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In March 2020 alone, remote (online) betting accounted for yearly revenue of £5.7 billion in the UK. Despite this growth and success, the industry has many challenges to contend with and an increasingly strict regulatory environment. Online gambling merchants must also continuously keep up with market trends, which includes changing consumer preferences like payment processing options.
This can be easier said than done, however. The risks associated with online gambling can make it difficult for these businesses to get approved for payment solutions. They are often categrozied as being “too risky” and denied an account. Thankfully, there are more options than ever before when it comes to high risk credit card processing and advanced features like faster deposits and withdrawals and chargeback protection.
The key to securing the right online gambling payment processing is to learn as much as possible about why you’re considered “high risk” and where to go from here.
- It’s safe to say gambling has changed a lot in recent years in our digital age. By 2020, younger millennials and Gen Zs are expected to make up nearly half of this industry’s consumers. These young gamblers prefer to place their bets digitally (largely on their mobile phones).
- User Experience. Consumers today, specifically the young, tech savvy consumers, expect to have a fast, seamless gambling experience. Merchants must keep this in mind if they wish to create a satisfying user experience.
- Because of consumer’s guilt concerning gambling losses, many consumers will attempt to quickly amend their mistake afterwards. The result is a notoriously high chargeback risk for the industry. Managing this requires merchants to be proactive and to partner with a provider equipped to handle this issue.
- Laws & Regulations. Even though the European market is the most significant market for online gambling, the European Union (EU) does not have a unified policy regarding it. This means it’s on merchants themselvevs to stay up-to-date with any developments within their geographical market.
Where to Find High Risk Payment Processing
These are just a few of the obstacles, challenges and issues online gambling merchants face today. The solution? Sucessflu online gambling merchants typically turn to a high risk payment processing provider for their needs. These companies specialize in helping merchants manage, prevent and navigate through the issues above. With their support and services, online gambling merchants are able to protect their merchant account from fraud, create a unique customer experience and secure the tools necessary to fuel growth. Just be sure the processor you choose understands your business type and industry.
Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of online gambling payment processing. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.