In order to answer the question, "How much does it cost to setup a merchant account for an online casino?" we will look at the different factors that need to be considered. For example, the level of security is crucial. If a customer feels that their financial details are not safe, they might think twice about signing up. To mitigate this risk, a good payment processor will offer segregated accounts.
There are several requirements to be fulfilled before a payment processor will approve your application. Besides articles of incorporation, a certificate of incumbency, and a gaming license, the payment processor will also look at your website's policies, i.e., its refund policy and financial history. Ultimately, the cost of setting up a merchant account for an online casino will depend on the type of payment service you choose.
While some payment processors offer free accounts, there are others that charge a variable percentage of each transaction. It's a good idea to research each provider and decide which one offers the best deal. Usually, they will also offer options to lower the rate of chargebacks. Also, check out whether the payment processor offers chargeback monitoring tools or a payment gateway. If the fees are high, consider getting a merchant account with another company.
Consumers look at transaction times and want the fastest possible payment method. Therefore, a technologically advanced online casino merchant account will also have a feature called "Original Credit Transaction" (OCT). This feature allows for instant payouts and does not require sensitive data like credit card numbers. These are important factors to consider when setting up an online casino merchant account. The costs for setting up a merchant account for an online casino are often higher than those of a normal business.
How much does it cost to set up & maintain an online casino merchant account? costs vary according to the jurisdiction and payment processing provider. For example, the cost of a dedicated server can range from five to twenty thousand dollars. For the same purpose, it is also important to ensure the server's location on the territory. The server must be connected to local fiscal platforms in order for the state to monitor online casino transactions. Having this information is vital for tax collection and combatting money laundering.
A payment gateway is a program that connects a casino's website and players. Some of these gateways may be free, but others may charge you up to 20 thousand dollars a month for their services. Most famous payment gateways include PayPal, Click2Pay, Skrill, and Visa, but they are not necessary. You can create your own payment gateway by hiring a developer. This process does take more time, but will give you more control.
An online casino merchant account must be approved by the state where the online casino is located. A license is also required to operate an online casino. Online gambling is a growing industry, with a predicted 11.5% growth per year. The cost of setting up a merchant account for an online casino can be a significant investment, but the benefits are well worth the effort. And, it will make your online casino more legitimate and trustworthy.
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