Odds Making Merchant Account
Odds making merchant accounts are categorized as high risk by banks and payment processors. Even though these companies are not engaging in gambling or gambling activities, the customers that are purchasing the information are only using it for gambling purposes, which for the most part are illegal. Odds making companies charge a fee, usually monthly to the customer for access into the backend of the odds making website that provides all of the picks. The customer is usually billed monthly as a membership and must contact the merchant and cancel in order to discontinue billing, another higher risk activity. The connection with gambling is the main reason these accounts are classified as high risk.
Where and how can I open an odds making merchant account? Odds making merchant accounts are able to be opened from US domestic processors as well as high risk offshore processors. It mainly depends on the business. If the business is based offshore it will need to be opened offshore. If the business is located in the US, the merchant is able to apply both domestically and offshore. It will be easier to get a US based startup odds making business approved in the US compared with an offshore processor. As with any high risk business, when the merchant has payment processing history, it makes the whole setup of the account easier and faster.
Offshore Merchants is able to setup odds making merchant accounts quickly and seamlessly for all businesses, from previously running companies to start ups. The previous payment processing history is the main deciding factor for most payment processors when it comes to approving odds making merchants. If the merchant is choosing to apply domestically, personal credit scores over 600 (the higher the better) will be required. Approval and setup usually will take less than two weeks.
Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.
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