Fantasy Sports Merchant Account : Being in the fantasy sports industry lumps your business in the high risk merchant category. That alone can create a big impact on how your business operates as not all providers are willing to set you up with a new high risk merchant account.
But why are fantasy sports businesses considered high risk?
At the moment, there are very few states where sports betting is considered legal. Sports betting although provisioned in some EU countries and other regions are susceptible to fraudulent activities resulting in chargebacks. The high volume of turnovers can be hazardous to creditors that give merchants credit lines.
Second, the tendency for bettors to ask for a refund also poses a threat to the business, making it high risk.
Third, purchases for online video games and related activities exposes the card owner’s information from being swindled. Criminals can steal the information to be used in money laundering activities.
Special precautionary measures must be taken to prevent this from happening, hence, a special fantasy sports high risk merchant account is necessary.
So, for your fantasy sports business to succeed, you need to have a special credit card processing solution. Without this, you cannot handle cashless or electronic payment transactions. And you need the help of an expert to obtain a high risk merchant account.
How Do You Choose the Best Payment Service Provider?
Years of Expertise in High Risk Niche
How long has the payment service provider been in this niche? Do they have a tailored fit service for your business needs? Have they provided services or solutions for this kind of scenario?
If these questions are answer with yes, then, go for that provider.
Is the Payment Service Provider offers specialization in fantasy sports and betting business? Your preferred PPS should not only provide support for high risk merchants but specifically in sports betting.
Look around for an expert PPS that is ready to commit to making amendments to their conditions to match your needs. This includes rates or legal specifications stipulated in the contract.
The right Payment Service Provider should have an impressive and efficient chargeback prevention system in place. As this type of business is highly associate with chargebacks and fraud, this feature is non-negotiable. It is highly mandatory as this is one of the surest ways to protect your business, your customers, and your funds.
Some PPS may have one or two of these, but not all has these factors in one. Finding the right fantasy account payment service provider can be tricky; hence, you must only be good in research but also finding real success stories from other merchants.
With a wide range of solutions including automated checks, payment gateways, and more, your business can start processing electronic payments while preventing excessive chargebacks from unhappy customers with cutting-edge chargeback prevention software.
Take advantage of their free quick quote and learn how they can help you get started to make your online business a sustainable one.