Casino Merchant Account
A merchant account refers to simple, reliable, and popular methods of accepting payments on gaming sites with the possibility of further transferring them to any bank account. Having a merchant account allows you to provide hundreds of transactions per minute and receive money from bank cards of site customers.
Main advantages of merchant account for international companies
- Reducing costs for a business to process operations.
- Lack of currency control.
- Foreign markets acceptance.
- 24/7 maintenance of the processing company.
- Easy to integrate all e-commerce payment methods.
- Increase sales through the intuitive interface.
A feature of a casino merchant account is the presence of an identification number that allows you to transfer funds automatically.
A casino merchant account can be opened only for institutions that have a license to provide such services. A request for establishing a merchant account for an online casino is submitted immediately after the legal entity passes a full audit. It is necessary to eliminate all risks that may crop up during the onboarding. Documents that are necessary for opening a casino merchant account:
- a merchant account can only be opened on a legal entity;
- The website should be hosted on an official paid hosting, and all pages must be located in one domain zone;
- payment page has to be secured;
- the site has a registration and authorization system;
- the company has a bank account with a licensed bank connected to the processing system.
After applying, along with a package of documents, it takes some time for its approval. The contract can be signed by the owner of the company or his authorized representative. According to the rules of MasterCard, companies provided with an individual credit limit. It allows you to refund payments, regardless of whether there are currently funds in the account.
How to set up an acquirer bank
The choice of a bank depends on the preferences of the company, but there are several conditions you should consider, including technical ones. The acquiring bank must be able to process a required number of transactions and do not have limitations on the number of transactions. The second condition is the availability of a license for processing activities.
Comprehensive information about the company is essential for the acquiring bank, and the process of registering a merchant account is very similar to the procedure for issuing a loan. Banks strive to minimize possible risks, so the process of opening a merchant account is quite complicated.
Risks of using the merchant account system
The main problems and dangers of using a processing system are:
- uncontrolled debiting by the owner of the merchant account of money from the client’s card after its identification on the site;
- Chargebacks risks. In this case, the bank fines the owner of the merchant account, and that is why banks carefully check companies when opening merchant accounts. The bank is obligated to return the requested money to the client in case of cancellation of the purchase. The responsibility rests with the bank, not the processing center.
Needless to say that not all financial institutions are willing to open a merchant account online casino, as this is fraught with certain risks. Banks are aware of the percentage of illegal casinos operating across the globe, and therefore suspicion within gambling establishments who want to open a casino merchant account.
The best way to open a casino merchant account is to use the services of legal offices that process such accounts with acquiring banks. Some processing centers also provide this service.