Fantasy sports merchant accounts may be difficult to obtain with traditional banking partners and traditions payment processors. This is due to the fact that there are millions of enthusiasts that are hooked on fantasy sport and they have been considered high-risk. However, don’t be discouraged, it is still possible to apply for an online fantasy merchant account if you are keen on sports betting.
Merchants for fantasy sport
- High Risk holdings – High-risk holdings offer high-risk merchant accounts to fantasy sports businesses and they offer excellent customer support, competitive rates and other added features.
When you have a high-risk merchant account, you safeguard yourself against chargebacks. High-Risk holdings help their clients to keep their chargeback ratios low and they offer real-time charge-back alerts to prevent unjustifiable chargebacks. They also provide merchants with a secure online payment gateway that includes very useful fraud prevention tools. This enables fantasy sports website owners to modify their filters so that the processor works with their specific business needs. This feature will automatically decline transactions that seem suspicious. High-risk Holdings merchant account enables you to accept debit and credit card payments from customers using a POS system or a credit card processing machine.
They specialize in high-risk merchant services for fantasy sports for over 10 years. High-risk holdings offer their clients a state-of-the-art gateway that has many advanced reporting tools.
- eMerchantBroker.com (EMB) is another provider that specializes in providing high-risk merchant accounts. They are ready to assist merchants with processing their credit card payments proficiently. EMB offers clients customized payment processing solutions for various types and sizes of businesses. Merchants may even get approved within 24 hours and once they are approved they can set up a chargeback management tool and a payment gateway. Their clients can even set up a fraud filter for online payments. Fantasy football includes professional and college games and is a popular type of sports betting. In addition to fantasy football, EMV also approves accounts from other fantasy sports such as: NASCAR, Basketball, Hockey, Soccer and Baseball.
All you have to do is fill in an online application form and submitting a valid government-issued ID, bank letter and 3 months recent bank statement. Although they do not guarantee the approval, they do guarantee that their application process is quick, fair and secure.
- PayKings: PayKings is another option and they offer payment processing for the following professional leagues:
- Fantasy Football (NFL)
- Fantasy Baseball (MLB)
- Fantasy Hockey (NHL)
- Fantasy Basketball (NBA)
- Fantasy Racing (NASCAR)
- Fantasy College Football (NCAA)
Fantasy sports merchant accounts are classified high risk, as you may already know, for many different reasons. PayKings specialize in working with high-risk merchants and they have multiple banking partners that also offer fantasy sport merchant accounts.
Chargebacks
Gaming and fantasy sport is an expensive industry and most people that place bets, usually go big. However, once they see the expensive charges on their card statements they often suffer with buyer’s remorse which is also known as friendly fraud. People often take advantage of the chargeback facility so that they can play and bet online, guilt-free. This is why accounts such as these are seen as high-risk. When chargebacks occur, they go unpaid by the business owner which is one of the most hard-hitting losses of financial growth for credit card processors. These are closely monitored by sponsor banks such as Amex and Mastercard. Most traditional banks will not even consider their services to such high-risk businesses due to the uncertainty that comes with the territory.
Do you need a merchant?
If you need a fantasy sports merchant account, there are so many options available. The industry nets about $26 billion each year.
If you are looking for a fantasy football processor, choose your players, starters and choose the football processor that is the right fit for you. Payment processors are needed as there is no other way for companies to accept online payments via debit or credit cards because this business is deemed high-risk You must be very selective when deciding on a processor as this will eventually play a part in whether or not your business will be a success.
Your plan B would probably be to look for a fantasy sports credit card processor but the good news is that with the proper guidance and research, you will find the right provider for your business. There are many companies that offer their services together with in-house underwriting and they have the expertise and the banking relationships necessary to take your business to the next level and to get you approved for the fantasy sport merchant account.
