Online gaming is growing in popularity exponentially. In 2020, with the onset of COVID-19, casino establishments have begun to see a change in clientele owing to the fact that people are now able to get their enjoyment online. Not only are they able to, but forced to by lockdown laws. With the laws lifting gradually, casinos have begun opening their doors, but the numbers they have come to expect have dwindled.
Online casinos, conversely, have flourished. There are many reasons that people enjoy online casinos more, and this has facilitated the necessity to examine their online counterparts. The future is online. It has initiated the need for online payment gateways. Because online casino and online gaming companies are considered high-risk merchants, there are a few more hoops to jump through in terms of payment processing. However, gambling merchant accounts are now imperative, and all legitimate online casinos should have a way of processing credit and debit cards.
Legality of Online Casinos
A lot of the issues surrounding online gaming merchant accounts stem from the many bylaws that surround casinos. They differ from country to country, state to state. They are difficult to regulate, and therefore even more difficult to enforce. Seasoned payment processing companies like Octapay are aware of the regulations of each country and are unerring in their efforts to protect both the merchant and the bank accordingly. New processors may not be aware of the various edicts around the gaming industry and could put the merchant in more trouble than when they started.
Online casinos can also be a front for money laundering operations. With money coming in from so many places around the world, it may be easy to “cook the books” to allow for back-end criminal activity. Casino merchants that are transparent and above-board will be given favour by issuing banks.
Necessity of an Offshore Merchant Account
Offshore acquiring banks are much more likely to accept high-risk merchants. This is one of the best reasons to consider looking at offshore payment processing. There are also other advantages of using an offshore processor. The first one, important for online casinos, is the ability to accept payment in multiple currencies. Although this may not seem like a big deal, it does allow the option of broadening your businesses horizons. There is also tax to consider. By opening an account in an offshore country, you will benefit from that jurisdiction’s tax requirements. Finally, offshore banks usually do not put a cap on the number of transactions you process every month, meaning your business can reach its maximum potential.
As veteran players in the payment solutions sector, Octapay have been in the payment processing industry for many years. Their experts are aware of the ins and outs of the gaming world, as well as the varying laws involved. You will never have to be concerned about industry changes as our specialists will always be one step ahead of you. This is a dynamic industry; ever-changing. Your confidence in your merchant account provider has to be rock-solid in order for you to run a profitable business. You need a partner that keeps a constant finger on the pulse of the industry. Call us today to find out how we can help!