Gaming is among the top profit-making industries, and it has a lot of potentials to earn huge money for the businesses. However, the threats of chargebacks and fraud are also associated with it. This factor makes the businesses face difficulties. Transactions of billions of dollars make this sector highly risky and inspire tricky, and fraud minds try wrong things with the money of the players. Businesses always seek protection from such issues.
The most serious difficulty is finding a merchant account where the company can receive customer’s payments and send them money. Due to the risky nature of the online gaming businesses, conventional banking institutions do not support them. However, the reason to take a sigh of relief is that a gaming merchant account is there to help the business owner.
What is an online gaming merchant account?
An online gaming merchant account is a business account used to process payments of the customers/players. This account is offered by an acquirer, a bank that is ready to work with a high-risk company. The account is arranged by a payment service provider which works as a mediator between the acquirer bank and the business. When the customers make a payment, the money goes through the channel of the payment service provider.
Types of online gaming
Online gaming is not only about a single game; it is an umbrella term for varied types of digital games. They are as follows –
Payment service providers consider gaming industry high-risk – why?
With multiple factors, it is possible to prove that the gaming industry is at high risk, and that is why the PSPs and acquirers mark it as risky. The factors are –
The banks and the PSPs do not want to face any issues with the government or get the blame that they are inspiring the gaming addiction. They hesitate to provide merchant accounts and want to play safely without any spot on their goodwill as a renowned traditional financial institution. However, the gaming industry is legalized now, but still, the presence of uncertain laws makes it a tricky sector.
How to get a gaming merchant account?
A gaming merchant account demands a few formalities before a business qualifies for it. There are several factors that a merchant account service provider or a PSP takes into consideration.
Work on the following points to get a gaming merchant account –
Every business owner from the gaming industry should know that it should not worry about account acceptance despite the high-risk factors. Denial of merchant account application is not always a reality. Today, with the help of advanced technology, both PSPs and acquiring banks have arrangements to secure online transactions. It helps high-risk industries survive safely and protect their customer’s financial benefits.
What does a gaming business get from a merchant account?
A gaming merchant account can help businesses in many ways, and this is what all gaming companies look for.
With the help of technology, the world is changing fast, and risky affairs are not too tricky to handle anymore. The gaming industry may have some risk factors working against it. But thanks to the intelligent merchant account service providers that know how to nullify those risks. Are you in a search for a gaming merchant account? Amald can provide you with practical solutions. We have many clients in the same sector and have done well with them.