With the increasing popularity of online sports and betting, it is no wonder why most businesses want to expand their coverage. With the ease of online sports laws and regulations in some states and countries in the EU, having a fantasy sports merchant account may suit your business well.
As a source of online entertainment, it can certainly give your customers the ultimate experience. From accepting online or electronic payments to paying customers of their winnings, securing a fantasy sports account is a must.
How Do I Get Fantasy Sports Account
Obtaining a fantasy sports account is quite challenging compared to other kinds of business. But the difficulty comes not from the nature of selling sports forecasting tips but because people makes a purchase for the reason of gambling.
Since gambling is viewed by payment processors as a high risk industry, most banks will shy away from your fantasy sports account application. However, some processors that specialize in high risk merchant accounts that can assist you with the daunting process.
General requirements when applying for a high risk merchant account for fantasy sports:
- Have your business website up and running because the underwriter that will handle your application will have to check if the website content and other features are working. Tips and forecasts must also be regularly updated. Your website must be compliant with the regulations.
- Your social security number and employer identification number for the necessary credit check.
- Then, the underwriter handling your account will also require the articles of incorporation
- A copy of your driver’s license
- Voided check
- Lastly, your business must be registered.
For a fantasy sports business with a payment history
- But if you have already established the business and only decided to apply for a fantasy sports merchant account, banks would demand to see your transaction history. This is only applicable if you have used other payment options like Paypal or Stripe.
Proofs of transactions will be favorable for you since payment processors will be able to come up with a more sustainable solution for your fantasy sports business.
- Prepare at least 6 months of payment processing statements. The statements should show your business name along with total sales, returns, refunds, and chargebacks.
- The processing turnaround time can take 5 to 10 business days.
For a startup fantasy sports business
- 6 months of banking statements or business bank letter
- Alternatively, you can submit your personal banking statements of at least 6 months if you do not have business banking statements
Once you meet the requirements for fantasy sports payment processing, you need to wait for a minimum of 5-7 business days or up to 2 weeks. But the fantasy sports payment account approval varies depending on the available solution that matches your business needs and requirements.
Assuming your fantasy sports merchant account is approved, then you are set to take payments from your clients. With ease and convenience, your clients will surely be satisfied with your services.