We are often consulted by our customers about payment gateways for accepting online payments at their online casinos. While most payment gateways will accept your business, certain categories such as online gaming are a different ball game altogether.
Now before you start giving me a list of companies that offer services to this and similar industries, let me say that this post is about what a prospective online casino operator should look for by way of planning and what to expect.
Most processors that do accept online gaming companies will have a host of qualifying criteria. Most of this process is about as transparent as a block of lead. However some of the main areas to consider would be:
- Where is your company registered
- What is your experience in this industry
- How much have you invested in this business
- How are you geared for fraud and bad transactions
- How reliable are you as an individual
This is not a comprehensive list. As I said earlier, the process is opaque so you wont get any explanations if you are rejected. So here is what you would consider before applying for a payment gateway for an online casino.
1. Registration should be in a permitted jurisdiction. Most processors have favored jurisdictions so try to get a list of those and register your company there.
2. Make sure you have at least some experience in the industry. Processors make money by transactions, so if you have no experience in the industry, chances of getting an account are pretty slim.
3. Your business investment reflects your seriousness. Online gaming needs a lot or money and resources to get players. So marketing costs are very high.
4. The processor will always ask you how many bad transactions you expect each month. Tricky! As if anyone would expect to know that but then that is always asked for and you should be able to provide some reasonable inputs there.
5. Your personal background matters and I am positive that respectable payment processing companies will screen all prospective clients thoroughly.
Also, remember that getting a merchant account for an online casino or poker site can take a very long time so this is the FIRST PROCESS that one must start if one wants to accept online payments.
To summarize, one must make reasonable attempts to get these points cleared up and ascertain the chances of actually getting an account.
Approach multiple providers and see who is warming up to . Do not conceal anything. We have seen companies close down their gaming sites because no one would accept them for an online payment merchant account.
On a positive note, majority of our customers do get their accounts accepted and are already operating a successful online casino.
You can find comprehensive lists of payment gateway providers below