Best Bank and Merchant Accounts for eGaming Businesses
Any online gaming business, no matter whether it offers games of skill, sport betting, lottery, casino games, bingo or games of chance will need two main banking services – a merchant account and a company bank account.
Opening and operating a gaming merchant account and company bank account for an Internet gambling company can present some unique challenges. Financial institutions and banks tend to make the process of opening an account for an egaming company complicated.
Gaming Merchant accounts are essential to all egaming businesses in order to accept card payments from online players. The egaming market is considered a high-risk industry and so it is hard for egaming companies to get approval from merchant account providers. Egaming is considered high-risk due to the high chargeback rates; anti-money laundering issues and fraud but it is also due to the way that online gaming is so rigidly regulated. Online gaming companies are obliged to comply with national and regional regulations.
Sponsor banks and processors see the high-risk nature of the egaming industry as a reason to reject egaming applications for merchant accounts. Some banks don’t even consider egaming clients while others consider applications case-by-case. For this reason egaming companies need to find high-risk payment processors that already provide merchant services to egaming companies.
Apply for a Business Bank Account for:
Bingo, lottery, online casino games
Poker, fantasy, sports, free games
Crypto-currency payments and games
Understanding Gaming Merchant Account fees
Merchant Account for Online Gaming Companies Fees
The merchant account fees for gambling companies are usually offered as a package including:
Account registration fee
Account holding fee
Egaming merchant account fees average at about 2%-12% depending on multiple factors including: the risk-factor; complexity of the company’s legal structure; location of the target audience (players) and the overall score.
Online Gaming Merchant Account Providers
Online gambling is an ever-growing market that has exploded exponentially over the last few years. It is predicted that the internet paid gambling market will grow even further in coming years. With the increased number of gambling and online paid gaming sites there is a necessity for quality payment processors to service the industry. It is vital that gaming merchants and platforms choose the right payment solution for their target audience. With the best gambling merchant account provider your earnings are bound to increase.
How to apply for a Online Gaming Bank account?
There are many options to choose from, depending your company parameters, risks, location, the legal structure, timing (which is very important…) and costs. Please contact us to find out more.
eGaming Bank Account Features
Can receive funds from the business’s merchant accounts
Has the option for multi-signature rights.
Can handle multiple currencies.
Online banking available including 24hr access to bank statements from the Internet.
Can send/receive international payments in multiple currencies.
Can be linked to a debit card for convenient withdrawal of offshore funds across the globe
iGaming bank account and merchant accounts
How to Open a Business Bank Account for an eGaming Business
With many financial institutions and banks rejecting gaming businesses as potential clients it is important to present your egaming business as an asset to the bank’s portfolio of businesses.
You can do this by making sure your egaming business is licensed; has a clear corporate structure; with approved beneficial owners and all the appropriate documentation to open a business account.
Chargebacks – One of the main obstacles online gaming companies face when applying for a merchant account or payment service provider is chargebacks. One of the reasons traditional banks are weary of taking on egaming accounts is because of the issues involved with chargebacks.
In addition there are other risk factors that cause banks to avoid opening accounts for online gaming businesses, for example the dangers of gambling addiction; disputes with bonus claims etc. In order to minimize risk the banks monitor high risk merchant accounts and here and gaming business bank accounts on a daily basis.
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