Unless you’re running sports betting business purely as a leisure pursuit, you’d 100% want to collect money off your patrons. How do you do this? By acquiring a merchant account, of course. All your hard work into building your business will be a great waste if your sports betting website isn’t outfitted to accept major credit cards.
What’s the problem?
Processing for other online businesses is a big responsibility. As such, every merchant is subjected to the most rigorous standards set by a financial institution — whether banks or other alternative channels — to be approved for a merchant account.
One crucial thing you need to understand, though, is that sports betting businesses are considered high-risk because of their high volume of sales and greater potential for chargebacks, refunds, and fraud. This means that while merchant account providers can be tough on regular online merchants, expect them to deal with you with an iron fist. This could mean many things, such as more paperwork to present, higher fees, longer approval time, or even outright denial of the application.
If you keep all of these in mind when looking for a “high-risk” online sportsbook merchant account, you should be able to get through the process much easier.
As you go through your list of potential high-risk merchant account service providers, you should also start preparing a second list. This one should detail what each payment processor asks of you. If you find that some of the requirements are common across all service providers, write them down. Then, start putting together a package with all the things they require. This would lessen your work of compiling each and every document every time you submit an application form.
In terms of paperwork, different high-risk merchant account providers require different things. In any case, you should be prepared to provide:
- Scanned completed and signed merchant application
- Passport copies of all owners
- Company incorporation papers
- Licenses or legal opinion if required
- Some cases a business plan
- Current utility bill for each owner
- Current 5 months of credit card processing history, very important!
- Bank statements
Do you want to accept online transactions and safely acquire credit card payments on your online sports betting website? Liberty Enterprises can assist you in the setup of your offshore merchant account in as little time as possible and with favorable payment terms. Visit https://www.confidentialbanking.com/ to learn more.