Table of Content
- Payment Processing for Hemp Products and CBD E-Commerce
- The Advantages of Using Bank Transfer for Online Secure Payments in Hemp Oil and CBD Merchants
- Discover How Secure Online Payments Work with Bank Transfers.
- Why are Secure Bank Transfers more secure than Credit Cards?
- Learn how to apply for Secure Online Payments Using Bank Transfers.
- Why should you go with National ACH for Secure Online Payment Processing?
The media and entertainment market which includes casinos and online gaming is expected to grow to $2.14 trillion by 2021.
A rapidly growing and expanding market, online gaming has increased exponentially over time and is expected to grow in its popularity. The data indicates that online gaming traffic is projected to grow from 126 petabytes in 2016 and 568 petabytes in 2021, which suggests that gamers are willing to engage.
The two largest game regions, North America and the Asia Pacific are expected to contribute 78% of worldwide revenue. Online gaming that is hugely multi-player (MMO) can be described as a form of game played by hundreds, or in certain cases hundreds of players at a time. The game’s revenue was $19.9 billion in 2016.
There is no doubt that casinos as well as online gambling can be profitable but traditional banks do not believe in these ventures. The background and history of the business, the high chargeback rates, as well as legal issues due to undefined laws cause banks to be hesitant to partner with the gambling industry online.
In order to process credit card transactions efficiently and efficiently, companies should use Paympire.com (Paympire Solutions) to get casinos and an online gaming merchant account. They specialize in providing one of the safest merchant accounts for gaming through social networks, MMO as well as casinos online, Paympire Solutions can provide specific processing options to any size and type of company.
To begin the process, it is possible to apply online right now. Merchants are able to be approved for the merchant account or casino for online gaming in less than 24 hours. After approval, Paympire Solutions can set chargeback management software as well as the online gateway for payments. A security system for detecting fraud is an option for transactions made online.
All types of gambling and online gambling businesses can use merchant accounts.
Paympire Solutions provides merchant accounts to various businesses in the online casino and gaming sector, including:
Casinos | Betting on horse races | Gaming based play | Lotteries | Multiplayer online gaming | Mobile gambling | Mobile gaming | Bingo online | Online poker | Gaming with your friends
Alongside the businesses on this list, Paympire Solutions works with established and new companies, businesses that have been closed or refused through a third-party credit processing company as well as companies that have poor credit or a history of high-volume chargebacks
What qualifications do I need to be considered for online gaming or casino Merchant account?
To obtain a casino account or merchant’s account for online gaming, an organization is required to fill out the Online Paympire Solutions application. Along with the application form and an operational and secure website, businesses require the following items that are available to processors and underwriters.
- The ID is issued and valid by the federal government as a driver’s ID card.
- A banknote or checked check that was printed and mailed
- Three months after the most recent account statements.
- 3 months following the most recent processing statement if applicable.
- The SSN (Social Security Number) or EIN (Employer Identification Number)
- Chargeback ratios must be lower than 2 percent.
Paympire Solutions can’t guarantee approval, but it will guarantee a simple, straightforward application process. Merchant accounts are approved within 24 to 48 hours.
Aces are on the table when you play online, and you should also review your casino account audit.
When casino and online companies ask for merchant accounts processors and underwriters must ensure that they’re operating legitimate, reliable businesses
In reviewing their business’s Underwriters, they review various factors to ensure that processors of credit cards don’t take on risk which isn’t required. Merchants that are considered to be high-risk, this implies that processors are required to accept greater risk in terms of financial costs.
The elements that define the company’s”risk” are:
- Record of Chargeback (credit charge dispute) ratios
- Bank statements
- Processing History for credit card transactions
- Scores on credit
- Bank accounts with balances that are not positive
- Unpaid and late payments
The best way to prepare for the test in advance is to find a principal within the business with excellent credit scores, then apply for an account to settle any outstanding debts, and then deposit some money at banks. The examination will be the perfect opportunity to take care of any matter that might be suspect.
If you adhere to these steps, you’ll increase your chances of obtaining an online casino account as well as a merchant account for online gaming that has fewer limitations, such as limitations on processing volume that are greater or a decrease in rolling reserve.
Casinos, as well as online gambling merchants, pose a significant risk.
Gambling online and online is extremely risky as it’s a grey legal area. There are no federal laws that penalize online gamblers there is there is a law known as the Illegal Internet Gambling Enforcement Act of 2006 that states that no entity or person is permitted to accept money associated with the person who gambles online in a way that is illegal. Since the law states that an individual or organization is not able to “accept” money, this doesn’t have any real influence on a gambler. Because the law prohibits gambling companies from legally accepting wire transfer transactions, the law must be businesses, like Paympire Solutions that accept credit card transactions.
There isn’t a clause within the legislation that stipulates that players will be punished for using the internet or moving funds to bets. State-level laws are completely different. Each state in the United States treats online gambling differently. Certain states, for instance, Delaware have legalized, and controlled gambling online, whereas others have legalized it with a conditional basis like Nevada while others have prohibited gambling, such as Louisiana and Iowa. Iowa is one of the states with the strictest gambling laws that are currently in force. Based on the volume of bets that are exchanged, players who break the law could be charged with being guilty of committing a serious offense. Nevada permits online poker at state-run websites, but not another type of gambling.
While online gaming has been able to emerge as an integral and profitable element of the gambling business, however, banks consider them too risky. Gaming companies and casinos are more susceptible to chargebacks and refunds. They also are more profitable. This raises the possibility that the processor could be held accountable when it handles credit card transactions on behalf of the business.
In addition, casinos online are also targeted by numerous fraudsters. Customers may object to a transaction as they’ve changed their minds. The credit cards they used were not stolen. They decided they didn’t want to pay for the service.
Because of the laws in America as well as the legislation that is in place United States, many online gambling businesses are located overseas and there have been reports of money being stolen and fraud. Because they’re located outside the United States, it’s difficult to keep an eye on the amount of money being spent, making it riskier for processors.
The casino and online gaming industry are growing by leaps and leaps. But, a lot of businesses are new and have no previous knowledge or credit background. The absence of credit, or having a low credit score raises the probability that a business isn’t in a position of being able to pay any debt they owe the bank or a merchant service. This is also true for processors that take on greater risk financially.
Casino and online gaming are two game categories.
The United States and other countries including the United Kingdom, assign four-digit numerical Standard Industrial Classification (SIC) codes to companies that define their primary function.
Gaming and casino merchants are all part of 7999 which is the Amusement and Recreation Service and are not listed in the Elsewhere classified SIC code.
Visit the United States Department of Labor for a complete set of SIC lists.
Federal statistical agencies classify institutions using a series of six-digit numerical codes which are used in NAICS. Northern American Classification System (NAICS). The codes are used to collect information, study and publish data about similar firms and how they impact the economic activity within the U.S
Online gaming merchants and casinos use the NAICS codes that are listed below:
713210 – Casinos (except casino hotels)
713290 Other Gambling Industries
713990 All Other Amusement and Recreation Industries
Visit the US Census Bureau’s Northern American Classification System to find the entire NAICS codes list.
Casino Merchant Accounts as well as Online Gaming
Stop playing the game of traditional banks and merchant services. Make a leap forward by opening Merchant Stronghold’s merchant account. Paympire Solutions We offer merchant accounts to gambling companies and casinos
This is a good reason to consider having a massive merchant account set up and available for use by your gaming company. Apply now to start an online gaming and casino merchant account to operate within 24 hours without restrictions.
Begin Your Gaming Merchant or Casino Business Within 48 hours, your account will be activated.
Gaming is a term that embodies extremely risky and lucrative rewards. It should not be a surprise to anyone who knows the risk involved in business banking. Banks are reluctant to offer merchant services to casinos online. Another reason banks should stay clear of traditional merchant service providers is the high number of chargebacks, and also disputes.
If your gambling or casino business can achieve an average chargeback of less than 3.3% you can, the Paympire Solutions service can provide you with a merchant account that can be tailored to fit your high-ticket big volume needs. Merchant accounts specifically made to be suited to the nature of the transactions you make will be certain that your online payment processing is smooth and efficient. Let the fun begin and avail of our services now. We can have your merchant account up and running within 72 hours.