Like it or not, your sports betting business is considered high risk by conventional financial institutions due to the nature of the industry, the increased likelihood of security incidents and the higher-than-average number of chargebacks you will probably experience. 

As a result, you need to find a sports betting payment processor that will meet the unique needs of your enterprise while giving you everything you need to provide stellar services to your customers.

Tailored support for high-risk businesses

Traditional lenders will refuse to partner with a sports betting operation because of the increased regulations in this sector as well as the greater potential for customer chargebacks and data breaches. 

Fortunately for you, a number of financial institutions have come up with dedicated merchant accounts specifically designed to meet the needs of high-risk companies like yours. These specialized providers prioritize supporting high-risk payments and focus on making the application process fast and painless.

Industry expertise.

The sports betting sector is highly lucrative, but it is also fraught with challenges. When you are searching for a high risk sports betting payment processor, be sure to pick one that has demonstrated its experience with the sports betting environment. 

This specialized knowledge enables the account provider to help you to navigate the complex regulatory and security landscape in the fantasy and sports betting arena.

Payment processing flexibility.

Your betting customers may represent a diverse population with a wide array of payment preferences and methods. 

For instance, some might want to place their wagers by phone while others will opt to interact with you online. If you have expanded to serve customers in other countries, you will also want to choose a processor that allows you to accept multiple currency types.

Chargeback protection.

In the sports betting business, it is all too common for customers to dispute a charge — particularly when they lose. Fighting these funds reversals is time-consuming and stressful for merchants, and too many of them can lead to additional fees and even account closure in extreme cases.

Consequently, it is crucial that you find a merchant account company that offers robust chargeback and anti-fraud protection. 

These safeguards should also come equipped with transaction data monitoring tools that can be used to retrieve and analyze information in the event that a dispute arises.

Seamless integration.

If you are like many betting operations, you probably have an application that allows customers to place their wagers via their smartphones. If this is the case, you will want to integrate it with your payment processor or gateway. 

Therefore, the processing solution you choose should feature demonstrated expertise in API integration so that you can customize your offerings to meet players’ needs.

Although traditional payment processing vendors will not want to partner with your sports betting company, fear not. 

As long as you take the time to choose a high-risk processor with inside knowledge of your industry, payment choices, a focus on security and chargeback protection as well as integration with existing software and applications, your high-risk designation will not handicap you in the least. 

In fact, this partnership can make your fantasy sports or betting website into a true winner.