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Gaming and Gambling Merchant Accounts

Gaming and Gambling Merchant Accounts

Social gaming is growing in popularity all the time. Today is the day to discover the right credit card processing protocols your business should use.

Social media continues to grow around the world, too. The time is ripe to bring a social game of your own to the scene. Start accepting payments from customers that are using international currencies.

The online gambling industry has operated in legal limbo for years, though the grey area has become smaller. In 2018, a Supreme Court ruling in the USA stated that the Professional and Amateur Sports Protection Act violated the 10th Amendment. While this has opened the door for legalized online gambling in the USA, it still has not been widely adopted.

eDataPay Merchant Service provider specializes in both online gaming merchant accounts and online gaming payment gateway for high risk business and offers the best gaming merchant account in the industry. eDataPay Merchant Service provider’s team of experts in online gambling payment processors work intimately with suppliers to guarantee you can get the best for your

eDataPay Merchant Service provider is ready for the US states ,Each state reserves the right to legalize online gaming, but federal legislation has tampered much of the action. Though some states have laws allowing restricted forms of online gaming, the vast majority of games remain prohibited. For this reason, most online gaming processing occurs offshore as a way to avoid liabilities in the USA and other jurisdictions.

eDataPay Merchant Service provider knows, In addition to the potential legal implications, many of the payment processors have other concerns with the problems affecting online gambling. Fraud plagues the industry, with many of the websites having a history of high chargebacks and returns. This alone raises many red flags and prevents financial institutions from wanting to be associated with the industry.

Payment processors in the offshore industry that accept gaming have to deal with increased scrutiny of their business practices. Many legal jurisdictions have focused on gambling payment processors with reports of money laundering. While this might not be the case for all businesses, it does draw additional attention to the payment processors handling the industry

Compliance for Gaming and Gambling Businesses

One of the most important steps for a gaming business is to be in compliance with Visa and MasterCard. Payment processors can ensure businesses are compliant by properly categorizing the business when the merchant account is established.

The most commonly used MCC coding used for merchants operating skilled gaming are 7994, 7995 or 7999. While the codes of 7994 and 7999 are considered medium risk, 7995 is classified as a high-risk business. Depending on the type of gaming, one of these codes will be assigned to the merchant.

  • Websites with Money Prizes:
    VISA without a license will use MCC 7994 or 7999
    Mastercard requires a license and will use MCC 7995
  • Websites with No Prize Money but In-Game Prizes:
    VISA without a license will use MCC 7994 or 7999),
    MasterCard, if a license is required, will use MCC 7994, 7995 or 7999)
  • Websites with No Money Prizes or In-Game Prizes to Win:
    The MCC will be either 7994 or 7999

Merchants operating without proper MCC coding can be quickly found and have their accounts terminated. Whether it was the fault of the merchant or the payment processor, the costs can be high for the business. Working with a payment processing company that understands the gambling industry is essential in today’s online e commerce industry.

Start Accepting Gambling Payments Today!