Read in our Curacao Gaming License guide:
- You are here – Recommended merchant accounts for online gaming businesses
- Banking account requirements for online gaming businesses
- Curacao Gaming License requirements
- Online casino license
- How to set-up and open an online casino business
- How to keep the law and succeed at the same time?
- Online gambling jurisdictions and licensing authorities
- Where can you operate with a Curacao Gaming License?
E-gaming companies include online casinos, poker, draws, bingo, sports betting, lottery, skill games, crypto casinos and all other online companies operating on the internet with a gaming license. For these e-gambling businesses there are two basic “must-have” financial services:
- A merchant account
- A gambling friendly bank account
Many banks lack knowledge of the online gaming industry and regulations so they are hesitant to open accounts for e-gaming companies. Financial institutions often impose strict requirements on e-gaming companies before allowing them to open accounts. Once you have managed to open online business bank account and merchant account for your e-gaming business your accounts will be screened and monitored daily by the banks.
Apply here for a Curacao Gaming License and merchant accounts
E-Gaming Merchant Accounts
E-gaming companies operating an online casino need a merchant account in order to accept payments from their players. As e-gaming operations are considered high risk they are often rejected by banks and instead owners have to work with a high risk payment processor that is familiar with the gaming industry and already provides gaming merchant services.
With the ever increasing popularity of paid online gaming and the increased number of e-gaming companies the need for e-gaming payment processors to support the online gaming industry has also increased. It is vital for gaming businesses to have the right payment solutions for their customers.
At GBO, we specialize in helping businesses find and open direct merchant accounts with some of the EU’s top acquiring banks. These payment processing companies will accept your online business regardless of whether the payments you need to process are domestic or international.
Gaming Payment Processing Solutions
To best serve their customers, gaming sites must provide a fast, secure and easy way to make payments. Gaming payment processing solutions must accept credit cards and mobile payments. They should operate in multiple currencies and offer in-game payment support. There should be multiple user-friendly payment options and several language options. Payment processing solutions should reduce chargebacks. They should protect the gaming site and customers from fraud. With the right payment processing provider, sites can be efficient and mitigate risk.
Gaming Payment Processing Services
Not all payment processing services accept clients from the gaming 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. Gaming payment processing services provide real-time identification of fraudulent transactions, and fast card payments from players around the world, in multiple currencies.
Gambling Credit Card Processing
Gambling credit card processing needs to be user-friendly, mobile-friendly and accept credit card payments from around the world in multiple currencies. Credit card processing needs to be secure and protect the gaming company and player from fraud. Most credit card processing services consider online gambling high risk and so the fees can be higher. Look for a credit card processing service that specializes in high risk merchants.
Gambling Payment Processors
Gambling payment processors should provide gaming sites with a smooth pay-in and pay-out process so players can pay for their gambling and receive their winnings easily. Payment processors can provide gambling sites with different payment methods, local payment solutions, recurring billing, and chargeback prevention plus integration with the largest gambling platforms. A reliable and user-friendly gambling payment processing system will encourage players to choose your gaming site.
Online gambling with debit cards
Most well-known card companies allow online gaming with debit card. Almost all online casinos and gambling sites allow players to make deposits and withdrawals with debit cards. Gaming online with a debit card allows you immediate access to cash. Gambling sites have no problem with players using debit cards rather than credit cards as it helps them limit rejected payments. Players paying by debit card have fraud protection because of the pin code and they are limited to spending only money they have.
Online Gaming Merchant Account Services
All Internet gaming sites need merchant account services to process payments. A merchant account for online gaming should include services such as credit card processing solutions; fast account approval; e-commerce and retail options; chargeback management tools; payment gateways; multiple payment solutions; fraud filters; intuitive compatibility and comprehensive customer support. To find a merchant bank account for your gaming business it is best to avoid the traditional banks and instead use the services of a company that specializes in high-risk merchant accounts. Although the processing fees and competitive rates tend to be higher with high-risk merchant accounts, they have the underwriting ability for online gaming merchant accounts as well as experience working with the gaming industry.
Online Gaming Merchant Account Requirements
What documentation do I need to open a Merchant services account?
Financial statements and processing history
The bank must review your business’ financial statements as well as performance such as monthly turnover, average sale amount, chargebacks history, geo-locations, the types of clients served and many other important factors. This enables them to see how successful your business has been at processing credit cards. If you are a start-up operation with no history, detailed projections of business plus far more details of ownership, capital sources etc. will be required.
In order for a merchant account processor to approve your account, they will require the business’ corporate documents as well as the business owner’s formal documentation.
Some of the most commonly requested documents are:
- Incorporation Documents (including a Certificate of Incorporation)
- Memorandum of Association
- Casino license (if applicable)
- Certified details of the Board of Directors and Shareholders including proof of address confirming residence
- Certified registered address of the company
Passports – certified true copy of original for officers, beneficiary owner, directors and shareholders
- Bank reference letter or letter of good standing in the name of shareholder or beneficiary owner
- Business plan
Online Gaming Merchant Account Fees
Online gaming merchant account costs vary according to the payment processing provider you use; your business; your credit history; your account requirements and your jurisdiction. Online gaming merchant account rates start with a set-up fee that can range from zero to a couple of thousand. Then there is a fee of about $1,000 ($500 each) for registering with Visa and MasterCard; this fee is paid annually. Some payment processors cover the cost of the initial registration but eventually, they will charge you for it. Once those initial payments are made you can then choose which pricing model you want for your merchant account. You could pay a fixed percentage plus a fixed per-transaction fee. Alternatively, there is a tiered price model where your provider charges according to how much risk is involved in each transaction.
Some payment processing providers charge a variable percentage of the transaction plus a transaction fee. In addition, there are charges for various optional services like insurance coverage and security monitoring.
The rates for gaming merchant accounts include an account fee; optional 3D secure; refund fee; retrieval and chargeback fee. There could also be a PCI compliance fee; a rolling reserve charge and charges for use of the payment processor’s gateway. If and when you decide to close your merchant account, you will be charged a termination fee.
When a payment processing service opens a merchant account for an e-gaming business they have to consider all the potential risks. High-risk merchant processors will go to a great extent to learn the nature of a potential client before opening a merchant account for them. The high-risk merchant processor will thoroughly evaluate every possible risk factor of an e-gambling business before taking them on as a client.
Why you should let GBO help you
- GBO has 12 years in the gaming consultancy business
- We guarantee a smooth and simple process
- It’s a reliable full turnkey solution
- No hassles for you
- We allocate a dedicate professional account manager to you
- We assist you with locating accepting banks & payment service providers.
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