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.

What You Need To Know When Applying For A Merchant Account in UK

Merchant Account is a form of line of credit that a processing bank extends to the merchant, in other words, a merchant account is a settlement between a retailer/business man, a merchant bank and payment processor who tries to settle online money transactions through credit/debit card. First the funds are deposited in a merchant account when a online card transaction in done by a customer and later the business bank account receives the funds on daily or weekly basis. Even if it’s a small scale business, to accept a online card payment you need at least one internet merchant account.

Apply for a Merchant Account

Requirements For Applying Merchant Account :

Even after a high competition of issuing merchant accounts, the process for the same is not a hectic one only a variety of criteria are verified before approval of merchant account application. The criteria include the following:

Business type – to determine the level of risk involved in online transaction frauds and returns. This does not tell us that business with higher risk wont be approved but in the initial stage the vendor may ask for higher fees as a compensation for the risk so that if you have gone out of business or cannot cover any chargeback amount, your processor is the one who will take the hit.
Business Time Length – to determine the length of time in business.
History of Business – The history of business is verified to check any faults in it, if there has been any Bankruptcies or and complaints against the business.
It also verifies if the applicant has had a merchant account or has he/she applied for one earlier.
The personal information of the business owner is also verified, especially his/her personal credit history.

For newbies in business, there are a lot of chances of having a favorable review for application of Merchant Account from the bank that holds the owner’s business/personal account.

WHY SHOULD YOU OBTAIN HIGH RISK MERCHANT ACCOUNT SOLUTIONS FOR FOREX BUSINESS?

Forex is one of the largest markets in today’s financial world with the average daily trading turnover being $5 trillion. Growing market means new traders entering the market every day along with brokers and businesses offering forex platforms and services to these clients.

Apply for a Forex Merchant Account

With the introduction of new technologies, the way trading is done undergone change and the market has become more competitive for the merchants too. One of the advantages wherein a business can gain significant leverage is by offering their traders options in terms of accepting credit or debit cards while trading.

A Forex High Risk Merchant Account has become an absolute necessity for merchants that have clients trading on their trading platforms.

Of course, obtaining a merchant account for forex businesses is not so easy. Being a high risk industry, one of the many difficulties that these merchants face is the difficulty in finding a secure bank or merchant account.

Challenges In Getting A Forex Merchant Account

The risky nature of the industry is a major factor in banks and processors shying away from the business. Forex businesses are governed by strict rules and regulations that they must adhere to. They are subject to heavy regulatory scrutiny and require proper licensing presenting a challenge in obtaining a regular Forex Merchant Account.

Another issue is the high number of chargebacks associated with the business. Forex businesses are often faced with a number of challenges and conditions that a regular merchant would not usually face.

Leverage your Forex Business with High Risk Merchant Account Solutions

The faster pace of forex markets requires equally fast and efficient payment processing system. With the advancement in technology, such payment processing options are being made available to the merchants. Mobile payments, E-wallets, debit and credit cards, etc have become the preferred mode of payment that has been adopted by customers as well as merchants for speedy transactions.

When applying for a high risk merchant account for your forex business, ensure that your business has a license. Without it, you may face further complications in your application process.
A long and positive processing history (minimum 3-6 months) ensures business stability and profitability which increases your approval chances.
As a risky business, forex merchants need to avoid any and all kinds of suspicious activities relating to your business. A lower chargeback ratio is also necessary.
Along with obtaining high risk merchant account solutions, forex merchants should also integrate 3D Secure Payment Gateway services for safe and smooth transactions.

These key points are important to fulfill in order to increase your chances of approval when applying for a forex high risk merchant account.

If you are looking for high risk merchant account services for your forex business, IBS is a top-rated merchant account provider specializing in high risk verticals with over 95% merchant approval rate.