Setting up an online poker business can be a great way to break into the online casino industry and build up a loyal following of poker fans and players. However, you’ll need to make sure you have the correct financial infrastructure in place before you start; most importantly of all, you’ll need an online poker merchant account. Here, we’ll cover all you need to know about online poker merchant accounts and how to get them.
Poker, in its many forms, is one of the world’s most popular card games. It has a history dating all the way back to the 19th century and has played a key role in the development of the casino, gambling, and card game industries, famed for its unique blend of skill, strategy, and luck.
Being a good poker player takes talent and hard work, but the rewards for the best players can be immense, with grand-scale poker tournaments paying out huge prizes to the victors. And these days, players don’t actually need to visit real-life brick-and-mortar casinos in order to play poker; they can enjoy the game from the comfort of their own homes, thanks to the rise of online poker sites.
Online poker platforms have made it easier and more convenient than ever before for poker fans to get in on the action and play a few hands whenever and wherever they like, as long as they have an internet connection of some kind, and these platforms are hugely popular, with the top poker sites attracting millions of users from all over the globe.
Historical records suggest that the first iterations of poker were developed in the US, back in the 19th century. The game came from humble beginnings but has grown a lot over the years, and the rise of the internet has completely changed the game, opening poker up to a global audience and giving everyone a chance to enjoy the game however they like.
Online poker sites and platforms allow users to play with both virtual and real cash, typically offering an array of different tables with varying limits, from low-stakes tables for beginners to high-stakes tables for more advanced players. These sites can also host online poker tournaments, special events, and even other casino games such as blackjack and roulette, too.
A lot of people love and enjoy online poker a great deal, with the best online poker sites drawing in big numbers of players, and playing online poker can be a way for many people to hone their skills, try to win big prizes, or simply have some fun with a game they love. But if you’re going to run a poker site and process payments for your players, you need to have an online poker merchant account.
You may be wondering what an online poker merchant account actually is and how merchant accounts work, as well as why they are so important in this particular industry. Well, let’s begin with a simple definition: an online poker merchant account is an account that allows online poker businesses to receive electronic payments by credit or debit card.
In other words, you need a merchant account if you want your players to actually be able to pay your platform’s fees and deposit cash into their online poker accounts. Without a merchant account, card payments simply won’t work on your site, and this can effectively make it impossible for you to do business, as players want and expect to be able to make card payments easily and quickly online.
With an online poker merchant account set up, the payment from your customer will go from their account into the merchant account for processing and then carry on through to your main account. Essentially, the online poker merchant account is the “middleman” of the whole process, helping to facilitate and secure every electronic transaction.
Unfortunately, if you visit your local bank and ask for online poker merchant accounts or services, you may find that the bank says no. It’s not uncommon for people running online poker businesses to be refused any kind of merchant accounts or services, and this is all due to the fact that the online poker business is regarded as “high risk”.
High-risk businesses come in many forms, but they all share some common features that make them risky for banks to deal with. In the case of online poker, many banks and financial institutions refuse to work with these kinds of businesses purely due to the fact that online poker is a type of gambling, and the gambling industry has negative connotations.
Some banks just want to preserve their image and don’t want to associate with businesses involved in the gambling industry. Others refuse to work with online poker businesses due to the fact that there’s a lot of fraud in the world of online poker, with many scam sites and untrustworthy platforms out there.
There’s also a high risk of chargebacks in the online poker industry, which is when cardholders dispute payments and ask for their money back after paying for certain goods and services. Online poker players may request their money back if they regret signing up for a certain site or were unaware of certain fees and costs. Banks don’t like to deal with chargebacks, and this is another reason why many of them won’t offer online poker merchant accounts.
So, if you’re setting up an online poker site and need to get an online poker merchant account, but all of the local banks are rejecting your applications, what can you do? Well, there are other options out there; even though many banks might say no, there are still some who will say yes to you, and Shark Processing can help to put you in touch with those banks.
At Shark Processing, we specialize in high-risk credit card processing. We understand the challenges you may face as a high-risk business owner in the online gambling industry, and we’re here to help you get the online poker merchant account you need, with the help of our extensive network of trusted banks and payment partners.
Our experienced, expert team of high-risk payment processing pros can help you get the perfect online poker merchant account to meet your needs, with the best rates and top levels of service. Get in touch with Shark Processing today to find out how we can help you with merchant accounts for online poker.