Bank Accounts
In the digital world we currently live, setting up an online business can be very challenging for many reasons including dealing with Financial Institutions whether it is for Payment Services or Banking Services. Banks and more widely Financial Institutions associate the iGaming industry as high risk due to reputational grounds, risk of fraud and chargebacks.
Through our extensive experience in the iGaming sector we have established partnerships with several High Street Bank and Electronic Money Institutions (EMIs) that specialize accommodating High-Risk businesses and will offer operational accounts for your daily needs.
What High Risk Businesses do you support?
Crypto-Friendly Bank Account
Hold, purchase and exchange various cryptocurrencies with other retailers.
iGaming Bank Account
Carry out necessary banking processes with an iGaming-friendly bank.
Gambling Bank Account
Manage transactions from gambling sources with a Gambling bank account.
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Need more information on High-Risk Bank accounts?
If you are interested in discussing opening a High-Risk Bank account contact us today using the form below.
Bank Account opening
Walkthrough of the Process
1Consider Requirements
In principle we need to do a pre-check to understand the business operations and the banking requirements from your end, with the below information being the most crucial for us to assist you
- Currencies Required
- Countries in which the business activities take place
- Countries which the business will transact (includes Payments Services Providers)
- Bank Account type required – B2B, C2B and/or B2C
- Bank Account supporting SEPA and SWIFT
- Estimated monthly incoming through the Bank Account
- Estimated monthly outgoing from the Bank Account
- Estimated annual turnover of the Bank Account
2Provide documentation
Once we receive the above information we will be able to determine which of our partners will be most suited to cater to your needs and we will be able to provide the fees schedule as well as the list documents required. The majority of our partners will require the following documents to proceed reviewing the application.
- Corporate documents set
- Corporate Structure chart
- Ultimate Beneficial owners “UBO” passport, utility bill and CV
- Directors passport and utility bill
- License (if applicable)
- AML & CFT Manual
- Latest Financial Statements (if applicable)
It is important to understand that some partners require the account opening forms to be signed by the client and submitted in originals after the account opening approval.
SPOTLIGHT
What are the benefits of a High-Risk Bank Account?
Since the iGaming industry is considered high-risk, having a high-risk merchant account is essential for your customers’, as well as your own, protection.
High-risk account services will regularly use secure techniques to protect the company from fraud and theft by validating trades.
High chargebacks or high volume of transactions will not put your account at risk for termination like it would with low-risk processors.
Earning potential is unimpeded as high-risk bank accounts do not impose limitations on transactions.
Although fees may be higher, payment disputes and excessive chargebacks will not affect the running of your account.
Send and receive high-volume international payments without hassle, even from countries which are considered high-risk.
Ready whenever you are.
Frequently Asked Questions
How long does it take for your High-Risk Bank account to be setup?
Opening a High-Risk Bank account can take up to three weeks to be opened assuming the Banks compliance is satisfied with the documents provided.
When are your required to pay for your Bank account?
We will bill you for our services upon successful application. The bank setup fees and monthly charges are payable directly to the bank upon account opening and these are Non-refundable.
Will I be able to operate the High-Risk Bank account like any other account?
As mentioned previously the initial review is performed so we identify the best partner that will suit your needs and if we do have any suggestions from the bank regarding your operations you will be the first to know. Typically, your High-Risk Bank account will be able to offer the following.
- Online Banking
- Mobile Banking
- Debit Card Issuance
Do you guarantee the account opening?
We do not guarantee the account opening but we do offer the pre-checks free of charge so we can ensure we may assist you.
