You can bet on BankCard USA for quality services and fair prices.
While many merchant service providers (MSPs) shy away from fantasy sports and sports forecasting businesses, BankCard USA embraces this growing industry. The sector is considered high risk by financial institutions for a variety of reasons. Fantasy sports companies experience a high amount of chargebacks, especially when customers lose a game and try to dispute a charge for the service entirely by claiming the payment was fraudulent. Even if the chargeback is illegitimate, it will stay on the company’s merchant account statement until it’s disputed, investigated and reversed. And when switching MSPs, prospective providers will look at those account statements and might be deterred by a lot of chargebacks—as they can’t tell which are in the process of being disputed and potentially reversed. Legal regulations, coupled with the risk associated with accepting card-not-present transactions in general, further contribute to the industry’s high-risk classification.
However, at BankCard USA, we understand the risk of chargebacks and offer merchant accounts with equally high chargeback thresholds. Our fraud and chargeback prevention techniques and state-of-the-art payment gateways offer security, convenience and advanced reporting tools specifically tailored to the fantasy sports niche.
Despite the challenges it faces, the industry’s rapid growth is impossible to ignore. According to the Fantasy Sports Trade Association, 59.3 million people played fantasy sports in the U.S. and Canada in 2017, and players’ annual spending average on league-related costs (apps, materials, single-player challenge games) was $556. Football leads the way as most popular, but many different leagues exist. More financial institutions are adapting to accommodate fantasy sports’ rise in popularity.
Our experienced team is happy to check out your fantasy sports business and propose a payment processing plan that meets your needs, all at a fair price.