Merchant Accounts For Fantasy Sports
Fantasy Sports Credit Card Processing
Why We Proudly Serve Fantasy Sports Merchants (Even If Most Processors Don’t)
Most credit card processors do not accept businesses operating in the fantasy sports industry for two reasons:
- Fantasy sports are regulated by the US federal government (minimum age requirements, etc.), and ensuring compliance that businesses applying for a merchant account comply with those regulations places a larger burden on the credit card processor’s underwriting team, and
- fantasy sports generally accept payments via eCommerce and virtual terminal on a recurring billing basis. These types of payments are subject to increased rates of chargebacks and fraud, posing financial risks to the credit card processor. Due to these two reasons, most credit card processors do not offer merchant accounts for fantasy sports.
By contrast, Soar Payments has been proud to offer merchant services to fantasy sports related businesses since it’s inception. Our extensive relationships with credit card processors who have the capabilities to underwrite regulated businesses like fantasy football & baseball, combined with our integration of fraud and chargeback prevention tools, uniquely positions Soar Payments to provide affordable and reliable credit card processing solutions for the fantasy sports industries.
Frequently Asked Questions
Here are common questions specific to fantasy sports merchant services:
What types of fantasy sports industry businesses do you accept?
Soar Payments accepts a wide range of retail, virtual terminal, eCommerce and mobile-based businesses related to fantasy sports. These include: fantasy sports like fantasy football, baseball, soccer, and hockey, plus sports forecasting and advice, online premium websites, fantasy sports magazines, draft boards, cheat sheets and draft kids, draft software, and apps.
Does Soar Payments help me setup my merchant account?
Yes. If you accept retail or mobile payments, your credit card processing equipment will be shipped pre-programmed to you, so that you simply have to plug it in, and you’re ready to accept payments. For fantasy sports businesses using a virtual terminal, we will provide you with all of your login information, so that you simply have to log in and type in the customer’s credit card information. And finally, for eCommerce businesses, if you have a specific shopping cart you would like to use, we will pair your online merchant account with the proper payment gateway so that you’re able to simply copy and paste your account information into the shopping cart, and you’ll be ready to accept customer payments online.
What criteria does my fantasy sports business need to meet, to be approved for a merchant account by Soar Payments?
To be approved, fantasy sports businesses must meet the the following criteria: must not offer cash or product payouts / prizes of any kind; must not offer currencies which can be converted into cash or products; may offer fantasy advice and have memberships; may have their own internal point system, as long as those points cannot be exchanged for any real world value.
Want more information? Click here to read our extended list of our FAQ.
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Types Of Fantasy Sports Merchant Accounts
Soar Payments offers a full spectrum of merchant accounts for businesses in the fantasy sports industry.
A retail merchant account allows you to accept face-to-face debit and credit card payments from customers via a credit card machine or point of sale system.
Retail fantasy sports merchant accounts are best suited for businesses who sell to their customers face-to-face, in a retail or storefront location with a reliable wired internet connection. Due to their low rates of fraud and chargebacks, retail accounts are typically priced the lowest.
A mobile fantasy sports merchant account allows you to accept payments face-to-face via an credit card swiper that attaches to your mobile phone or iPad.
Ideal for businesses that sell in-person to customers outside of a traditional storefront setting, such as businesses that sell at conventions or at live sporting events. Mobile credit card processing accounts, like retail, have lower rates of chargebacks and fraud and are thus priced lower.
Virtual Terminal Payments
A virtual terminal merchant account enables businesses to accept payments over the phone, via mail order, or keyed into a computer without outside equipment.
Also called payment gateway accounts, these are best suited for businesses that primarily accept payments over the phone. Due to their vulnerability to customer fraud and chargebacks, Soar Payments offers integrated chargeback and fraud protection tools with these accounts.
Fantasy sports related businesses that want to sell via a website, need an eCommerce merchant account.
Our eCommerce fantasy sports merchant accounts integrate with most major website platforms and shopping carts, making setup simple. Because of their vulnerability to customer fraud, we offer integrated chargeback and fraud protection tools with these accounts.
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