Gambling Merchant Accounts – 10 Points to Ponder

 

Gambling Merchant Accounts
– 10 Points to Ponder

By: Jessica Gables

www.emerchantpay.com

 

Choosing a gambling
merchant account, much like choosing any other merchant account or online
payment gateway, requires a good deal of thought and consideration, as the main
purpose of an Internet payment gateway is to ensure the safe and secure
transaction of funds between an online service provider and a client.

 

There are a multitude of
merchant accounts to be found on the Internet today, with some of them choosing
to handle transactions for specific online businesses, while others choose to
handle all forms of online businesses that require a payment gateway.  Certain forms of businesses have been
classified as “high risk”, primarily because of some aspect of the
business. 

 

A high risk merchant
account is usually defined by factors such as type of industry, credit history,
processing history, average ticket, monthly processing volume, and location of
business.

 

Businesses that are
considered high risk include adult content, pharmaceuticals, gambling, magazine
subscriptions, streaming or downloadable content, dating services, travel and
travel related services.

 

Here are some pointers to
consider when looking for a viable gambling merchant account provider:

 

1. Make sure to do a market research.  Talk to
   someone who has spent years in the business, you can learn a lot of
   important things from them.
2. Be sure to check the big numbers, cancellation fees, and most
   importantly, the hidden fees up front.  A merchant
   account provider who really wants to do business with you will at least
   try to work with you to adapt to your capabilities.
3. Be sure to compare the different discount rates offered by the
   various payment processors.  There
   will always be a merchant account provider offering good services online
   with a much better rate than others.
4. Be careful about advertisements that can be misleading or appear
   suspicious.  If they lie on their ads then most
   likely they will do the same to you.
5. Verify the integrity of the company.  Do a
   background check and see if the company is known for good business
   practices and if they have transacted with companies like yours.
6. Do not make a habit of signing a contract too hastily.  Read the
   application carefully because some contracts carry a non-cancellation
   clause or penalty.  If a company
   will not leave an application with you overnight, they are probably trying
   to use "high pressure" tactics so that you don't have time to
   really know what you are signing.
7. Find out what people are saying about the merchant account provider
   and see which provider has the best reputation. 
   Oftentimes the best form of marketing is by word of mouth, as these
   connote first hand experience and not just hearsay.
8. In choosing a credit card payment processor, check out the fees and
   services.  Compare which one will work best for
   your business.
9. Check out how and when will you get the payment.  Some
   merchant account providers have a minimum amount before they send you the
   payment.  Others may charge you with
   wire transfer fees.
10. Avoid companies with high monthly fees.  These providers will drain you of your resources.
    Many of these companies rely on those monthly fees to compensate their
    marketing and sales efforts.

 

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