An online gambling merchant account is much more difficult to obtain. Aside from industry risks, this industry experiences higher levels of payment fraud and chargebacks. It’s a good idea to have tools in place to monitor and prevent these issues from creating havoc on your site. They will aid in the stability and security of your gambling payment processing.
Online Casino Merchant Account
If you work in this industry, ensure that your company is set up to accept payments via an online casino merchant account. Detecting fraudulent activity is a valuable asset for businesses operating in high-risk environments. Credit card chargebacks are common for online gambling businesses. Due to claims of fraud, high-ticket items, gambling laws, and government regulations.
Factors such as industry, location, and even clientele can and will place your company in the high-risk category. Amald offers efficient and long-term payment solutions for online gambling merchants.
Online Betting Processing Fees
As you’ve seen, the stakes are extremely high when it comes to launching a profitable online gambling site. To win, you must play. Processing fees and competitive rates are typically higher than those charged by traditional banks to low-risk merchants.
Traditional banks lack the underwriting capabilities to provide merchant accounts for online poker and other casino skill games. Amald can offer security solutions that make it easier for our online gambling merchants to invest in our payment gateway services.
The advantages of a subscription-based model
Subscriptions are undeniably convenient for customers. Who doesn’t appreciate the freedom to watch whatever they want, whenever they want? Or how about having a new outfit or a box of produce delivered to your door every month? Subscriptions make consumers’ lives easier. It’s a win if you can get what you want, when you want it, with minimal effort.
Improved Customer Relationships:
Customers frequently sign up for a subscription service because of the convenience it offers, as well as the ability to personalize the product. Many subscription services allow customers to customize their product or upgrade to different tiers as they use it.
Subscription models are popular among business owners because they provide guaranteed revenue (barring cancellations). A subscription model enables businesses to accurately predict revenue over time. Giving them a better understanding of how to budget that revenue.
While there are undoubtedly advantages for both the merchant and the consumer when it comes to subscription-based businesses what are the payment rules and options for subscription-based businesses? Subscription billing rules have evolved over time as banks and card brands changed their requirements for subscription merchants. But we can categorize subscription billing into a few different models:
Experiment with a negative option
In this model, the merchant provides a discounted “trial,” after which the cardholder is automatically charged full price if they do not return the merchandise or cancel. This could be two separate transactions, or it could be followed by a recurring monthly subscription that continues until the cardholder cancels.
Experiment with an affirmative option
This scenario is identical to the negative option, with one major difference. The cardholder is notified and must re-authorize the full price charge prior to being billed at the end of the trial.
The cardholder agrees to be billed at recurring intervals at a set price point with no specified end date in this model, which is typically month to month. Consider gym memberships, streaming services, dating services, and so on. With a few exceptions, this model is appropriate for most digital goods.
Billing for Subscriptions
Subscription billing and recurring billing are interchangeable, with the exception that subscriptions typically have an end date (e.g. monthly subscription where the cardholder needs to confirm the renewal annually).
Whatever model a merchant chooses, there are some best practices that should be followed.
- Merchants should have clear and detailed cancellation and refund policies in place, as well as multiple contact methods (phone, email, etc.).
- An email notification sent to customers prior to their scheduled billing may be helpful in preventing disputes for negative option merchants.
- Descriptors should be straightforward and obvious.
- 3D Secure (on initial transactions), dispute alerts, and other fraud prevention tools should be used.
How to Choose a Payment Service Provider?
Amald is the best alternative to payment processors such as Paypal, Square, and Stripe, which frequently shut down and refuse to accept payments from online gambling merchants. Even if your payment processing needs are currently met, please contact us. We compare rates to see if you’re being overcharged for this type of account.
Amald Payment understands the unique requirements of online casino-related businesses. Since then, we have established numerous acquiring banking relationships, allowing us to become experts in obtaining online gambling merchant accounts that accept online payments. We want your company to thrive and succeed in the long run. Fortunately, we have the resources and know-how to make that happen.