The global entertainment and media market that includes the gaming and online casino industry, is expected to grow to $2.14 trillion globally by the year 2020.
AS an important and booming market, online gaming and gambling has exploded over the years and continues to gain popularity. Data revealed that global online gambling and gaming traffic is expected to go from 126 petabytes in the year 2016 to 568 petabytes next year. Proving that people will keep on playing games.
In order to manage an online gambling website or a network of gambling websites successfully, you will need a reliable, secure ad stable gambling credit card processing and a merchant account online gambling.
Working with a reliable payment processor means that you can accept all major currencies, provide transparent reporting, have lower card rejection rates, responsive customer service, and dependable weekly or daily payout.
The problem, however, is that most banks and financial institutions are not up in taking a gamble on the lucrative business of online casinos and gambling industry. This is because the industry’s history and background, potential legal issues and high chargeback ratios make banks and processors wary of these merchants that they categorized as high-risk businesses.
Tips To Cut Down Chargeback Ratios and Get Approved Fast
Chargebacks are pricey. And it is the number one reason why most banks will shy away from high risk businesses such as online casinos and gambling websites.
In addition, most processors will immediately terminate a merchant account with over 3 percent of chargeback ratios. And having a terminated merchant account will make it more troublesome for you to get a merchant account for the second time around.
So, if you want to get approved for your merchant account application, here are some tips you need to take in order to cut down on your chargeback ratios.
- Use a Secure Channel
Merchants will need to guarantee that they are using secure channels in order to prevent any friendly fraud and abuse by their clients. Details of each and every transactions need to be documented, recorded and effectively recovered when needed. In addition, security steps should be taken and guarantee that the correct time and date of the transactions are taken in addition the IP address of the PC in which the purchase or transaction was made. Having such data can be used to battle questions and chargeback disputes.
- Exceptional Customer Service
Your business needs to prepare an exceptional customer service with customer representatives and agents ready to take a call 24/7! They should immediately address concerns from disappointed clients, sometimes offering discounts and promos to satisfy them. At some point, clients will discover that discounts are better than fighting an unnecessary chargeback.
- Use Clear Descriptors
A number of chargeback in the gambling industry is usually caused when a client forgets or does not recognize the name related with the charge of their credit card statements. In this case, it is the merchants fault for not using a clear descriptor.
In order to prevent this from happening, you need to use a clear descriptor using your business names so that they won’t have to accidentally file for a chargeback. In case a chargeback dispute is made, you need to ensure that you have all necessary data showing your business names and contact as well as messages, special materials, your website and the receipts of the transactions in order to settle the charge.
- Don’t Forget Receipts, Rewards and Refunds
You can also consider sending your customers an automatic email receipt when a transaction is made. This should give you evidence in case of disputes.
Also, you can offer a consumer loyalty reward and other smart moves in order to avoid chargebacks. You can even ask clients to rate and ask for suggestion for them to be even more satisfied with your service.
This does not only provide you insights on your services as well as helping a customer to remember buys.
In conclusion, poor client services, an imperfect plan of action and lack of transparency and communication are the main reason for excessive chargebacks. With unhappy customers also comes unhappy processors. Speaking with supporters, offering full refund and having a reliable client service team are some of the simple approaches that should keep your chargeback ratios under 2 percent and keeping a fully operational merchant account.
A Lucky Gamble With iPayTotal
If you need a reliable gaming payment gateway that can process credit card payments from players all over the world, real-time, then look no further than iPayTotal. We provide a reliable online gambling merchant account that offers a high quality level of service to push your business to success while increasing your profits.
We have the expertise in both online gambling payment gateways and online gaming merchant accounts as well as a variety of other credit card processing solutions that can be customized to fit all kinds and sizes of online gambling businesses.
Here at iPayTotal, we offer high risk merchant accounts for all kinds of online casinos and gambling websites:
- In-play gambling
- Mobile gambling
- Horse race betting
- Online poker
- Online bingo
In addition the gambling businesses mentioned here, we also work with both new and existing businesses, merchants with a history of excessive chargebacks or a bad credit history as well as those that are terminated or rejected by other credit card payment processing providers.
Approval Period of Online Gambling Merchant Account at iPayTotal
The approval times for an online gambling merchant account can vary with each kind of payment processing solution that iPayTotal offers.
However, for both offshores startup casino merchant account and an offshore online casino merchant account with a payment processing history, the average approval period would be 5 business days – 2 weeks.
Online Gambling Credit Card Processing Services Fees and Process
Although your business falls under the high-risk category, here at iPayTotal we don’t discriminate. We offer reliable online gambling merchant accounts at competitive and reasonable fees and price.
Once you have been pre-approved, our underwriting team will contact and coordinate your business with an acquiring bank partner that we feel is the best fir for your unique business needs. Our bank partner will then process your merchant account application and decide the merchant account fees.
The fees for a merchant account for online casino usually depends on several factors. For instance, the kind of industry you are, your business processing history, and the anticipated sales volume. Each merchant account for online gambling businesses are different, however, the usual fees include:
- Merchant account fee
- Merchant account registration fee
- Transaction fee
- Monthly statement fee
- Refund fee
- Discount rate
- Chargeback fee
- Rolling reserve
Once approved, iPayTotal can set up your customized online gambling payment gateway and chargeback management tools. In addition, we shall provide you with a fraud filter for online payments.
Apply Now at iPayTotal!
Being labeled as a high risk business doesn’t mean you should skip getting a betting merchant account. If you want your online casino business to grow and be successful, then setting up a gambling payment gateway with the help from reliable payment gambling payment providers is a must.
Regardless of the kind of games or services you offer, we will make your payment processing simple and easy and help you increase your player conversions and boost sales. iPayTotal, as a reliable gambling payment provider, will also allow your consumer to use several payment platform via the usual international kinds of cards including Amex, MasterCard, and Visa, domestic card types as well as an ever-increasing number of other payment methods.
Here at iPayTotal, we will ensure that you only get the best and right casino and gambling payment gateway for your business. A high-risk online gambling merchant account may be hard to approved and but with the right online gambling payment providers, it will be quick and easy, that you’ll have it running in no time!
If you have any questions, feel free to contact us whichever, whenever you prefer:
Visit our website or call us directly at +44 800 776 5988.