Casinos have a number of options when it comes to processing credit cards. The typical means of processing payments are through e-commerce and casino merchant payment accounts. E-commerce merchant payment accounts allow businesses to accept payment methods such as credit cards, debit cards, Apple Pay, Google Pay, and other forms of payment. Casino merchant payment accounts are a way for casinos to accept and process credit card payments, and to dependably charge users’ accounts and to fund them.
The global spread of the internet has led to an expansive use of online banking, buying, selling, and shopping. In the e-commerce industry, there are a variety of companies that offer a suite of services for businesses of various sizes and needs. Some e-commerce merchant payment account providers are designed to work more with high-volume business sales, whereas others are more suited for low-volume sales. Other e-commerce payment account providers offer a range of customizable options to fit the needs of many different kinds of businesses, while others have focused on streamlining the mobile experiences for their users.
Gambling holds a special place in the e-commerce industry, with some states prohibiting the activity and others opting to allow gambling with some restrictions. Both brick-and-mortar and mobile casinos are considered to be high-risk by banks and payment processing companies for a variety of reasons. The main reasons for casinos to be considered high-risk are the differing and clashing legal stances on gambling from country to country as well as from state to state, and the increased chances of high chargebacks for issues such as player’s remorse and outright fraud. Besides those reasons, physical and mobile casinos are also thought to be very risky due to the possibility of underage and/or out-of-state individuals who attempt to gamble. Cybercriminals are yet another significant concern for casinos, who target these businesses due to both their high volume of day-to-day transactions and their exceedingly large number of high-ticket deals.
A standard way for modern, mobile casinos to tackle these issues and mitigate their loss of profits and business is to use casino merchant accounts. These accounts are designed to meet the funding and processing needs of casino customers, earning their trust and continued business, while also complying with relevant state and local laws. Compliance with such laws are important because of the Unlawful Internet Gambling Enforcement Act of 2006. Violations of that act include punishments of up to five years in prison, a fine, a gambling ban, and other punitive measures. By providing customers a reliable way to process their credit card payments, digital casinos stand the best chance of earning revenue and contributing to further business development.
The casino industry is fast-moving, constantly expanding without showing any indications of hitting any roadblocks in the foreseeable future. For a variety of reasons, the online casino sector is particularly on the rise at a rapid pace in our increasingly digital age. Staying competitive and ultimately coming out on top for these businesses means finding the most effective and efficient e-commerce or casino payment merchant accounts for their particular business requirements. E-commerce payment merchant accounts are very flexible and offer a plethora of payment solutions. Whereas casino payment merchant accounts offer dependable, reliable and legal services for credit card processing that are designed to significantly reduce the chance of fraud or high chargebacks. A pivotal task of online casinos in the industry is to evaluate these payment merchant accounts, run cost-comparisons and other performance measures, and decide which merchant account offers the most value and revenue potential for the cost of using the account provider’s services.