When a small business owner begins to consider offers from merchant account providers, it’s important to avoid falling for advertising language. The number one reason cited for dissatisfaction with a merchant account provider is the failure to disclose hidden fees that elevate the cost of credit card processing. In this article, we'll discuss some important points you must consider while finding an online gaming merchant account provider.

Good Merchant Account Providers Openly Discuss Fees

A willingness to discuss and explain all fees is the mark of a reputable merchant account services company. In all fairness, it is true that the fees associated with accepting payments via debit and credit cards are complicated. This is largely due to the fact that the credit card companies themselves have complicated rate schedules.

For instance, Visa and MasterCard have more than 100 categories for rates assessed according to such factors as card type, business type, and perceived security with which the consumer’s information is captured during the transaction.

In order to simplify the rate structure for the purposes of discussion, a merchant account provider generally presents the material in terms of tiers. These are typically stipulated as qualified, mid-qualified, and non-qualified. The less qualified a transaction is perceived to be, the more expensive the fees associated with it.

Understanding Chargebacks and High-Risk Businesses

These are not, however, the only ways in which the cost of doing business via debit and credit card transactions can be elevated, especially among online gaming sites, casinos, etc, these usually happen. 

The potential for chargebacks or refunds to customers also increases the costs that are passed on to the business owner, as can a failure to meet minimum transaction processing requirements or, conversely, to exceed the transaction limit for a given period.

Some businesses by their very nature, for instance, travel agencies, are regarded as high risk. These businesses from the start will be facing higher transaction fees due to the elevated risk for chargebacks, so it is even more important for the applicant to understand all fees associated with a merchant account before signing up for the service.

Any merchant account provider that refuses to explain in detail all fees associated within the tiered structure is not providing the level of transparency necessary to help the business owner control elevated transaction costs.

Security and Customer Service Essential

It is also important in selecting an online casinos merchant account company to make sure the account carries the necessary degree of security in transaction processing to protect the customer from potential fraud and identity theft. It is now common practice for merchant accounts to include sophisticated software packages that may extend to the implementation of shopping cart solutions on web pages, and that provide advanced transaction tracking options to help businesses spot suspicious behavior.

Additionally, a merchant account company should have solid customer support, preferably 24 hours a day, seven days a week. Consumers use credit cards because they are convenient and carry greater perceived security than cash does. Surveys indicate that buyers believe they stand a greater chance of getting their money back in the event something goes wrong with the transaction than in instances where a physical currency is used.

Anything that disrupts the convenience of the purchase, or in any way shatters the consumer’s confidence in the process is bad for the business owner. It is imperative that the business be able to correct any issues with card transaction processing immediately. Without a solid customer support presence, a merchant account company cannot supply that vital service to its account holders.

The most important thing any applicant can do in considering services offered by online casinos merchant account companies is to research and compare. Look for the company that delivers the best combination of reasonable rates paired with flexible services. 

That will be the provider that will go the distance in helping a business to minimize the fees associated with accepting debit and credit card payments. Managing those fees is the only way to maximize the potential for the business to make a profit with these transactions.