Sports Forecasting Merchant Accounts
Sports Forecasting Merchant Accounts
Sport forecasting website owners have realized the difficulty of obtaining a merchant processor for their business. Most merchant account providers will not process payments for a sports forecasting website because of the risk involved with the business. Most banks and payment processors do not want anything to do with businesses involved in any facet of gambling or gambling industry businesses. Since the people purchasing sports forecasting tips are also gambling there is an association that many banks do not want. A merchant in this industry will need to obtain a high risk merchant account in order to process transactions. There are both high risk domestic and high risk offshore solutions that will process transactions for merchants in the sports forecasting industry.
A sports forecasting merchant interested in obtaining a domestic high risk merchant account must be able to provide a social security number for the credit check that will be required. Start up sports forecasting merchants will find it much easier to obtain a high risk domestic merchant account over an offshore account. Most offshore banks and offshore processors are not interested in startup merchants at all. Some offshore processors have also stopped accepting merchants with processing volumes under $50,000 per month. This leaves the only option of merchants that are just starting out to be setup with a domestic merchant account.
Merchants should prepare their application package for the banks and payment processors after their website has been completed. The underwriter will require the merchant’s website to be fully functional. The member’s area will need to be accessed by the bank in order to verify everything is operational and the sports forecasting picks are available and updated regularly. Merchants are able to be approved and setup with a high risk merchant account after approval. Approval and setup will take an estimated 7 days. Sports forecasting merchants find domestic merchant accounts to be more reliable since they are direct with the bank and not going through a payment aggregator. A domestic high risk account will give the merchant their own account that will be affected negatively by other merchants in a normal high risk offshore aggregate account.
Sports forecasting merchants will need to provide their customers with a reliable payment processing solution in order to accept orders at all times. The transactions for sports forecasting merchants themselves are not high risk or vulnerable to higher than normal chargebacks if they are updated regularly and the picks are mostly correct. The risk is seen by the banks because the industry is associated with gambling businesses. Sports forecasting merchants must choose to work with a payment processor that is reliable and able to provide low cost processing solutions. Offshore Merchants has been providing high risk domestic and high risk offshore payment processing solutions since 2007. They specialize in setting up reliable processing solutions for businesses of all sizes. Start up businesses will be recommended to process with a domestic due to the ease of setup versus an offshore bank.
Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.