Tag Archives: radiant pay Gaming Merchant Account

The industry is thriving when it comes to obtaining a fantasy sports merchant account. This high-risk vertical will require a payment processing provider that understands the ins and outs of this specific gaming model, as well as recommendations, advice, and sports forecasting that goes along with fantasy sports merchant accounts. Many of them require high-risk merchant accounts. For your online fantasy sports merchant account, whether it’s phone orders, online sales, recurring billing, or anything else.

Radiant Pay processes payments for fantasy sports merchant accounts in the professional leagues listed below:

Fantasy Football (NFL)
Fantasy Baseball (MLB)
Fantasy Hockey (NHL)
Fantasy Basketball (NBA)
Fantasy Racing (NASCAR)
Fantasy College Football (NCAA)

For a multitude of reasons, a Fantasy Sports merchant account is regarded as high risk, making it difficult to locate a dependable processing partner. Radiant Pay specialises in working with high-risk merchants, and we have a number of acquiring banking partners who provide Fantasy Sports merchant accounts.

Do you need a Fantasy Football Processor?

Choose your players, your starters, and the fantasy football processor that is best for you. Your company may have a large number of customers who want to sign up, form teams, and place bets. You immediately learn that you have no method to accept online payments via debit or credit cards because your firm is classified as high risk, which you were unaware of previously, and you’re now left with clients to serve but no way to accept their money.

Rather than becoming increasingly frustrated with the process of being declined and given the runaround when applying with traditional banks, or worse, having your fantasy sports merchant account frozen or completely dropped by an aggregate processor like PayPal or Stripe, you take the smarter, more efficient route of seeking out a dependable and knowledgeable high-risk merchant account provider.

What Is the Purpose of a High-Risk Fantasy Football Merchant Account?

It’s not always all fun and games with fantasy football merchant accounts. Furthermore, the risks of this market might cost a lot of money in customer-initiated chargebacks. Customers that are bitter losers are one of the most common causes of chargebacks. While some customers may win big, others will not, and those who do will normally chalk it up to a fair loss and play again – but others and this group of “others” are substantial, will be angered by the loss and file a fake chargeback in an attempt to avoid paying for the service entirely.

The excessive amount of chargebacks, commonly known as a company’s chargeback ratio, is a major contender for fantasy sports merchant accounts being classed as high-risk. When chargebacks occur, they are unpaid by the business owner or merchant, which is one of the most important financial losses for credit card processors, which are rigorously scrutinised by both sponsor banks and credit card companies.

Sponsor banks will cancel any fantasy sports merchant account that consistently exceeds 2% in chargebacks and will levy a fine on the payment processor who set up your merchant account. With the chargeback rates for fantasy sports merchants, most traditional banks will not even consider supplying payment processing solutions to a high-risk business like this – there is simply too much responsibility and uncertainty involved.

Why is credit card processing for fantasy sports so risky?

Fantasy sports credit card processing can be simple, but choosing a provider with the expertise you need to get proper underwriting for your fantasy sports merchant account, as well as a company that has been in the business long enough to have developed relationships with sponsoring banks, is critical for high-risk merchant accounts. Failure to be choosy in who you choose to set up your payment processing will effectively determine the future success and longevity of your business as a whole. High-risk merchants aren’t always the first to be approached by banks for a fantasy sports merchant account – in fact, they typically deny any high-risk applications that come across their desks.

This implies that what was most likely your Plan B soon becomes your Plan A, and if you don’t have access to options that make sense for your business model, you can find yourself rushing for solutions. What are your options? First and foremost, you need a high-risk merchant account provider, such as Radiant Pay, that does all of their underwriting in-house and has the experience and banking ties to get you approved for a fantasy sports merchant account and accept payments quickly.

Gaming Merchant Account, High Risk Merchant Account, high risk payment processing, Online Gaming, Online Gaming

Why Your Gaming Company Is High-Risk and What You Can Do About It

October 1, 2022 admin

Online gaming has seen a sharp increase in popularity since the COVID-19 lockdown. The number of gamers has suddenly increased, which has resulted in a large increase in revenue. The market is undoubtedly ready for further expansion, and gaming companies are starting to recognise the many benefits of joining this trend.

The security of client data is the largest problem facing the sector. Many customers are still wary of giving their personal account information when they are purchasing because payment fraud is still on the rise.

You may have heard that the online gambling market is a “high-risk” one if you are considering beginning a firm in this sector. However, it merely means that you have to collaborate with the appropriate parties. This needn’t be bad news. But before we do that, let’s talk about why the gaming industry poses a significant risk to payment providers and how to mitigate those risks.

Online Presence

There are fewer protections in place because everything is done digitally and remotely. This implies that financial crimes like fraud and identity theft are now simpler to do. Banks label online transactions as high-risk as a result of their increased uncertainty.

High Chargeback Rates

Most banks and payment processors will request that you keep them below a particular threshold to avoid fees or even account suspension. There are various causes for these chargebacks.

High-Risk Industry

Online gambling is viewed as a high-risk sector of the economy. It frequently serves as a target for people trying to transfer illicit funds, and in some places, it has a bad reputation. Because of this, most banks and payment processors avoid working with gaming businesses, but not all of them. You may prevent and minimise any potential problems by making sure you have a licence from a respectable jurisdiction and continue to comply with the regulation, your bank, and your payment processor.

Foreign Inclusion

Although there are many advantages to incorporation in an offshore country, some accounts may be more difficult to obtain. By choosing an offshore bank, you can incorporate an offshore company and open an account.

International Business

An international operation is required to run an online gaming enterprise. Customers from all over the world will be served by you, and you will accept payments in a variety of currencies. Banks may be reluctant to provide services because they see this as an additional risk.

Given the current state of affairs, it is wise to forego looking for agreements with typical, low-risk merchant account providers. They will immediately reject your high-risk venture. High-risk businesses are rarely served by ordinary merchant account providers. All they want is to avoid the risk.

The finest investment an online gaming business can make is to look for a high-risk merchant account that is reliable and trustworthy to process payments safely. Look for people who are knowledgeable in the gaming and gambling industries in particular. By doing this, you can prevent your account from being deleted suddenly.

Applying for an Online Gaming Merchant Account

It’s rather easy to apply for a gaming merchant account. However, there are several requirements that you must follow in order to acquire and maintain good standing with your supplier.

The following materials are a few of the requirements to start the application process:

Application form
Gambling License Copy
Company Registration Certificate
a legally binding document, such as the M&A
Bank Statement
Overdue payments and unpaid invoices

This is merely a sample of the information that your provider might ask for. Of course, it will differ depending on your sort of business and the provider.

Radiant Pay is dedicated to offering you payment processing services that are specifically suited to the demands of your company. Credit cards, debit cards, bank transfers, online direct debit, and real-time bank transfers are just a few of the payment methods we assist our merchant partners in accepting from their clients. We also help with high-risk processing, offshore merchant accounts, and the processing of checks and ACH transactions.

We are a top London-based company that offers payment solutions to online businesses and any other e-commerce companies operating in all “legitimate” industries. Any sort of client and their online enterprises can receive customised solutions from our clientele, which has no restrictions on business size, risk level, or transaction volume.

Gaming Merchant Account, Online Gaming, Online Gaming

Online Gaming Merchant Account

May 27, 2022 admin

There is a spike in the number of customers playing online games and with the increase in the number of fans their spending also is going to increase, let alone in the US, over 164 million people do online gaming. Mobile gaming, social gaming, multiplayer video games, fantasy sports, online poker, racetracks, pari-mutuel wagering, and casinos are all eligible for accounts.

Payment processing is critical to maximizing profits, increasing customer satisfaction, and increasing the lifetime value of your online gaming customers. Most acquiring banks consider these as high-risk gaming businesses. It is critical to have a merchant account for online gaming because of the high-risk nature of the business. Radiant Pay is a leading provider of payment processing solutions for online gaming in London.

The online gaming industry typically has a high turnover rate. Gaming companies and their audiences are commonly offshore, for the same, offshore merchant account services in London, are provided by radiantpay. Multiple money laundering and fraud cases have already been documented. This immediately raises bank concerns. The vast majority of banks that are willing to extend their credit view this factor as a high-risk business. Online gaming merchants use payment processing services. Allow players to easily pay you. Send money to the winners right away.

Card payments and ACH are the two most common payment methods. Card processing merchant accounts are used to accept credit and debit card payments in online gaming. Having a gaming merchant account in London and Europe can help merchants handle transactions seamlessly. Payments are deducted from players’ bank accounts using ACH. It’s a smart business for online gaming merchants to encourage debit card payments over credit card payments

Credit Card Payments

Chargebacks, particularly for credit card transactions, can be a problem for online gaming merchants. A credit card transaction is much easier for a player to chargeback than a debit card transaction. When using a credit card, the player disputes the charge by calling the card’s issuing bank. Because they have a financial interest in the consumer continuing to use the credit card, card-issuing banks are more likely to side with credit card holders rather than merchants when a chargeback is initiated. Because there are no potential financial losses from debit card transactions, banks are less likely to side with consumers in disputes.

Debit Card Payments

A debit card transaction is much more difficult to chargeback than a credit card transaction. A large number of documents are required. The procedure takes time because the player must prove that a transaction was not authorized or that a service was not provided. Because banks face no financial risk when customers pay with their bank accounts, there is little incentive for them to refund money to the player’s debit card.

Payments to a virtual debit card are also an option. A virtual debit card is similar to a physical debit card, but it does not come with a physical card. Money deposited into a virtual debit card can be used to make online purchases, but not in stores.

ACH

ACH credits are a reliable way to receive payments. It is a low-cost and dependable way to fund players’ accounts. Players’ bank accounts are debited through ACH. ACH payments are always less expensive to process than credit card payments. The reason for this is that ACH transactions do not incur “interchange” fees, while card transactions do. As a result, ACH processing fees are 50-80% lower than card processing fees.

ACH debits can now be processed on the same day, which reduces processing time. From your back-office reporting portal, you can easily monitor the status of all transactions. Because direct deposit of wages and payments for household bills are tied to the account, switching banks is a major hassle. As a result, ACH payments are far more consistent than card payments.

You will make more money if you accept more payment methods. Accept all types of debit and credit cards to maximize profits. Add ACH payments for players who prefer to fund their accounts with a bank account debit rather than a credit card. radiantpay also offers specialized payment solutions, such as ACH, to help your online gaming business process large volumes of transactions efficiently.

Companies in the United States and Europe have used Radiant Pay’s gaming merchant account services. Here are some of the reasons why companies choose us.

Banking Network with a Wider Reach
PCI/DSS Level 1 Certified Gateway
Providing excellent service
Fraud-Prevention
Services for Chargeback Mitigation

Radiant Pay is a UK-based company and is an Online Gaming and Casino Merchant account provider. At Radiant Pay, we help our merchant partners accept payments from their customers using credit cards, debit cards, bank transfers, online direct debit, and real-time bank transfers. We also assist with ACH and check processing, high-risk processing, and offshore merchant accounts. Visit https://radiantpay.com/contact.html for more info!

CBD Merchant Account, Gaming Merchant Account, High Risk Merchant Account, Merchant Account, Types of Merchant Account

How to Get Approved for a Merchant Account

May 24, 2022 admin

When determining whether a business is ‘high-risk,’ many factors are considered, including the nature of the enterprise or industry, customer types, transaction volumes, geographic location, and payment terms.

Merchants dealing in the travel and cruise industries; Internet auctions; CBD; adult; forex; online gaming; casinos; and many more are all examples of high-risk merchants.

However, just because your business is high-risk does not mean you won’t be able to open a merchant account. It does, however, imply that setting one up may be more difficult. Banks and independent sales organizations that provide merchant accounts will look at how long you’ve been in business, your credit history, and any previous merchant accounts you’ve had with other processors.

Because merchant account providers want assurance that you understand the business environment in which you operate, can identify the potential risks you face, know how to prevent or reduce fraud, and understand how to manage credit card acceptance, the length of time you’ve been in business matters. Regardless of risk, the only thing with first-hand business experience that can provide this kind of insight is.

Good credit history will help you establish your credibility as a potential merchant. If your previous processor terminated your merchant account because you defaulted on payments or had too many chargebacks, it may be difficult to open a new account in the future. And if you’ve previously had a well-maintained merchant account, it’s a good sign of how you’ll handle your new processor.

Follow these guidelines to improve your merchant account eligibility:

Maintaining a good credit score: Before applying for a merchant account, remove any previous bankruptcies, late payments, or mortgages from your credit report. Contact a credit reporting bureau to obtain your credit report. Send them a letter explaining that these issues have been resolved and requesting that they be removed from your credit report. Having a good credit rating will make a lasting and favorable impression on a transaction processor, whether you own a small or large business.
Previous merchant accounts, bankruptcies, liens, or judgments should all be disclosed: You improve your credibility by acknowledging the recent financial difficulties, and you may encounter one fewer barrier to opening a new merchant account. You can’t keep information from the public record hidden.
Be willing to pay higher fees if necessary: If you need to follow special rules or pay slightly higher fees to open a merchant account, go ahead and do it! It’s worthwhile to offer your customers as many non-cash payment options as possible. It will aid in the generation of revenue and the stimulation of impulse purchases.
Look for a credit card processor that best fits your requirements: Learn more about:
The discount rate: The fee paid to the merchant account provider as a percentage of each transaction. The processor may charge a higher percentage of your monthly charges if they are less than a certain amount.

Transaction Fee: For each transaction processed, a flat fee is charged.
Monthly minimum fees: If the merchant’s discount rate and transaction fees do not add up to the monthly minimum specified on the original merchant application, the merchant account provider collects these fees from the merchant each month. If the monthly minimum volume is not met, it usually costs $25 per month.

Reserve Fees: If your credit history is suspect, or if you own a new or high-risk business, you may be required to open a reserve account to protect the processor from future losses. Your reserve account is based on a percentage of your total sales.
Chargeback Fees: These are the fees a processor charges to cover disputed charges.
E-commerce: If you’re an e-commerce merchant, inquire about the costs of storefront solutions, such as shopping carts, Web hosting, payment gateways, virtual terminals, virtual checks, databases for order fulfillment, customer tracking, and a way to calculate tax and shipping charges, from your prospective processor.
Gadgets: Point-of-sale terminals, printers, and peripherals, as well as installation fees, are included.

If you follow the steps outlined above, the process of opening a merchant account should go smoothly. And, in the end, getting approved will put you on the road to increasing your company’s revenue. Operating a high-risk business does not rule out the possibility of accepting credit cards.

Regardless of the factors mentioned above, Radiant Pay is committed to providing you with payment processing solutions that are well-tailored to your business needs. We are a leading London-based agency providing payment solutions to the online business and all the e-commerce enterprises across all “legal” industries. Our clientele is not limited in terms of business size, risk status, or transaction volume and can provide tailored solutions for any type of client and their online businesses.

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