transactions without any delay during important competitions or major meets.

Most importantly, online fraud prevention tools equipped with high risk merchant account solutions will ensure player safety by reducing frauds and chargebacks.

Low Risk vs High Risk Merchant Account

Are you a business owner and thinking of having a merchant account for online payment processing through credit/debit cards? Please go through this information before taking the next step.

There are categories of Merchant Accounts viz. High Risk Merchant Account and Low risk Merchant Account. So before you apply for merchant account you need to have proper information regarding which category your business falls in. Here we will tell you the difference between both the categories.

Apply for a Instant Approval High Risk Merchant Account

If your Business satisfies the following characteristics then you are applicable for a low risk merchant account.

Less than $20,000 is processed by you in monthly period
Very low preferably zero chargeback rate
The country that you operate from is low-risk
Average size of your ticket is less than $50
Your Operations are based in low risk industry

Following Characteristics push you in High Risk Merchant Account category:

If you are a Brand new business with no business history
High Ticket Size and chargeback ratio
Low reputation
You as the owner of the business has low credit score
Time limit of the service provided is very high

There is no need to worry in case your business comes under high risk category, you can always lower down the risk and become a Low Risk Merchant by reducing the ticket size to a lower prize and reduce the ratio of chargeback and prevent frauds in transactions.

The approval of low risk merchant account is quicker as compared to the approval to high risk merchant account.

In case you come across a financial institute offering Instant High Risk Merchant Account approval, stay alert as there no such term in Merchant Account Market.

High-Risk Merchant Account – How to Avoid Account Termination?

What is merchant account?

A business account in which the financial institution allows the account holder to accept payment through online money transactions using credit/debit card is called a merchant account.

What is high-risk merchant account?

The merchant account with a high risk like frauds in transactions is considered as a High Risk Merchant Account. When such risks the involved the merchant bank charges high premium and also charge extra fees for their services and card networks charge to try and minimize the risk involved.

Apply for a High Risk Merchant Account

When are you high-risk merchant?

Following are the few possibilities when your account is considered a High-Risk merchant account:

1. If you start a brand new business, there is no previous online transaction processing history.
2. The reputation of the business, if the business is anytime previously known for dissatisfaction of costumers, transaction frauds, etc.
3. Low Credit Score, you are considered a high risk merchant if your credit score is low as there are possibilities that you find it hard to repay your negative balance.
4. Service Provision, if in case there frequently is a lengthy time span for your business to provide proper service or deliver a product to the costumer, your business may be categorized as high-risk.
5. Transactions over phone, if your business uses a virtual medium for transactions this causes the costumer not being aware of details.
Along with all these there are a few more criteria’s of getting a status of high-risk merchant account, like- Chargeback History, Frequent refunds, Automated Billing, etc.

Which type of businesses are included in High-Risk Status?

Following is the list of High-Risk Merchant Consideration-
1. Adult Entertainment
2. High Volume Transactions
3. Pharmaceuticals
4. Travel and Lodging
5. Gaming
6. Marketing through network
7. Firearms and so on

How to avoid?
There are chances depending on the reputation on your account, the account may get freezes for a short span or permanently in which you cannot have any transactions in this account.

The best way to avoid all these problems is to be completely upfront and honest in the Merchant Account Application about the services and products you will provide the customers through your business.