Online gambling merchant account – Important to Find the Right Payment Processor

 The online gambling industry is growing at an encouraging rate. It is all set to touch 1 trillion by next year. People are using their mobile phones to access gambling sites and transact, making it all very interesting and revolutionizing. The industry has grown at a CAGR of about 18.8% from 2017 to 2021.

Gambling is a lucrative business. But, conventional banking systems look at such sites with doubt, viewing it as a high-risk business. Getting your online gambling merchant account open with such traditional institutions can be a time-taking process. It involves plenty of paperwork, lots and lots of to and from running around, and finally, when the account is opened, the merchant service fees charged at extraordinarily high.

Bitcoin merchant account is another high-risk account categorized by conventional financial and lending systems in the country. Thanks to the growth of payment processors and service providers that offer fast and seamless solutions to such high-risk businesses, the industry, be it gambling or Bitcoin, is seeing credible growth.

Why are gambling and cryptocurrencies categorized as high-risk businesses?

One of the reasons behind this categorization is that both these industries are prone to fraud. In both sectors, online customers are at risk of their personal information getting compromised. It has also been found that 1 out of 20 online gambling accounts is a fraud. Not to rule out the bot attacks that are quite prevalent in this industry. 

Therefore, business owners need to open an online gambling merchant account. Before that, they need to find out from their payment processors the kind of fraud protection features they can offer to your business. It is one of the most critical areas, and you need to ensure that the processor provides safe and secure transactions. There needs to be a sound protection system in place to protect the sensitive data of your customers.