Struggling to get a payment gateway for your prize raffle competition website or other business type (See Bottom)? Look no further, this guide will take you through step by step to not only set up your company correctly but also an insight into what the payment gateways are looking for.
As a dedicated competition website developer I set up a lot of Competition / Raffle / Lottery Websites – and without doubt the main pain point in creating these websites is obtaining a payment gateway. Below i go over all aspects of the payment gateway and what you need to get your merchant account.
Get yourself right. No point wasting anyone's time here so the first steps you need to take are regarding your company registration and business bank account. If you are looking to do this without registering, this isn't the guide for you.
Payment Gateway providers are big companies, and the main thing these companies look at is ‘Risk’, risk that you will run away with the money and so on. So what they look for first is a properly registered company in your name. This can be a limited company or a sole trader in the UK
Make sure you have your terms and conditions on your website that contains your Company Number or Mention Sole Trader. To create your terms and conditions i would first contact a legal representative if you are unsure with what you are doing. If you are ok with drafting your own up, go to a few reputable competition website and read up on theirs and then merge them into your own. Read up on this as you may have to rely on it one day.
Quickly install the trust payments plugin using the video below. Once you have been accepted by them, ask for them to create a web services username and password
High Risk Payment Gateways run slightly different to traditional payment providers such as Stripe and Paypal. These companies usually take the back seat and don't want any contact with you. Where as a High Risk Payment provider such as Trust Payments wants to create a relationship with you, and build your company together to keep chargebacks and bad business to a minimum.