Gambling Merchant Account

How can I get a merchant account for my Gaming or Gambling business?

Gambling websites are HUGE business, however obtaining a merchant account for one is not easy!

Gambling and gaming websites make for a HUGE sector, with a 470m Gross Gaming Yield in 2020 alone, and a 4Billion GGY in gambling in 2020 in Great Britain alone, Staggering figures for a booming sector and with a booming sector comes lots of not only opportunity but also responsibility and red tape.

A merchant account for your gaming or gambling website is classed as the highest of high risk. There are very strict rules and regulations around being accepted by a Uk or EU acquirer to accept payments via debit card for a gambling business. Acquirers need to be 100% certain that they are supporting ethical and stable business when boarding a merchant in relation to gambling, having the suitable licences in place is imperative as well as being established with all of the correct regularity in place.

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If you are looking to obtain a merchant account for your Gambling business below are a few things that you must expect or look to get in place before you start to apply.

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Line up your ducks – you will need to have your license in PLACE to even start your application for a merchant account. You will also need all of your terms and conditions and legal documentation in place, along with a complete business model/website.

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Have your expectations set. Merchant account for gambling will:

  • Take at least 4/6 weeks to approve
  • Be more expensive than the high street rates you may have been advised on
  • Will be charged on a IC ++ pricing model
  • Likely to have a rolling reserve attached to it
  • Settlement may be weekly
  • Require a high risk registration
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The list of KYC and KYB that you will require to start your successful application is as below:

  • Proof of ID for all directors
  • Proof of business bank
  • Proof of business trading address
  • Full T&Cs and Policies
  • All licences required to be approved and in place.
  • Full access to Website with Logins
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What fees should I expect? You should expect your fees to be anywhere from 1% to 8% depending on your business model and length of time you have operated your gambling business. You will also have additional fees associated with your merchant account but these will all be laid out clearly for you before you sign up to any agreements.

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Make sure that the payment gateway for your merchant account is both compatible with your acquirer of choice and also the platform that the website has been built on. This is something that gets overlooked quite regularly and often causes big problems towards the end of a payment integration process.

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SET UP FEES and registration fees will apply, we at Modern World will always be clear and upfront before we start to board your application, however there is also set up fees and registration fees for high risk merchant accounts with Visa and Mastercard. These are often around $500 a year and can be deducted from your settlements by the acquirer.

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Settlement times may be a little longer than you would usually expect from a standard merchant account. We would expect weekly settlements with a seven day delay as standard with the hope that these times would improve over time.

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Are you based in the EU? Our banks will only be able to board your gambling business with a merchant account if you are located and registered within the EU. Unfortunately we are unable to support businesses that are registered outside of this area. Also, the directors must be located with the EU.

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You will need to maintain a very low chargeback ratio to maintain your open merchant account status for a gambling business so it may be worth you obtaining extra monitoring tools to ensure you are acting responsibly at all times.

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You will need to have a business bank account all set up and open ready to accept payments in the business name before your merchant account can be opened. We can help you by clicking the link above.

If you would like help in obtaining the correct merchant account for your gambling business then we would love to help and offer support throughout the process and get you through to approval.

To start the application process then click the link below and register your interest for one of our friendly sales team to get in contact.

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