If you own an online poker website, one of the most effective ways to boost your revenue is by accepting credit cards. This single act has the potential to incrementally increase profits right from day one. And while you may not “see” the additional profits on a daily basis, just take some time to compare your monthly statements with months where you were not processing credit cards, and you may see some positive trends developing…
But first things first: you need to find a merchant account that serves your specific “high risk” needs. Here are some tips that will come in handy:
- It is important to choose a high-risk merchant provider that has a lot of experience in this market. Experience speaks volumes in any high-risk industry and having that edge and knowledge may just save your company significant chargebacks or fines from the card schemes.
- Reputation is a major indication of reliability – try to establish your potential account providers’ credibility by asking around your colleagues and peers. Financial status or business history can be a good indication if accessible.
- An understanding of exactly how they intend to process your online poker merchant account is imperative. From applicant acceptance through to transaction reporting, you need to be assured that the service provider is efficient and follows procedure to an exact art. This is all vital to managing this versatile business.
- Of course, rates are an important factor as well. High-risk merchant providers price their rates around a certain mark when assessing high-risk business which is significantly higher than your average normal to low-risk business. If an initial instinct tells you a rate is too high then it probably is.
- Each high-risk merchant service provider has a different fee structure, which generally includes the set-up fees, the discount fee, transaction fees, statement fees, and so on. It may be tempting to choose a processor with the lowest fees however this does not ensure that you are picking the best. It is recommended that you compare the terms, rates, and offerings by requesting a sample contract to give yourself that extra negotiating power.
- Make sure that you consult the terms & conditions within the prospective merchant provider’s agreement about the length of their term, the termination fees (if any), and whether or not the discount rate is fixed, as some are “introductory”. (The discount rate is a percentage charged on each transaction, and ranges from 1% – 10+%, depending on the type of service).
Once you have found and researched the perfect high-risk merchant service provider that works for you, processing credit cards may be the best decision you will ever make with regard to the development of your online poker business. Visit https://www.confidentialbanking.com/ to learn more about the details of getting a small business merchant account – and then set the ball rolling.