Merchant Accounts for Sports Betting Businesses
An Overview
SoarPay offers credit card processing solutions for sports betting business.
Why We Proudly Offer Solutions for Sports Betting Companies (When Many Other Processors Don’t)
Back in 2018, US states were given the ability to legalize sports betting, which led to a tremendous explosion in growth for sports betting organizations and businesses that offer supporting services. As of this writing, 25 states and Washington D.C. have legalized sports betting through various statues or ballot measures. This means that tens of millions of people now live in places where sports betting is legal. This represents a significant opportunity for businesses in the industry.
Unfortunately, there are still hurdles for sports betting businesses, particularly when it comes to credit card processing. These hurdles can arise for three common reasons:
- First – While sports betting is legal in many states, it is still not legal in others. This adds complexity to banking and payment processing services that operate on a national level, causing many to shy away from offering merchant account solutions.
- Second – Sports betting businesses may have a moderately high chargeback rate, and other issues with fraud due to some customers being frustrated by losing bets or trying to game the system.
- Third – Many businesses offering sports betting services may want to accept payment online or over the phone (known as “card not present”). This increases the risk of fraud, causing some processors to want to avoid the industry altogether.
Soar Payments, by contrast, has consistently offered solutions for the sports betting industry. Our extensive relationships with credit card processors and sponsor banks who have the capability to underwrite regulated industries, in addition to our integration of chargeback and fraud prevention software, uniquely positions Soar Payments to provide retail and online businesses with stable, effective, long term credit card processing solutions.
Frequently Asked Questions
Here are common questions specific to sports betting businesses:
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What types of sports betting businesses do you service?
Soar Payments offers merchant processing solutions for a wide range of retail, eCommerce and mobile-based businesses related to sports betting. Typically sports betting businesses that get approved are well-funded merchants with principals who are established in the industry. Businesses that can provide solid financials, and even previous processing history greatly increase the chances that Soar Payments can work with them.
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I have had trouble getting approved for a merchant account in the past, can Soar Payments really help me?
Our mission at Soar Payments is to help as many merchants with great businesses get approved for processing as we can. While not every merchant will get approved, there are some traditionally “difficult” approvals we’ve had success with. For example, merchants with bad credit, previous merchant account closures, new businesses, businesses in highly regulated industries, and more have all had success getting approved for processing. If you are unsure where you or your business might stand, feel free to give us a call or just complete our easy online application to get the process started.
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Do you accept sports betting businesses operating in states that haven’t yet legalized sports gambling?
At this time, Soar Payments can only work with businesses exclusively operating in states that have legalized sports gambling. Since it is regulated on a state by state basis, applicants will need to provide appropriate licensing documentation as well as follow all relevant state and local laws in order to be approved.
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Types of Sports Betting Merchant Accounts
Soar Payments offers a full-array of merchant accounts to online, brick-n-mortar, and other businesses in the sports betting industry. These include:
Retail Payments
A retail merchant account for sports betting enables businesses to accept face-to-face debit and credit card payments via a traditional credit card machine or point of sale system.
Ideally suited to an office or retail setting with reliable internet access, retail apparel credit card processing accounts typically have the lowest chargeback and fraud risk and as a result are afforded the lowest credit card processing pricing.
Mobile Payments
A mobile merchant account for sports betting enables your business to accept face-to-face credit and debit card payments via a swiper (included with each account) that plugs into your mobile phone or iPad.
Appropriate for businesses that frequently conduct face-to-face sales outside of a traditional gaming establishment, such as very small sports betting businesses, mobile accounts are priced similarly to retail, due to their lower chargeback risk.
Virtual Terminal Payments
Also called a payment gateway merchant account, a virtual terminal enables businesses to accept payments over the phone, via mail, or typed into a computer (without needing outside equipment). They also have invoicing solutions which allow the merchant to email an invoice to the customer, which they can pay online.
A sports betting payment gateway account is ideal for businesses that accept payments over the phone, or via mail order. Virtual terminal payments are particularly vulnerable to fraud, therefore Soar Payments offers integrated chargeback protection.
eCommerce Payments
An eCommerce sports betting merchant account allows you to accept credit card payments via your website’s online shopping cart, or checkout page.
Our eCommerce credit card processing accounts integrate seamlessly with most major payment gateways and shopping cart software, making setup simple. Sports betting payments are vulnerable to fraud and chargebacks, consequently, we offer pre-integrated fraud protection technology.
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