When it comes to online gambling, the success of a business depends on more than just marketing and advertising. Having the right payment processing solution is equally important to ensure that gamblers can make payments smoothly. That is why it is essential to understand how a gambling merchant account works and what makes it different from other high-risk payment processing solutions. In this blog post, we will explore what a gambling merchant account is, compare providers, and provide insights into the associated fees.
are specialized merchant account services that enable businesses to accept payments for merchandise and/or services from customers in the gambling industry. This includes casinos, betting companies, and other similar businesses. These accounts allow these businesses to process credit cards and other types of electronic funds, as well as eChecks. A gambling merchant account must also have a well-developed payout feature to ensure that customers can receive their winnings.
Because gambling and betting companies are considered to be high-risk, they typically face higher levels of chargebacks than other types of business. This is due to a variety of factors, including fraud, unauthorized transactions, and other factors that can cause disputes between the merchant and card issuers.
Therefore, it is essential for merchants in the gambling industry to find a payment processor that offers a high-risk merchant account and has experience working with this type of business. In the US, the most popular high-risk merchant account provider is Instabill. Instabill can help businesses that have been denied by banks because they are on the MATCH list, or if they operate in a high-risk industry such as pawnshops or membership sites. Instabill can connect them with an international bank that is willing to work with them.
