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.

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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.

Can We Cancel Our Merchant Account Without Paying Early Termination Fee?

In today’s world of payment processing, every now and then we see a newbie applying for merchant account to enter into this world of online business. But such new comers are offered a long contract which very difficult to understand by a salesperson who is forcing and insisting that nothing can be changed in the contract but propose to give you the best deal possible. But it is already late for you to realize that you actually did not got the best deal and now you feel the need to change to a better processor where you get a better deal than your present one. But now your processor asks you to pay an Early Termination Fee also termed as ETF to cancel/break your on-going contract.

Stay with us and we will tell you everything about ETF.

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What is Early Termination Fee (ETF)?

Just like most of us must have faced the ETF earlier on canceling contracts of your apartment lease, cell phone service , etc. we have to pay some extra fee this fee is the ETF. Such fees can be capped for the consumers with the help of law. But, you might have to face the trouble, as a business.

In the field of online payment processing the service providers/ processors help you with the merchant account for which you sign a multi-year contract with the processors that is mostly 36 months long. ETF becomes applicable if you wish to terminate the contract within the 36 months. This fees are taken as a penalty of cancellation.

How much is the cost of the ETF’s?

According to detailed studied the costs of ETF range between $250 to $500 depending upon the location of the business. But, if the cancellation is done early as per the contract then the ETF may go above $1000.

Now you must be thinking of a way to get your contract cancellation done without triggering any ETF.

How to cancel your merchant account without suffering the ETF?

The best way to avoid ETF is, if you cancel the contract when it actually end and before it is renewed automatically. To do so you have to be thorough with the following steps.

Keep information of the exact date on which the contract ends.
Find out the cancellation period before the contract renews.
Inform your processor in the correct procedural manner.
Make sure that no fees are charged.

We also would like to tell you that there are many other processors who help the new businesses with a merchant account with monthly billings and no ETF. These processors are way better than the one’s with complicated agreements and high ETF’s. Many new processors are coming up with great business deals that will help you avoid ETF’s.

Why you should obtain a Bitcoin Merchant Account

As markets evolve, so do businesses. With the ever changing demands of customers, merchants need to focus on providing a wholesome service that not only helps retain customers but also attracting new. From offering variety in products and services to accepting different modes of payment. And with new innovation happening in the payment industry too, it becomes extremely vital for merchants to be aware of the same.

Cash is slowly but surely replacing plastic money. But a more recent trend that has seen a gradual growth globally is using cryptocurrency to pay for products and services. While there are various cryptocurrencies being used, Bitcoin remains the most popular.

Apply for a Instant Approval Bitcoin Merchant Account

Open a Bitcoin Merchant Account for your business

Are you still hesitant about whether or not bitcoin merchant account solutions is the right choice for your business? Check out some of the advantages that bitcoin processing offers merchants.

The biggest concern for any merchant is the processing fees that are incurred, especially high risk industries who are charged higher than that for a regular merchant account. Another huge problem for such businesses is the high amount of chargebacks that sometimes lead to account shutdown.

Now, businesses can put an end to high processing fees and chargebacks by accepting bitcoins as payment.

Low Processing Fees: Perhaps, the biggest advantage of Bitcoin Merchant Account is the low processing fees involved as compared to other high risk merchant accounts. No matter the size of your transactions, bitcoin processing costs less making your profit margins bigger.

Eliminate chargebacks: Zero chargebacks is another benefit of obtaining a bitcoin merchant account. Unlike credit card chargebacks, every transaction is permanent and a merchant has the right to make refunds at their discretion.

Secure payments and different payout options are also a few key benefits that merchants with bitcoin merchant account solutions enjoy.

Team up with a quality high risk merchant account provider like IBS and obtain Bitcoin Merchant Account integrated with secure payment gateway solutions to take care of your all your future transactions to expand your business.