Running an online casino is impossible without a way to process credit card payments.
Unfortunately, getting an online casino merchant account can be an uphill struggle due to the high-risk label that comes with any gambling enterprise. Read on to learn more about this issue and how you can solve it.
Online gambling has never been more popular, even though the industry has in the past few years been shook up by new legislation.
This makes it very attractive to start or grow an online casino business.
Traditionally gambling establishments have been highly profitable businesses, giving us the phrase “the house always wins”.
Unfortunately, this is not the case for new and even established small and medium-sized casino businesses.
If you don’t have (unrealistically) heavy financial backing, then getting an online casino up and running is made difficult by the fact that it’s labeled as a high-risk industry.
One of the places where this is most evident is when you try to get an online casino merchant account to connect with your business.
First of all, there is no federal law that says that gambling and online casino businesses are “high risk”.
This is simply a category designed by banks and other financial institutions. Nonetheless, it’s very real.
When you try entering a high risk industry, it becomes increasingly difficult to obtain funding like a bank loan.
It also becomes difficult to even get approved for an online casino merchant account and payment gateway, which will allow you to process online debit and credit card payments and receive these payments in an account.
As soon as you are on the high risk list, most merchant account providers won’t even consider your application.
Some may grant you a merchant account, but will revoke it at the first sign of “trouble” – any activity that looks more risky or suspicious than regular e-commerce credit card activity.
So if you get more chargebacks than the norm, your account can be shut down, and if you have the wrong provider, your funds can even be frozen.
That can swiftly suffocate your business by both cutting off your cash flow and seizing the revenue you have already generated.
Others again may provide you with an online casino merchant account and a cloud payment gateway, but will charge exorbitant fees for connecting them to your business and for processing payments.
The high prices can be just as suffocating to your business as not having any cashflow at all, because they barely leave any profit margins for you to take out or to reinvest.
To avoid dealing with institutions that will waste your time but never provide you with any service.
Or mainstream payment gateways that will suddenly shut you down and freeze your money.
You need to look for a provider that can give you an online casino high risk merchant account.
A high risk merchant account is created with the higher risk of a gambling business (among others) in mind. This means it won’t be suspended like a regular merchant account would when you get chargebacks or experience other things common to online casinos.
A high risk merchant account can be very expensive, however – so we’re back to potentially large fees.
This is where 5 Star Processing enters the picture.
Not only are we experienced high risk merchant account providers, already working with hundreds of businesses in high-risk industries like Gambling, Tobacco, CBD, and Adult Entertainment – we also provide the best fees and rates in the industry.
With 5 Star Processing you are guaranteed low credit card processing fees, and you can get fast approval for your online casino merchant account – so that you can start collecting payments as soon as possible!
We’re ready to assist you and answer any question you may have about getting and keeping an online casino merchant account. And if you want to start your application, we’ll guide you through the process already today.
Call us now at (888) 253 9692 or send us an email to [email protected].