Online Gaming Bank Accounts and Merchant Accounts Opening Providers

Banking for Online Gaming Business

Best Bank and Merchant Accounts for eGaming Businesses

Any online gaming business, no matter whether it offers games of skill, sports 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.

Curacao eGaming License – Apply here


eMoney Accounts for Gaming – Apply here

Opening an Online Casino Merchant Account

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 applications for eGaming merchant accounts. Some banks won’t even consider accepting 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
  • Transaction fee
  • Clearing fee
  • Account holding fee
  • Monthly fee
  • Chargeback fee
  • Refund fee

Egaming merchant account fees average at about 2%-12% depending on multiple factors including the risk factor; the 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 wary 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.

In the internet gambling business, e-gaming service providers can have difficulties in finding a payment processor that can provide an online gaming merchant account at reasonable cost. A payment gateway is a solution that connects merchants to their customers, allowing businesses to accept transactions for their services.

Many of the traditional banking services reject applications from gaming enterprises out of hand. As a result, payment gateway accounts are labeled as high-risk, and come with high costs and slow processing. 

Online gambling and casino owners can choose from several options to accept payments online, with the most popular method having in the past been with a credit card. Recently, however, providers of online gaming websites are adding new payment solutions such as e-wallets, cryptocurrencies and gift cards that can be purchased from popular sites like Amazon and Apple. 

What is prompting the move over from credit cards to e-wallet services is that with these, online casinos can take advantage of a solution that offers a payment gateway with the following benefits:

  • Advanced anti-fraud and security features, with funds in isolated accounts with uninterrupted access
  • Numerous payment methods, including Visa, MasterCard, local and international bank transfers, and cryptocurrencies
  • International coverage with over 190 countries as potential customer sources
  • Modern websites and smartphone apps for iOS and Android
  • Instant and cost-efficient internal client-to-client transfers
  • Support for multiple currencies and languages
  • Limited risks of chargebacks
  • Easy payment gateway integration via open APIs
  • Convenient 24/7 customer service to answer queries from both merchants and customers

Gambling payment gateways work to allow players to deposit and withdraw funds from their accounts. Owing nature of the industry, online gambling solutions like casinos often face increased difficulties when trying to open merchant accounts at traditional payment gateway solutions, being classified as high-risk. The solution generally is to apply for merchant accounts through dedicated casino payment gateway solutions that accept businesses from riskier industries. However, these providers are sometimes taking advantage of the industry’s high-risk nature, and are charging extra fees and holding customer funds (anywhere from a few days to several weeks) before transferring them to the merchants.

To select the best payment providers for online gaming, its essential to consider the following factors:

  • Geographic spread: gateway must support all localities and languages where your users are located
  • Regulatory compliance: both your business and the payment gateway must have matching certification in every area 
  • Transfer fees: minimal fees for processing transactions
  • Transfer speed: fast processing of transactions with the immediate release of customers’ deposits. 
  • Wide range of payment methods supported: transactions via credit cards, bank transfers, e-wallets, cryptocurrency
  • Security: The payment gateway must provide a solution that keeps both merchant and customer funds safe. 
  • Fraud prevention: As chargebacks are a significant factor in this industry, the provider must offer measures against friendly fraud.
  • The payment gateway is the connection between gaming businesses and their customers. It must provide services that enhance the experience of the customers while at the same time allowing businesses to process transactions in the most cost-efficient and the most effective way.

Looking for service quotes for Bank and Merchant Accounts for iGaming Businesses

Please leave your contact details and we will get back to you.

Our team will be happy to assist you to form most suitable corporate, banking structure and gaming licensing needs for you  throughout our wide network of banks, payment processors and gaming regulators

Text Us whatsapp