Can anyone recommend the right payments processor?

Online payments

[Geordie]

Hi everyone,

This is my first post on this wonderful site so fingers crossed for some
relevant responses.

I operate a UK based sports betting exchange which has been up and running for about a year. I haven't been able to secure a merchant number (gaming/betting, too small etc etc) so have been using PayPal on the site since the launch. It's relatively inexpensive, easy to use from both a merchant and customer perspective and has a functionality that fitted perfectly with what we are trying to achieve, ie, :-

1. We can accept payments from most global markets

2. We can send refunds/winnings to our members with ease

3. The customer can specify how much he/she wants to pay into his/her membership account (we're not selling a product or subscription for a specific amount)

And now the BAD NEWS. PayPal has summarily cancelled our account as we are a gambling site. My fault - I didn't read the small print and didn't realise that they didn't accept gaming merchants.

I'm now stuck and in a rising panic. The site already has over 2,000 members but NO PAYMENTS SYSTEM! In an ideal world I would apply for a merchant number and link up with the likes of Protx or whoever.
But this is not an ideal world and I can't get a merchant number. The likes of Worldpay and Netbanx are completely unsuitable (commission rates too high, takes 8 weeks to be paid etc) and sites like Moneybookers and Neteller are too expensive for the individual user.
Nochex seem really good for UK users but they don't accept gambling merchants.

Any and all suggestions would be very gratefully received.

[Corey Bryant]

Welcome to the forums geordie!

First I applaud you for taking responsibility for your mistake. Most people will not do that when Paypal shuts down their account for going against their AUP.

What type of volume are you looking for? Do you think that your volume might increase if you were able to accept credit cards (not thru Paypal)?

-Corey

[Geordie]

Hi Corey

The only way members can fund their online accounts is with a credit or debit card. It's definitely the 'norm' here in the UK. Basically, If I can't offer this as a payment option, then I don't have a business.

I've been trying various US processors this afternoon but none of them (so far) will touch a gambling site. Porn yes, but gambling no!

[Corey Bryant]

Do you have enough of a clientelle to use stored value cards? This is what a few different organizations that I have seen start to use. They offer their own SVC to their consumers & the consumers can fund these cards with their credit cards. And then they can use the SVC cards on your website

-Corey

[Geordie]

I don't know what an SVC is. It's not a concept in common currency in the UK but now you've brought it up, I'm going to look into it. Thanks!

[Phillyrich]

Geordie, it is illegal to process for gambling on-line in the U.S. I could get you a merchant account in the EU depending on your volume.

[Geordie]

That would be great as we are primarily aimed at a UK customer base.
Can you contact me direct at [e-mail]
Your help would be really appreciated.