Tired of being considered a high risk payment processing account?
Giveaway & Lottery Business Payment Processing
Giveaway and lottery-style businesses have gained immense popularity by offering exciting chances for participants to win high-value prizes in exchange for purchasing products or entering contests. These businesses drive engagement and sales through the appeal of winning big, often using a combination of e-commerce platforms and social media marketing to reach their audience. However, giveaway or lottery style businesses face many challenges when it comes to finding dependable and affordable payment processing.
BIG is here to make accepting payments for your business safe, seamless, and affordable. Our experience and expertise in working with High Risk Payment Processing in highly regulated industries makes us your perfect partner.
Payment Processing Challenges for Giveaway and Lottery Businesses
Despite their popularity, businesses built around giveaways and lotteries face significant challenges when it comes to payment processing.
- High-Risk Payment Processing Classification: Payment processors typically categorize giveaway and lottery businesses as high-risk due to the potential for chargebacks, fraud, and the complex regulatory environment. This high-risk classification can make it difficult to secure payment processing accounts or may result in high transaction fees and frequent account shutdowns.
- Chargebacks and Fraud: Giveaway businesses often experience higher-than-average chargeback rates, as participants who do not win may dispute charges. Additionally, the high volume of transactions and the appeal of large prizes can attract fraudulent activities. This requires a higher level of scrutiny and monitoring that most payment processors are not equipped to handle.
- Regulatory Complexity: Giveaway and lottery businesses must comply with various legal regulations, which can vary by region. Non-compliance can lead to issues with payment processors, making it essential for these businesses to work with providers who understand the legal landscape.
How BIG Can Help with Your Payment Processing
Bankcard International Group (BIG) specializes in payment processing solutions for high-risk industries like giveaways and lotteries. BIG offers a range of services that ensure smooth, reliable, and secure transactions, allowing businesses to focus on delivering value to their customers. Here’s how BIG can help:
- Credit Card Processing: BIG can provide secure and stable credit card processing services tailored specifically for high-risk businesses. Our solutions ensure that you can accept major credit cards without fear of sudden account terminations or inflated fees due to your high-risk classification.
- ACH Payment Solutions: For businesses looking to diversify their payment options, BIG offers ACH payment processing, allowing you to accept payments directly from bank accounts. This is a great way to reduce fees and offer customers an alternative to credit cards.
- Cryptocurrency Processing: With the increasing demand for digital payments, BIG also provides cryptocurrency processing services, enabling businesses to accept crypto payments with zero volatility, secure transactions, and no chargebacks. This is particularly useful for high-risk businesses looking for more flexible payment methods.
- Chargeback and Fraud Mitigation: BIG provides advanced tools to help manage chargebacks and prevent fraud. With access to our chargeback management solutions, you can minimize the impact of chargebacks on your business while protecting against fraudulent transactions. Combine that with cutting edge fraud mitigation tools and your giveaway business can forget about payment processing worries!
- Compliance Support: Navigating the legal landscape of giveaways and lotteries can be challenging, but BIG’s team is experienced in helping businesses meet regulatory underwriting requirements. Our payment processing solutions are designed to ensure compliance with industry standards and regional laws, reducing the risk of penalties or interruptions.
With BIG’s reliable, secure, and flexible payment processing solutions, giveaway and lottery businesses can confidently manage their transactions and provide a seamless experience for their customers. Whether accepting credit cards, ACH, or cryptocurrency, Bankcard International Group is your trusted partner in keeping payments flowing smoothly while safeguarding your business from the challenges of high-risk payment processing.
Get Started Today
Thinking of launching a lottery business?
Lotteries are a fun and exciting way for people to try their luck at winning big. But if you’re thinking of starting your own lottery or giveaway business, you’ll need to consider a few things first, one of which is how you’ll process payments.
The Challenges of Getting a Lottery Payment Gateway
Unlike many other businesses, lotteries can be considered high-risk by payment processors and financial institutions. As a result, it can be challenging to find a payment processor and depository bank that’s willing to work with your lottery business. A trusted and experienced merchant services provider will alleviate many of these headaches for you.
Understanding Your State’s Lottery Laws
Before you even start thinking about payment processing, it’s important to understand the laws governing lotteries in your state. Some states have strict regulations on lotteries, while others may not allow them at all. By familiarizing yourself with the relevant laws, you can avoid any potential legal roadblocks down the road. We will work with you to geo fence participants as needs helping to ensure your compliance with these laws and protect your business.
Partnering with a Payment Processor That Gets It
Once you’ve got a handle on the legal side of things, you can start looking for a payment processor that’s willing to work with your lottery business. Not all processors are created equal, so it’s important to find one that has experience working with high-risk and highly regulated businesses.
Here at Bankcard International Group, we understand the unique challenges of lottery businesses. We have a proven track record of helping lottery businesses secure the payment processing solutions they need to thrive.
Contact us today to learn more about how we can help your lottery business succeed.
