If you’re interested in running a fantasy sports merchant account, you’re in the minority. Many processors and banks won’t deal with this type of business due to the high risk involved. That’s why fantasy sports merchant accounts are so difficult to find. But it doesn’t have to be that way. Here are some steps to get started. And keep reading for more tips. We’ll take a look at the different types of merchant accounts available.
The first step is to locate a reliable high risk merchant account provider. Most traditional banks and aggregate processors won’t work with fantasy sports merchants, and they may also drop your account altogether. Look for a provider that has many years of experience working with several sponsor banks. That way, you’ll have a greater chance of getting approved. But be sure to find one that has a low chargeback rate. Otherwise, you might be losing out on potential profits.
Next, you’ll need to find a fantasy sports merchant account payment processor that supports your industry. There are fewer options for this industry than for other industries, but you can find reputable companies that can support your needs. Before making your final decision, consider whether you’ll need virtual terminal payment processing, payment gateway accounts, or ACH payment processing. Remember that a good payment processor can make or break your business, so it’s important to find one that has all of these features.
Once you’ve established a payment gateway, you can then set up your fantasy sports merchant account. Once your fantasy sports merchant account is approved, you’ll need to work with a payment processor to ensure you get the best rates and service possible. This step can take a few days, but is well worth the wait. Once you’ve gotten your account up and running, you can start accepting credit cards and getting paid! You’ll be glad you did!
When choosing a fantasy sports merchant account provider, make sure you check your industry’s acceptance policy. Some providers won’t accept businesses that offer cash payouts or currencies that can be converted to cash. You must also check whether the points are non-transferable to cash. Otherwise, it’s a good idea to look for a merchant account provider with extensive industry knowledge. If you’re considering a fantasy sports merchant account, make sure you choose one with a track record of positive customer experiences.
A high-risk merchant account provider should offer a service that allows you to accept credit cards without requiring a high amount of paperwork. For example, PaymentCloud will work with your business to ensure that you receive the best rates possible. If you want to be in business for a long time, you can get a high-risk merchant account from a high-risk provider. You’ll also get the support you need to run a profitable fantasy sports merchant account.
A good fantasy sports merchant account provider should offer fraud protection. Chargebacks in this industry are high because customers are often sore losers. While some people will win big, others will lose big and file a fraudulent chargeback. Therefore, you need to protect your business from chargebacks by using a payment processor that provides fraud protection tools. Whether you’re running an online store or an eCommerce-based business, fraud prevention is vital for any merchant account.