The gambling industry, even with all the stigmas and controversies attached to it, is highly flourishing. With the casino business yielding high revenues, the gambling industry is expected to reach $130 billion this year.
With technological advancements and growth, online casino and gaming businesses have also seen a significant rise. It’s only natural then that new merchants are entering the market with the intention to take advantage of this blooming industry.
However, after entering the industry, certain merchants find it hard to sustain their business and fizzle out quickly. Apart from restrictive laws, banking problems also contribute to the challenges faced by these merchants.
In this day and age, no matter the kind of business you operate, offering variety of payment methods and accepting credit/debit cards is of utmost importance. And in order to do so, obtaining a casino merchant account is mandatory.
Casino Business – A High Risk Industry
But, getting a casino merchant account is not easy, thanks to the industry being labelled as high risk by banks and financial institutions. Conflicting laws, High chargebacks, Refunds, Highly susceptible to frauds, Players’ remorse, etcs contribute to the industry being termed as risky by Merchant Account Provider.
How to get Casino Merchant Account Solutions for your business?
Ultra-competitive market and consumer expectations means a merchant cannot afford to operate a cash-only business. Offering online payment options is equally important especially if your casino business has a younger demographic.
Allowing your casino business to accept credit cards will not only provide convenience to your customers but also help in establishing a long and loyal relationship with them.
If you are one of the many casino merchants finding it difficult to obtain regular casino merchant account solutions from your traditional bank or processor, consider applying for a casino merchant account with a High Risk Merchant Account Provider like International Bank Services (IBS).
A industry specific high risk merchant account provider with experience and strong network of acquiring banks will help a casino merchant navigate the industry and provide you with the right payment solutions required to grow the business.
While approaching a potential merchant account provider, make sure to ask the right questions and look out for any hidden charges. Processors usually have a monthly cap on merchant accounts hence it is important to be upfront about your monthly volumes and ticket size in order to avoid any confusion in the future.
With the right merchant account provider and Casino Merchant Account solutions, your casino business is only guaranteed to flourish and expand further.
