Choosing a gambling merchant account, similar to choosing some other merchant account or online payment gateway, requires a good price of thought and consideration, since the main purpose of your Internet payment gateway is to ensure the safe and sound transaction of funds between an internet provider along with a client.
An iPayTotal payment gateway for online gaming manages the secure transfer of bank card funds of your own customers from the website to your merchant account. This is achieved with a software interface provided by the payment gateway company that collects vital bank card data from the customer, as well as informs the customer live if their bank card was approved or otherwise. Payment gateway companies normally charge a transaction fee along with a discount rate for this sort of service. Fees will be different from one processor to a different, in addition to features.
The 3 “ty’s” of payment gateways are – Scalability (would they handle varying transaction volumes); reliability (do their servers provide 99.9% uptime); security (fraud prevention tools, Address Verification Service, 128-bit Secure Sockets Layer (SSL) technology, PCI compliance)
Without the proper security tools you might be at risk of pilferers, and bank card scammers, and you don’t want that happening on your site.
Processing Account – A merchant account is an account with a bank that permits you to accept bank card payments. The payment gateway wires the billing information towards the merchant account provider, and subsequently collects the funds from the customer’s account.
You can find a multitude of merchant accounts that can be found in the Internet today, with some of them deciding to handle transactions for specific internet businesses, while others choose to handle all kinds of internet businesses that require a payment gateway. Certain kinds of businesses have been classified as “high risk”, primarily due to some aspect of the business.
A higher risk merchant account is normally defined by factors like type of industry, credit rating, processing history, average ticket, monthly processing volume, and location of business.
Firms that are viewed high risk consist of adult articles, pharmaceuticals, wagering, journal subscriptions, internet streaming or downloadable articles, dating services, travel and travel related services.
Below are a few pointers to consider when evaluating a viable gambling merchant account provider:
1. Be sure to perform a market research. Speak to someone who has spent years in the market, you can learn lots of essential things from their store.
2. Make sure you look at the big numbers, cancellation fees, and even more importantly, the hidden fees at the start. A merchant account provider who really would like to work with you are going to at least try to do business with you to conform to your capabilities.
3. Make sure you compare the numerous discount rates provided by the many payment processors. There will always be a merchant account provider offering good services online with a better rate than others.
4. Be careful about advertisements that may be misleading or appear suspicious. If they lie on their own ads then most likely they will likely perform the same to you.
5. Verify the integrity of the company. Perform a background check and see in the event the company is recognized for good business practices and should they have transacted with brands like yours.
6. Do not create a habit of signing a legal contract too hastily. Read the application carefully because some contracts have a non-cancellation clause or penalty. In case a company will never leave a software along with you overnight, they are probably seeking to use “high-pressure” tactics so that you will don’t have plenty of time to completely know what you are actually signing.
7. Discover what folks are saying regarding the merchant account provider and see which provider has got the best reputation. Oftentimes the very best kind of marketing is by word of mouth marketing, since these connote first hand experience and not simply hearsay.
8. In selecting credit cards payment processor, look into the fees and services. Compare which one will continue to work ideal for your company.
9. Have a look at how and when are you going to obtain the payment. Some merchant account providers have a minimum amount before they provide you with the payment. Others may charge with wire transfer fees.
10. Avoid companies with higher monthly fees. These providers will drain you of your own resources. Many of these companies depend on those monthly fees to make up their marketing and sales efforts.