Online casino payment processors
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To begin the process, apply online now. Merchants can get approved for a casino and online gaming merchant account in as little as 24 hours.
Once approved, EMB can set up chargeback management tools and a payment gateway. Also, a fraud filter also can be set up for online payments.
EMB offers merchant accounts to many types of businesses in the casino and online gaming industry, including:. In addition to the businesses mentioned here, EMB works with new and existing businesses, merchants rejected or terminated by another credit processor, as well as those with bad credit or a history of excessive chargebacks.
In addition to the application and a secure, operational website, merchants also must have the following items handy to provide to processors and underwriters:.
Merchant accounts are approved within 24 to 48 hours. When casino and online gaming businesses apply for merchant accounts, processors and underwriters want to see that they are running legitimate, reputable businesses.
During their review, underwriters look at many factors to ensure credit card processors are not taking on any unnecessary risk. Merchants that are considered high risk means processors are taking on a greater potential financial burden.
The best way to prepare for the review is to have a principal in the business with a good credit history apply for the account, pay any outstanding debts, and have some money in the bank.
Before the review is the time businesses need to take care of anything that looks questionable. Online gaming and gambling is risky because the industry falls into a legal gray area.
Though there are no federal laws that prosecute online gamblers, the Unlawful Internet Gambling Enforcement Act of states that no person or entity may knowingly accept any funds associated with a person participating in illegal online gambling.
Since the law prevents gambling merchants from legally accepting wire transfers, merchants need companies, like emerchantbroker.
There are no provisions in the law, stating players would be punished for gambling online or transferring funds to pay for bets.
The state level is a completely different story. Each state in the United States treats online gambling differently.
Some states, like Delaware, have legalized regulated online gambling, some have conditionally legalized it, like Nevada, and others have outlawed it, like Louisiana and Iowa.
Iowa has the strictest online gambling laws on the books. Depending on the amounts of bets exchanging hands, a violator can be charged with a felony.
Nevada permits online poker at state-licensed sites but prohibits anything else. Though online gaming has become a major, profitable component of the gambling industry, many banks consider them way too risky.
Casinos and online gaming businesses are prone to excessive chargebacks and refunds and have a higher volume turnover. These increase the liability the processor likely will incur when processing credit card payments for the business.
Also, online gambling get hit with lots of friendly fraud. This is when customers dispute a transaction because they changed their minds. Due to laws in the United States, many online gambling businesses are based offshore, and there have been reports of money laundering and fraud.
Since they are abroad, it is more difficult to keep track of the dollars, and therefore, increasing the risk to processors.
Though the casino and online gaming industry is growing in leaps and bounds, many of the businesses are new and have little or no experience and credit history.
This also leaves processors taking on greater financial risk. Processors have a take it or leave it attitude when it comes to excessive chargebacks.
Excessive chargebacks also can hurt the relationships that credit card processors have with their sponsor banks and credit card brands, like Visa or American Express.
Credit companies can fine credit card processors that continue to process purchases for businesses that have high chargebacks ratios.
Once they have been terminated in the past by processors, it is very difficult for a merchant to get approved another time.
Merchants need to ensure they are using secure channels to prevent abuse by customers. Details of every transaction should be recorded, archived, and easily retrieved when necessary.
Security steps should be taken to ensure that the exact date and time of the transaction, as well as the IP address of the computer from which the purchase was made is known in case there is a dispute.
This information can be used to fight a dispute. Despite all of this, businesses should train customer service representative to offer full refunds immediately to dissatisfied customers.
When merchants look at their businesses, they often find out that refunds are more cost-effective than excessive chargebacks.
Since many chargebacks in this industry are due to customers failing to recognize the name associated with the charge on their credit card statements, it is up to merchants to make sure customers know how the purchases will show up on their bills.
Clearly displaying business names and contact information on all emails, websites, promotional material, and receipts are perfect ways to prepare clients for what they will see on their credit card statements.
Letting customers know that merchants want them to be pleased with their purchases can mean a lot to them and provides another opportunity to remind clients of purchases.
In the case of online gambling or gaming, it also is a good way to bring them back to a site to make another purchase. Most times, poor customer service, a lack of transparency and communication, and a flawed business model are the causes of excessive chargebacks.
Whether chargebacks are won or lost, they hurt merchants. Wire transfers and Western Union transfers are old forms of sending money that online casino adopted years ago.
NetTeller is an Internet payment company that lets you set up an E-cash account that is separate from any casino account.
Once you deposit money to your NetTeller account, you can transfer the funds to any casino that accepts NetTeller as a form of payment.
You can also receive it faster than through your NetTeller account, so you often receive it faster than through other mechanisms.
PayPal has quickly become one of the leading forms of payment for eBay auctions. It is an e-mail based payment system that allows you to send a payment to anyone in the world that has an email address which is becoming less and less of a restriction!
All you need to do is sign up for a PayPal account at PayPal. ACH Transactions short for Automated Clearing House , or electronic checks, allow players to write a "virtual check" from their checking account directly to the casino, without actually writing or sending it.
For ACH to work properly, the casino must get written authorization from the player with banking information in order to set up the account.
Once that is done, players may transfer money back and forth quickly and easily between their casino accounts.
You can expect many casinos to begin offering ATM deposits and cash outs as soon as the technology and infrastructure are completed maybe even by the time you read this.
Payment processing mechanisms are continuing to evolve. Over the coming months and years, there will be new and innovative ways to fund your casino account, and to process cash outs more efficiently.
Until then be patient! Steve "Eagle Eye" Walker is a consultant to the online gaming industry. He has been involved with online gaming since its start and has consulted on software, security, technology and operations for numerous online casinos.