Valued at a whopping $8.48 billion US dollars, the fantasy sports industry offers both fun and potential for profit for those who take part in its amusement. However, because of its close resemblance to online gambling, traditional banks, and financial service providers remain wary of merchants operating in this industry.
If you’re one of the businesses dealing with fantasy sports, then you might be struggling to find the best fantasy sports credit card processing company to cater to your needs. So to help point you in the right direction, we’re listing three of the best picks and why they just might be the solution you’re looking for.
You really can’t go wrong with such an established name like Payment Cloud. Although they’ve only been operational for about seven years as of writing, Payment Cloud is a trusted credit card processor and merchant service provider that has catered to several thousand high-risk merchants during its time.
For fantasy sports merchants, Payment Cloud provides the same scrubbing solutions that they do all of their other clients. This lets them look into every detail of your application to help identify potential red flags and provide possible solutions to increase your chances of getting approved.
In terms of fees and charges, Payment Cloud’s credit card processing facilities are some of the most affordable. Offering lightning-fast transactions with almost zero friction and using the latest and greatest in credit card payment processing technology, Payment Cloud streamlines the process for both you and your clients. And in the rare case that you run into any hiccups along the way, their customer support is available 24/7.
With over 24 partner banks that willingly and readily take on partnerships with fantasy sports merchants, PayKings offers carefully and expertly developed solutions to cater to businesses in this high-risk market. Their credit card processing features include a range of convenient tools that help make it easier for you to integrate their products into your existing website and streamline the monitoring of payments.
Aside from that, PayKings incorporates a robust set of security tools that aim to protect your merchant account. One of these features is their fraud-scrubbing solution that meticulously evaluates each credit card payment to detect potential fraud. Transactions that don’t meet specific parameters are blocked, and the merchant is informed of the attempted fraud.
Perhaps the only downside about working with PayKings is that they do impose an early termination fee. And since their tiered pricing isn’t quite as predictable as most merchants might hope, it’s easy to get caught up in fees and charges that might not match your goals. Nonetheless, if you take the time to negotiate and read the fine print, PayKings can be a smart choice to help grow and protect your fantasy sports business.
If there’s one thing that Soar Payments is really good at, it’s compatibility and integration. All of their solutions for credit card processing seamlessly and effortlessly integrate with existing software to let you continue your operations without having to perform a major overhaul. They also ship all credit card processing equipment pre-programmed so you can just plug them in and start taking payments without all the tedious set-up procedures.
Another thing about Soar Payments is that they provide their clients with a full range of products, services, and features so you can get all of your merchant services in one go. To do this, they’ve partnered up with dozens of merchant service partners that let them develop holistic payment processing plans for all of their merchant clients.
If there were a downside with Soar Payments, it’s that they don’t work with fantasy sports merchants that offer cash or product prizes, or that allows customers to exchange points in the system for money or anything with real-world value. That said, if your business matches their parameters for acceptance, then Soar Payments can be a trustworthy credit card processor for your fantasy sports business.
Being that traditional banks and financial service providers try to avoid risk and liabilities as much as they can, fantasy sports businesses will often struggle to find partners that can accommodate their need for cashless payment solutions. But what is it about fantasy sports merchants that make them a high risk in the first place?
It’s not that easy to find a credit card processor that’s willing to take on hard-to-place fantasy sports merchants. Nonetheless, there are a few reputable names that have stepped up to the plate to provide tailored solutions that keep your business’s well-being at the core. Consider our top bets for the best fantasy sports credit card processors to streamline payments and protect your business from the threats of fraud and chargebacks.
