Merchant accounts are vital for high-risk businesses like high-risk online casinos. It is not simple to work with businesses from high-risk industries. It is the reason that getting a merchant account has its own aspects. Also, the merchant account providers need some idol to approve a business it’s first or another merchant account.
Normally, business owners find it very difficult to get their merchant account, especially the start-ups that are always in a fix. Yes, the process can be tricky sometimes because high-risk industries are always in direct notice of the legal institutions. Any slightest known and unknown mistake can turn things upside down. If you have an online casino and the merchant account is still the reason for your anxiety for any reason, here is an insight into its varied aspects.
Merchant accounts for online casinos are in BIG demand
According to research, the online gambling market will flourish in value above 92.9 billion U.S dollars by 2023.
You should accept that the above fact cannot exist without the presence of merchant account providers. To grow to a big number of $92.9 billion, the casinos need to have merchant accounts. The business owners have no other place to receive money from their players and grow this big. It is the reason that every year, the demand for merchant accounts is increasing.
The pandemic chaos of the past few years has a considerable role in the shift of casinos from offline to online. Considering the uncertainties of the future, the casino owners have a clear mind about their casino expansion through online presence. Yes, for offline businesses also, the merchant account is a necessary thing but for the online versions, it is much more important.
What features are required in an online casino merchant account for successful business operations?
A merchant account is provided by an acquiring bank which can be situated offshore. For many reasons, online casinos look for several features in their merchant account. The gambling industry is already getting bigger and it needs support pillars to grow in the right direction. It is the reason that merchants account for online casinos and the gambling industry needs to have all the necessary features.
Merchant accounts should be backed-up with safety tools and artificial intelligence
Today online casinos need multi-layers security due to issues of security breaches. They are also using artificial intelligence to keep their customer’s money secured. They have to manage big data gathered on casino play cards.
The casinos today use AI for predictive analysis, which means these businesses are more armed now. The merchant account providers should have smarter safety and artificial intelligence tools to offer best solutions to the merchants.
The relationship between the merchant account providers and casino merchants is mutual. Both are connected for commercial reasons and to earn big. The online casinos have tools to spot their valuable players who invest big. It is why they need their merchant account providers to give the best services for their casino players.
Transactions and money withdrawal should be super speedy
When players play, they do not want to wait even for a minute. Imagine a player who suddenly realizes that his wallet is empty, he will definitely want to add money to it in a few seconds. In that case, he needs to make a payment and it is the responsibility of an acquirer to make it happen.
Similarly, the casino owners give a lot of profit to the players because in exchange they want to earn a bigger profit. When they get their profit share and want to withdraw money, it takes some time because the merchants want that this duration should not turn into a delay.
Whether it is a player who wants to add money while playing or a merchant who wants to withdraw his profit, timeliness is important. Also, the players always reward money at a desirable time, and for that, transactions need to be speedy. The money goes through a long channel that also includes the payment gateway. With the contribution of the merchant account and payment gateway, the money should reach to the destination at the right time.
Immediate troubleshooting of technical issues during transactions
Yes, it is very important because even a few minutes of delay in transactions can cost a casino to lose some of its previous players. Professionally as well as morally, it is the responsibility of an acquirer to provide due support to the merchants. The around-the-clock support team should always be ready to provide the required support.
Simpler and smoother transactions happen not only through technology but also through timely human support by a dedicated team. Yes, all the acquiring banks do commit to providing 24×7 support but important to implement the commitment. The bulk number of transactions that happen in an online casino is always fragile against chargebacks and financial frauds. For fraud, the safety tools can always help but to prevent chargebacks, you as a merchant need a good team from the side of the acquirer.
If some blockage happens during a transaction, immediate trouble-shooting should happen. Players are not going to keep calm because they have many other options when it comes to online casinos. You need to leave a good impression on the new as well as the established customers of the casino. As a high-risk business owner, you need to find the merchant account acquirer with the best customer care service. EskayPay, a merchant account provider and a payment gateway company can help you here. It has a vast network with multiple options for offshore merchant accounts for online casinos. Connect to it over the call or visit now and find your best merchant account solution.
Conclusion
A merchant account for an online casino is the most important part of the gambling business. With several features, an acquiring bank can make the merchants feel secure. Are you also uncertain about your merchant account requirement or selection or experience? Don’t worry, it is not rocket science and it can be solved in a short time if you know about it correctly. The above information should help you make the right turn.