Finding the perfect payment processor for your online poker business

If you own an online poker website, one of the most effective ways to boost your revenue is by accepting credit cards. This single act has the potential to incrementally increase profits right from day one. And while you may not "see" the additional profits on a daily basis, just take some time to compare your monthly statements with months where you were not processing credit cards, and you may see some positive trends developing…

But first things first: you need to find a merchant account that serves your specific “high risk” needs. Here are some tips that will come in handy:

• It is important to choose a high-risk merchant provider that has a lot of experience in this market. Experience speaks volumes in any high-risk industry and having that edge and knowledge may just save your company significant chargebacks or fines from the card schemes.
• Reputation is a major indication of reliability - try to establish your potential account providers’ credibility by asking around your colleagues and peers. Financial status or business history can be a good indication if accessible.
• An understanding of exactly how they intend to process your online poker merchant account is imperative. From applicant acceptance through to transaction reporting, you need to be assured that the service provider is efficient and follows procedure to an exact art. This is all vital to managing this versatile business.
• Of course, rates are an important factor as well. High-risk merchant providers price their rates around a certain mark when assessing high-risk business which is significantly higher than your average normal to low-risk business. If an initial instinct tells you a rate is too high then it probably is.
• Each high-risk merchant service provider has a different fee structure, which generally includes the set-up fees, the discount fee, transaction fees, statement fees, and so on. It may be tempting to choose a processor with the lowest fees however this does not ensure that you are picking the best. It is recommended that you compare the terms, rates, and offerings by requesting a sample contract to give yourself that extra negotiating power.
• Make sure that you consult the terms & conditions within the prospective merchant provider's agreement about the length of their term, the termination fees (if any), and whether or not the discount rate is fixed, as some are "introductory". (The discount rate is a percentage charged on each transaction, and ranges from 1% - 10+%, depending on the type of service).

Once you have found and researched the perfect high-risk merchant service provider that works for you, processing credit cards may be the best decision you will ever make with regard to the development of your online poker business. Visit https://www.confidentialbanking.com/ to learn more about the details of getting a small business merchant account - and then set the ball rolling.

Grow Your Sport Betting Business with a High-Risk Merchant Account

Unless you’re running sports betting business purely as a leisure pursuit, you’d 100% want to collect money off your patrons. How do you do this? By acquiring a merchant account, of course. All your hard work into building your business will be a great waste if your sports betting website isn’t outfitted to accept major credit cards. 

What’s the problem?

Processing for other online businesses is a big responsibility. As such, every merchant is subjected to the most rigorous standards set by a financial institution — whether banks or other alternative channels — to be approved for a merchant account.

One crucial thing you need to understand, though, is that sports betting businesses are considered high-risk because of their high volume of sales and greater potential for chargebacks, refunds, and fraud. This means that while merchant account providers can be tough on regular online merchants, expect them to deal with you with an iron fist. This could mean many things, such as more paperwork to present, higher fees, longer approval time, or even outright denial of the application.

If you keep all of these in mind when looking for a “high-risk” online sportsbook merchant account, you should be able to get through the process much easier.

Be proactive.

As you go through your list of potential high-risk merchant account service providers, you should also start preparing a second list. This one should detail what each payment processor asks of you. If you find that some of the requirements are common across all service providers, write them down. Then, start putting together a package with all the things they require. This would lessen your work of compiling each and every document every time you submit an application form.

In terms of paperwork, different high-risk merchant account providers require different things. In any case, you should be prepared to provide:

• Scanned completed and signed merchant application
• Passport copies of all owners
• Company incorporation papers
• Licenses or legal opinion if required
• Some cases a business plan
• Current utility bill for each owner
• Current 5 months of credit card processing history, very important!
• Bank statements

Do you want to accept online transactions and safely acquire credit card payments on your online sports betting website? Liberty Enterprises can assist you in the setup of your offshore merchant account in as little time as possible and with favorable payment terms. Visit https://www.confidentialbanking.com/ to learn more.

What to expect from a high-risk merchant account provider?

Businesses that don’t have permanent locations and conduct most of their customer interactions over the phone, on the internet, or by mail order are usually considered “high-risk”. A hallmark of such businesses is that they operate at a high credit rate and turnover, making the risk for chargebacks, credit card fraud, and financial failure exit more likely. The majority of banks aren’t willing to work with a business that comes with a lot of baggage, so they shy away from offering credit card services to high-risk businesses. Even if a high-risk business is able to find a bank willing to provide them with credit card processing services, they will be charged higher rates and other undesirable terms.

In this day and age, any business would likely fail without the viability of a credit card processing solution. Therefore, a higher-risk merchant needs to look for a payment processor that works specifically with high-risk businesses. These processors can provide businesses with a reputable, secure, and fair high-risk merchant account, allowing their customers the ability to pay for products and services with credit cards without being face to face with the seller.

WHAT TO EXPECT?

A business needs to know what services are generally offered with merchant accounts. While each high-risk merchant services provider is different, a business can usually expect the following services associated with its merchant account:

• A thorough analysis of the type of product or service the business offers, the method of delivery, and the expected methods of payment.
• Review of previous chargebacks and relationship with last credit card processors.
• Periodic review of risk status and fee structure.
• Criminal background check.
• Training in what types of documents, invoices, receipts, and tracking information to keep.
• Offering a variety of payment options, such as standard credit cards and debit cards. A good processor will also provide high-risk echeck processing services, to allow customers to pay via electronic checks.
• Training in how to read and record credit card information.
• Direct deposit of credit card proceeds into the business bank account.

There are many merchant account providers offering payment processing solutions to high-risk businesses. The account service provider must be very familiar with the structure, products, or services offered by its business customer. The fees and services should be customized to fit the business and enhance its productivity to make it a win-win situation for both the business and its customers.