Most Domestic Banks Have Stopped Providing Merchant Accounts to the Online Gaming Industry But We Have Solutions!
Due to strict US regulations including a recent interpretation of the Wire Act of 1961 that makes wagering across both state lines and international borders illegal, most US banks no longer provide merchant accounts or credit card processing services to companies that provide Online Gaming services.
In fact, even many of the International high risk merchant accounts will not underwrite Online Gaming businesses.
Many merchant account providers do not understand the issues surrounding this industry and will provide a merchant account that will eventually be terminated, which is not only highly disruptive to any business, but it also makes it more difficult to qualify for a merchant account in the future, since the termination would have to be disclosed on future merchant applications.
CyoGate does offer credit card processing solutions specifically for merchants in the Online Gaming industry including online casino poker, blackjack, lottery, and other wagering and parimutuel activities. There are some higher processing fees and more restrictive terms associated with these types of merchant accounts, due to online gaming being considered a high risk industry, however you can rest assured that you will not have your merchant account terminated simply for conducting business.
For more information on our Online Gaming merchant accounts, please contact us today, or apply for a merchant account using the button below.
An Internet Merchant Account is sometimes referred to as a "MOTO" (Mail Order & Telephone Order) Account because they all require the ability to process a credit card payment when there is no physical credit card present to be swiped. A standard retail "swipe" merchant account does not allow processing of these "card-not-present" transactions.
If the domestic banks are denying your merchant application because they believe your industry is considered high risk, CyoGate can help! We have an offshore network of merchant processing partners that enable us to provide low cost, high risk merchant solutions to a much wider range of businesses and industries.
The CyoGate Internet Payment Gateway offers one of the quickest and most cost effective ways to accept and process credit card and electronic check payments online. Our payment gateway works with most existing merchant accounts and supports hundreds of popular web shopping carts and eCommerce platforms.