Merchant account and payment gateway solutions specifically dedicated to prize competition / raffle style business models.
The prize competition / raffle style business model has become a very popular option for businesses in a wide range of industries. From car dealerships entering their dead stock into raffles – to influencers using their audience to run prize competitions. It’s fair to say this business model holds some very lucrative advantages.
The large proportion of participants and transactions on competition websites has made it essential for business owners to get a reliable merchant account to process payments. However, finding a merchant provider for this type of business model can be a challenge.
Most mainstream merchant account providers like Stripe and PayPal do not support skill games or competition websites due to the high risk involved in the industry.
In some cases we have seen clients setup with mainstream gateways and run their competitions fine for the first few months. It is only until customers start to dispute transactions or you start to generate more revenue that your business will be analysed. It is at this point where the gateway could potentially discontinue your service without any notice and in worse cases hold your balance until they conclude their investigations.
To apply for a high-risk merchant account for your skill-based game website, you must fill an online application form on the website of the merchant account provider.
As merchants in the competition websites industry have a higher regulatory exposure and chargeback ratios, financial institutions are often concerned about the violation of bank rules and regulations. That’s why presenting your business in the best possible way in front of payment processors is essential.
Our team of experts give you updated information and ensures that your business is financially sound, compliant, and eligible to get a high-risk merchant account. We are always available to guide you through the entire process efficiently and smoothly. With our assistance, your business can gain credibility and increased the chances of merchant account approval.
The application process for getting a high-risk merchant account is short and straightforward. Here’s are some of the essential documents that you will require while applying:
Many providers do not process payments for competition websites because of the credit challenges and high debt ratios. These challenges often lead to chargebacks and bankruptcy. Other factors that play a considerable role in labelling competition websites as high-risk are:
We can source your merchant provider in a matter of hours and connect you directly to start your application.
From here it can take anywhere between 2 – 14 days for the application to be vetted by their underwriters and your merchant account to be opened.
By working with us we can ensure that everything is supplied to the provider to ensure no delays in going back and forth.
Absolutely not. Our service is 100% free for our clients.
We receive a small commission from the merchant provider which is why we can offer this as a free service.
Of course. We understand the importance of running prize competitions with strict deadlines and the implications of extending your draws.
Fill out the form to the side and we will urgently process your request while explaining to the provider that we need a quick turnaround to open the merchant account for you.