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When it comes to the business of fantasy sports, it is absolutely essential to call for an ecommerce merchant account provider that understands the intricacies of this particular high-risk industry. Many fantasy sports websites will require special processing because of the way that they process payments. In this article, we will discuss some of the many reasons why you need a payment processor for your fantasy sports league.
A fantasy sports merchant account is categorized as high-risk for many reasons. At High Risk Pay, we specialize in dealing with high-risk merchant accounts, and we have multiple ways to help your fantasy sports merchant account receive the approval it needs. Contact High Risk Pay today to receive approval for your fantasy sports league in 24 to 48 hours.
If you’re running or considering developing a fantasy sports league, having the ability to collect payments from your customers should be your highest priority. However, banks do not make this process easy, which is why many leagues have to turn to third-party assistance. Due to the fantasy sports industry and the grey area of its operations, many financial institutions are incredibly leery of cooperating with anybody dealing with these kinds of companies.
Fantasy sports gambling is deemed high-risk with many traditional financial institutions. Not only due to the industry as a whole, but also due to the massive trade volumes and monetary amounts, as well as the high number of chargebacks that could potentially occur. This has had a significant impact on any fantasy sports league and several other businesses that rely on the capacity to process credit card transactions.
Many merchant account processors will even immediately deny fantasy sports leagues seeking to be qualified for a merchant account simply due to its high-risk categorization.
At High Risk Pay, we understand all of the intricacies involved with the fantasy sports world, and we know how to get you approved quickly. By working together with your business, we supply both you and your customers with the very best e-commerce payment options. Contact High Risk Pay today to start working with the very best in commerce merchant account processing.
When it comes to fantasy sports, it is not necessarily all fun and games. Along with the complications of the industry can include a high-ticket cost in customer-initiated chargebacks, getting approval for a merchant account is complicated.
Among some of the most typical reasons for chargebacks are because of customers that aren’t pleased with their outcome. While some customers may win big money, others won’t. Generally, most people who don’t win will chalk this up to the gambling aspect of fantasy sports. But there are other people who will be so upset by their loss that they may potentially file a fraudulent chargeback or other alternatives to prevent them from having to pay for using your fantasy sports platform.
A leading cause of fantasy sports merchant accounts being categorized as high-risk is a result of the excessive number of chargebacks, commonly called a provider’s chargeback ratio. When chargebacks happen, they can go unpaid by the company owner or merchant, which can be among the most significant financial losses for credit card processors. Large banks will most commonly close down any fantasy sports merchant account that regularly surpasses more than one percent in chargebacks and, in some cases, will also assess a fine to the invoice of each payment processor associated with your merchant account.
Because of the typical chargeback ratio that happens for fantasy sports merchants, most traditional banks and financial institutions will not even consider offering payment processing solutions to some high-risk companies like this because there is simply too much of a liability and an excessive amount of uncertainty involved.
Credit card payment processing may seem quite simple, but what is most crucial for high-risk merchant accounts is picking an ecommerce merchant account provider with experience in your industry. Choosing the right merchant account processor will not only help you acquire more funding in the future, but can also assist in obtaining connections with larger banks. Not being particular about the type of merchant account provider you work with can ultimately decide the longevity and success of your company.
High-risk merchants, especially fantasy sports leagues, are not the ideal first companies for some of the larger banks such as Chase, Bank of America, or Wells Fargo to work with. Without access to options that make sense for your company, you could end up scrambling for help. This is why it’s extremely important to work with a high-risk merchant account supplier you can trust to help your business grow.
At High Risk Pay, we possess the experience and banking connections to get approval for your fantasy sports merchant account so that you can start accepting payments.
At High Risk Pay, we know the unique requirements of the various fantasy sports-related companies, and we have established several banking connections to be the best source for fantasy sports merchant accounts to begin accepting online payments. Our experience in the high-risk industry can help your business get the stable processing you need to continue growing your company.
For credit card processing options for your high-risk fantasy sports league, get started with High Risk Pay today. We provide a quick merchant account application process and a professional group of account managers to help get you approval in 24 to 48 hours.
Don’t hesitate—contact High Risk Pay today to start your high-risk merchant account application right away!