North American Bancard Sales Partners have the resources and solutions casinos and gaming businesses need.
While placing bets is what the high-paced, high-risk online and casino gaming business is built upon, selecting the right ISO agent that provides easy and convenient payment functionality shouldn’t be left to chance.
In the next four years, global casino gaming is forecasted to grow at a 3.9% CAGR, and online gaming specifically is expected to reach 115.13 billion at a CAGR of 9.2% by 2026. The bottom line? The gaming business is booming and needs payments solutions that can scale to keep up with demand. ISO Agents who play their cards right have much to gain when it comes to helping casinos incorporate payment processing services that help them up their game.
Consumer habits driving demand for online gambling.
The change in consumer gambling habits is driving growth in the gaming business. As lockdowns across the globe limited the ability of consumers to patronize physical casinos, players quickly pivoted to online gambling platforms and apps, which in turn prompted physical casinos to expand online offerings through cloud solutions. This meant that casinos could now increase their geographical reach, acquiring patrons from across the globe. Additionally, local patrons now had the ability to place bets, for example, on horseracing in different locations throughout the country.
These shifts in gambling habits and the incorporation of cloud gaming solutions to meet demand blurred the lines for physical casinos and brought even more scrutiny to an already high-risk gaming business. Now more than ever, casinos need ISO Agents who not only understand the nuances of the industry but can help provide a reliable payments solution that works for them.
Why gaming businesses are high risk.
Gaming businesses are considered high risk by payment processors, sometimes making it difficult for a casino operation to acquire a merchant account they can depend on. Factors that contribute to a higher level of risk include the following.
- Card-not-present, online payments can make it easier for cybercriminals to commit financial crimes and fraud, such as using a card without authorization.
- A history of a large volume of chargebacks in the gambling sector increases the processor’s liability. When merchant names don’t exactly match the online or physical casino’s name, players can become confused by banking statements and accidentally request a chargeback. Additionally, this industry is targeted more often by fraudulent chargeback requests.
- Businesses with multinational operations require managing different currencies, increasing risk, and complicating compliance issues.
- The gaming business has a high volume of large transactions, which is risky for most merchant account providers supplying credit lines.
However, the right ISO Agent can help casinos mitigate risks inherent to the gaming industry while helping them establish merchant accounts.
North American Bancard Sales Partners have the answers.
North American Bancard Sales Partners can provide payment solutions to gaming businesses, as well as other specialty merchants, securely and easily. Meanwhile, North American Bancard ISO Agents benefit from a partnership with a payments company that truly understands the unique challenges of the gaming business and works with you (and your casino business clients) to provide:
- High approval rates.
- Faster approvals via our in-house Risk and Underwriting Departments.
- Highly competitive pricing
- Tools to mitigate fraud and chargebacks
- Real-time reporting — available any time, anywhere via our secure, online merchant portal.
- In-house support for lightning-fast resolution to customer inquiries and chargebacks.
ISO Agent or Sales Partners? Help gaming businesses overcome the challenges of electronic payments while growing your own portfolio. Reach out to North American Bancard today to bet on a sure thing.
