Gaming merchant account
Curacao is a destination for companies looking for an affordable gambling license. Once companies have been formed, licenses issued, a means to accept payments needs to be considered. Since 95% of all gambling transactions are done via credit card, obtaining a gaming merchant account to process Visa or Mastercard transactions is vital to your new businesses success. Credit Card processing for Curacao casinos (or any casino) is considered high risk and for this reason you will need to find a service provider who will service you.
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What is a high-risk merchant?
A high-risk merchant is one that works in industries like gambling, cryptocurrency, and forex. These merchants are known to attract a high probability of fraud. It is not uncommon for a high-risk merchant to struggle to find a credit card service provider. This is due to the associated chargeback risks that come with requiring a gaming merchant account. In many instances, payment companies will simply not work high-risk merchants. A casino without any processing history is going to struggle to find credit card processing which is one of the main problems that new casinos face.
Fortunately, there are companies who work with new casino operators and I would encourage you to download our payment processing report if you are looking for assistance.
What does it cost
High-risk merchants pay a premium in card fees (6%), scored fees (35 cents per transaction), and rolling reserves (typically 10% over 180 days). There are good reasons for these high charges in that high-risk merchants often attract chargebacks which in turn could attract fines from card vendors.
What payment methods are available?
95% of all transactions will take place via a credit card. This is a universal truth although I would expect this to change as more mobile orientated payment services become popular. For this reason, it is important to offer your clients some form of card payment service. Once your card processing is sorted out, you can supplement your payment offering with e-wallets, cryptocurrency, etc.
A number of popular payment methods such as PayPal and Stripe will not offer services to gambling companies or businesses that resemble gambling in one way or another.
Payments for skill-based games
I have consulted with a number of great companies that offer skill-based games. In all cases, these companies approached me after their initial processors, PayPal or Stripe or similar, have frozen their accounts. This is a universal problem by the skill-based games community.
I suggest you take a read of the Malta Skilled Game regulation to get some further insights into skill-based game regulations. By doing this, you will have an idea of what payment processors will likely require of you.