What Is a Fantasy Sports Merchant Account And Why Does Your Platform Need One?

Running a fantasy sports league comes with its own set of pros and cons. However, if we weigh them under one scale, the cons clearly outweigh the pros.

The cons include operator fraud spikes, high chargeback penalties, heavy taxes, and exorbitant license fees, making it a high-risk business model.

Fantasy sports merchant accounts emerge as the key solution to this issue. It helps fantasy sports league owners with secure and effective two-way transactions. In this blog, we’ll delve into the fantasy sports merchant account definition, reasons to have one, and how you can set up your account smoothly and seamlessly.

What is a Fantasy Sports Merchant Account?

A fantasy sports merchant account is a type of account where fantasy sports players can safely put in money and get a relevant payback in a reliable and seamless way. It’s like a salary account in a bank where the employer can credit salary and employees can withdraw money when required.

The need for this account arises, considering the risks involved with the online platform. However, these risks are minimal if leveraged in the right order. 

Why Does Your Platform Need One?

There are several reasons behind the importance of a fantasy sports merchant account for payment processing for fantasy sports. The first reason is obviously safety, considering the high cyber fraud and chargeback risks. The other reasons are:

• These accounts help you to send winning money back quickly, enhancing user trust and reliability.
• They allow users to perform transactions through diverse methods such as debit or credit cards, UPI, and e-wallets.
• They help fantasy sports merchants to precisely follow legal payment rules, preventing penalties and disputes.
• These are built to handle lump sum amounts hassle-free and without errors.

How to Get a Fantasy Sports Merchant Account?

Getting a fantasy sports merchant account is not rocket science; however, it requires careful planning and knowledge about transactions, especially in the ecosystem of fantasy sports. Here are the steps explained below:

1. Choose a Trusted Partner

Choose a company that provides fantasy sports merchant accounts. There are numerous such companies in the market, and finding the right one can be tricky. Thus, market research plays a key role here. Assess numerous platforms, go through their online reviews on Google, Trustpilot, and Glassdoor (among other forums), and connect with their users, and let me share their experience about the platform.

2. Apply Online

Most of these platforms offer an online method to get a fantasy sports merchant account. Visit their website, and under the relevant heading, fill out your details in a clear and correct manner. You may be required to upload your documents, such as a PAN card. Remember to remain safe during the process and don’t share critical details with anyone, including platform officials.

3. Platform Check

The chosen platform will analyze whether your payment processing for the fantasy sports app or website is safe and falls within the lawful parameters. This is to make sure all the steps are performed with utmost security and transparency.

4. Wait for Approval

After analyzing your app or website, they will approve or decline your account, depending on the credibility and compliance. However, it’s important to remain patient, as the process may take a slightly longer time from application to approval.

5. Go Live

Your fantasy sports merchant account is ready now. Now, you can accept money hassle-free and smoothly. Moreover, this approach prevents fraud from all sorts of transactions.

Why Choose Payfac Solutions?

Payface Solutions is renowned for protecting both players and platforms from fraud, chargebacks, and cyber risks, irrespective of their severity levels. We ensure a quick, seamless transfer of winning money, so the players do not have to wait for a long while. 

Moreover, we abide by the legal compliance that helps us meet government and banking regulations effectively for a fantasy sports merchant account.

Our results say it all! Simply visit https://www.payfacsolutions.com/about-us.php to know more…