Open gaming merchant accounts
Many banks lack knowledge of the online gaming industry and regulations, so they are hesitant to open banking accounts for e-gaming companies. Financial institutions often impose strict requirements on e-gaming companies before allowing them to open high-risk merchant accounts in Europe.
Here at GBO, we have accumulated vast experience about online gambling merchant account requirements in the online gambling sector, and have developed great relationships with some of the leading providers of banking and payment processing facilities. Before you try to navigate this specialized field, be sure to talk to our team, which will help you get the packages and facilities you need.
We can assist you to open your gaming merchant account, contact us
General guidelines for creating e-gaming payment infrastructure
As e-gaming companies are considered high risk, they are often rejected by banks and instead will have to work with a payment processor familiar with the high-risk nature of the i-gaming industry and that already provides gaming merchant services.
What to look for in your payment processing provider?
Online gambling companies require a payment gateway for players on their site into which they can receive electronic payments via credit card, bank transfers etc. This is provided by a Payment Service Provider (PSP).
Certain PSPs provide additional services for payment methods, such as cash payments, e-wallets like PayPal, prepaid cards or vouchers and e-check processing. PSP providers make payments convenient for both the user and the receiver.
All the solution providers we work with are familiar with the gaming industry and we have vast experience working in the field. Gaming payment processing services must provide real-time identification of fraudulent transactions and fast card payments from players worldwide in multiple currencies.
A central feature that must be offered is smooth and simple payment processing for online gaming, acceptance of deposits, ensuring safety and privacy, and guaranteeing that account holders can withdraw quickly and easily.
For these services, an effective payment processing agent as part of the structure processing payments for the website offering the online gaming services is definitely required. Most e-gaming operators have experienced difficulties finding a reliable service provider of bank accounts and merchant account facilities necessary for credit card transaction processing.
A secure payment service provider provides an online gaming business with the technical support of accepting a variety of currencies from different jurisdictions in multiple payment methods. This saves the company much cost and time in trying to find separate bodies to provide each of these services. A PSP has all the benefits as well as being equipped to follow the various regulations of each jurisdiction.
It is essential to investigate the various payment service providers as each one has different online services. Even though initially they may all look the same, you must find the one that would best suit your company. This includes looking into what the typical companies are that a PSP serves. As a company owner you want to find and do what’s best for your business, which includes finding the best PSP.
GBO offers assistance with finding and matching bank account for gambling business, payment processing solutions and merchant accounts specifically tailored for offshore gaming companies.
We can assist with merchant accounts and payment gateways. We provide assistance with locating merchant accounts at top European banks. Our high approval rate, market-leading rates and comprehensive customer support provides our clients with quality, professional services.
What are GBO’s solutions for the online gambling industry?
Assistance with locating gaming payment gateways associated with white label gaming platforms. The payment gateway is suitable for B2C operations like gaming. The white label solution offers a specialized gambling platform under your own brand name
- Gambling merchant account – we offer assistance with locating the best merchant account solutions available, using a worldwide network of registered, regulated banks and payment processors.
- Gaming payment processing – Payment processing in the online gambling industry is both unique and challenging. The combination of high volumes, specialised requirements and diverse end users requires a sophisticated, effective model to meet specific needs. Our assistance with finding the best solutions meets these challenging and diverse needs and anticipate problems before they happen.
Why does a gaming platform need a merchant account? Why do you need to be able to process credit cards?
The industry is a dynamic and competitive industry, with low-value transactions in high volume happening every second. This translates into profit and loss and funds moving around at lightning speeds. The lifeblood of each gaming operation is client deposits. If a client is unable to deposit, they cannot gamble, and if they cannot gamble, the casino has lost the chance to generate revenue. Payment back to gamblers is also important, with them often looking to receive payments to the same credit card from which they have deposited. For these reasons it’s crucial to have the right payment provider and solution to ensure that your deposits and payouts run smoothly, giving you a significant advantage over the competition.
GBO offers assistance with finding the best in trading payment processing solutions. We understand all the important features you need like transaction protection, fraud prevention and user support.
Online gaming websites, like many businesses in the gambling industry, are considered high-risk businesses. Because of this, it is often difficult to obtain a trading merchant account, which can impede your ability to provide adequate payment solutions for your clients. GBO can provide assistance to both start-up and existing casinos looking to establish their merchant processing accounts.
Main features of Merchant Accounts and Payment Gateways for gaming
Bank Direct Accounts: merchant accounts can be either 3rd party/aggregate gaming merchant accounts or bank direct merchant accounts. The primary difference between them is that aggregate accounts group a number of merchants in a single account under a generic descriptor, whilst bank direct merchant accounts set an individual merchant account with a unique descriptor. This unique descriptor is the gaming company name, and will show up on the gambler’s credit or debit card statement for each transaction. Bank direct accounts are only available to larger casinos with previous processing history.
Account opening: Each gaming company has specific requirements that need to be met when they apply for a gambling merchant account. Put simply, what works for one company may not work for another. We offer assistance with several different merchant account solutions, providing a choice of account options so that you don’t have to apply to multiple banks or payment processors.
Merchant accounts for startup online gaming operations
Starting a successful online casino requires a significant investment in both time and money. For any new provider, the initial hurdle is often dealing with the potentially complex legal requirements. A new entity must be incorporated and licensed with a corporate bank account. There are also many regulatory requirements governing the business on an ongoing basis, these requirements necessitate a properly configured platform to access fun providers and receive fast and accurate flow. To be effective the platform must also integrate seamlessly with the mobile and web presence of the business, necessitating significant design and setup elements. The merchant will also seek to generate traffic for the website from their targeted marketing campaigns.
Unfortunately, without an effective merchant account from the very beginning these endeavours will be ineffective. For startup casinos, most payment processors will not approve their application for a merchant account. However, GBO will be able to help you. We work with startups to provide the best merchant accounts, where approval generally only takes a few short days.
For some gaming websites, merchant service companies have been known to freeze transactions, requiring time consuming and difficult verifications to be made before the funds are unfrozen. Merchant services companies can demand proof of licensing (for example, Curacao gaming license) and return funds back to the gambler. It is essential for a casino to avoid this situation and ensure that the merchant services company has inclusive policies for all types of brokers as well as a high quality, easy to use service.
GBO offers assistance with finding merchant account solutions. In addition, you will benefit from several features that will contribute to your business success, such as receiving access to an extensive, international banking network, multi-currency processing and diversification of accounts among multiple banks within the same platform.
Gaming operators, whether new or existing, must have a safe and reliable way in which to collect money from gamblers and deposit profits back into their corporate accounts. Payment gateways enable you to do just that.
Because of the high-risk nature of the gambling industry, payment gateway processing requires you to contract with proper payment services in order to be able to keep your operation running smoothly. Having proper payment services that are specialized in the gaming industry is key to being 100% effective. Payment processing has its own challenges and needs and they must be met by a provider with experience in the field to properly service end users.
GBO specializes in finding payment processing solutions for the gaming sector and we know the industry like no one else does! We can assist you to find some of the best payment processing providers and we understand how to best connect your company to the right payment gateway and wire money solutions.
The first step when starting a new gambling site is to have it integrated with a payment gateway so you can receive payments from gamblers. There are a lot of payment service providers out there who offer dedicated merchant accounts and gateways. However, if your company doesn’t have a positive transaction history or it is too new to have developed one, you will encounter high charges from payment processing providers at best, but more likely be simply rejected.
Why do you need a payment processing consultant?
In an industry with unique characteristics and inherent risks such as the gaming industry, you may be able to obtain approval for a merchant account from a high risk merchant account services provider, however, you may be using an unknown payment processor.
At GBO, our dedicated team of experts in the field of payments and wire services will assist you in getting the best payment solutions available in the market. If you are a broker starting up your brokerage, we will help you establish your Merchant Accounts and/or customized payment solutions package.
Casinos offer customers a variety of payment methods beyond credit cards in order to fund their accounts. Our extensive knowledge and expertise can help you establish multiple payment methods.
What are the best payment methods and solutions for offshore casinos?
- Credit card: processing is a fast and secure way of accepting payments in various currencies and is one of the most common and easy methods of payment. The credit card payment method can be integrated with an online shopping cart, enabling you to accept payments from traders online.
- Wire transfer: the most secure and trusted form of transaction. The method requires the customer to give his bank account information in order to authorize the transfer of a specified amount of money into your bank account as well as to be credited for any profits.
- Alternative payments: modern digital schemes like e-wallets, Paypal give you the ability to meet a varied range of customer demands and needs by accepting various methods of payment through digital and mobile payment methods, etc.
Why we choose Curacao and Malta as homes for the best online gambling operations.
Curacao and Malta present some specific advantages in this industry, along with general corporate advantages like low tax rates on corporate and gaming profits. Because Curacao is nominally a part of the EU, its license is recognised by all European banks. That creates the opportunity to set up the corporate banking structure inside Europe with an EU-based payment processing agent providing high-risk merchant account payment processing. Although it falls outside the EU taxation regulations, it has been accepted as conforming to the Code of Conduct for business taxation as well as compliance with other global standards like CTF and AML.
Malta is a member of the EU, and so it’s corporate and banking infrastructure are automatically accepted by all states and associated entities inside the European Union
Why do you need a high risk gaming merchant account?
Gaming businesses need to have the proper payment solutions for their customers. Online gaming companies must have a high risk gaming merchant account in order to accept card payments but maintaining a merchant account comes with a price.
If your company doesn’t have a positive transaction history or it is too new to have developed one, you will encounter high charges from payment processing providers at best, but more likely be simply rejected.
What’s giving gaming companies a negative image with banking service providers?
One of the main reasons banks and payment service providers reject e-gaming companies as new gaming merchant account customers is the issue of chargebacks. Service providers also consider online gaming merchant accounts high risk because of the danger of disputes over bonus claims and the risk of gambling addictions.
Not all payment processing services accept clients from the e-gambling industry. Gaming is considered high risk because of the heavy traffic, high transaction volume, vulnerability to fraudulent activity and chargebacks. Gaming websites have to use a service to process incoming bets and payouts to their players.