Online gambling sites such as BetFair, Bet365, and William Hill are commonly known as Gaming within the merchant services industry.
The majority of card processing providers perceives it as a high-risk industry for several reasons:
Online gaming and gambling businesses are all coded under 7995 by both Visa and MasterCard and therefore, the listed countries that ban gambling will automatically block users trying to process payments using this code, as it falls outside of local law.
Online gambling businesses have a high-volume turnover, which plays a part in the overall risk when an acquiring bank is assessing the complete profile of the merchant. The majority of gaming businesses are based offshore – historically there have been cases of both money laundering and fraud within the industry. Operating in a high-risk industry like gaming and online gambling doesn’t mean businesses won’t be able to secure a merchant account. There are several specialist high-risk providers. At Fiat Systems we work closely with them when working through client payment processing options.
To ensure your gaming application is successful the majority of providers will require six months of transactions history, a business plan or accountants’ projections and the relevant gaming or gambling license. As with most high risk, higher turnover businesses we suggest that you have more than one merchant account working to support your site. This means that if you have been served notice by one gaming merchant account provider, the site can still accept card payments as normal using the backup account. We have a selection of partnering banks that will accept applications from newer gaming companies and save money for more established ones. We can assist in gaming card processing in the following areas:
Online gambling is prohibited across several countries internationally. This means anyone with IP addresses from prohibited countries trying to access gambling sites, will be automatically blocked: