Online gaming enterprises are flourishing. The online gaming industry is one of the ever-growing markets all over the masses that has grown exponentially throughout the years. Its popularity increases day by day.
The Gambling Commission conducted a survey, showing that betting and online gaming combined to contribute a large percentage of the market share for the entire sector. The majority is made up of online bingo sites and casino games. The online gaming global market reached $2.14 trillion in 2021.
Massively multiplayer online games (MMOs) can have hundreds or even thousands of players playing simultaneously, generating $19.9 billion in revenue in 2016.
Another data shows that, in 2016, the worldwide online gaming traffic was 126 petabytes, becoming 568 petabytes in 2021. This indicates that many players invest their time in online games and are prepared to continue playing. Players always keep themselves up-to-date.
You ought to need an online gaming payment gateway to run your online gaming enterprises smoothly without hassle. Due to the vast expansion in the accessibility of gambling and online paid gaming sites, the significance of merchant accounts has increased in this enterprise.
Nowadays, making payments via credit/debit card is very common. Most online gaming websites allow players to make credit and debit card payments. At the same time, you, as a merchant, need to receive the payments. A merchant account is essential to receive the funds made via credit/debit cards.
Here, you will learn more about the online gaming merchant account.
What is a gaming merchant account?
A gaming merchant account is a payment processing account specialized for gaming enterprises. Its main purpose is to accept funds and deposits made by the players and to set payout and players’ prizes. The gaming merchant account is generally linked with the payment processor, which is integrated into the gaming websites.
Having a gaming merchant account is not an easy task. The gaming industry is considered a high-risk enterprise, so you must look for a high-risk merchant account service provider.
A gaming merchant account has several features which help you as a merchant to run your business smoothly and complete operations faster. As a result, it gives fast and successful transactions.
Why is a gaming merchant account considered high-risk?
Most of the acquiring banks and financial institutes considered gaming enterprises as high-risk. This is due to several reasons which will discuss here –
- Online gaming enterprises have a high volume of turnover, which increases the risk for processors.
- Online gaming businesses are prone to high chargebacks and refund rates. The fintech service provider can terminate the gaming merchant account without notice if the chargeback rate exceeds 2%. The service provider does not take any responsibility for the balance of funds.
- Nowadays, the online gaming industry is well regulated, but most acquiring banks and financial institutes still believe they carry some threats. This is why they do not want to offer their services to this industry.
- Most online gaming enterprise is offshore based. They are concerned about the incidents of money laundering and fraud.
How to get a high-risk gaming merchant account?
Now, you know that gaming enterprises are considered high-risk. Due to the high-risk nature, most fintech service providers refuse to provide their services to the gaming industry. You are not alone who faced problems while obtaining gaming merchant accounts. If any acquiring bank or financial institute is ready to offer their services, they ask you to pay much higher fees.
However, as PayCly, we help you open your high-risk gaming merchant account. We have a deal with many acquiring banks. We also know which acquiring banks are offering the best deals according to your business model at the best rate.
We, PayCly, have a huge experience in dealing with online gaming enterprises. Our payment processing services offer you the best possible solution for your business.
With the help of our global network of acquiring banks, you can receive the best rates and maintain company resilience. At the same time, we are working with various acquiring banks that can all be added to our gateway without the need for separate integrations, saving you both time and money. To increase your profitability even further, we can assist you in reducing your exposure to foreign exchange.
It doesn’t matter which type of gaming business you are running. We offer you simple payment processing and also help you to increase player conversions and sales. We also accept international card types such as Visa, MasterCard, Amex, etc. We also have alternative payment methods such as net banking, e-wallets, mobile payments, etc. We allow you to make payments via cryptocurrency.
What documents do you need?
To obtain a gaming merchant account, you, as a merchant, need to fill out our application form. Once you submit the application form, you should arrange the physical copy of the following document. Merchant has to provide these documents to processors and underwriters.
- A valid government id card such as a driving license or passport
- A bank letter
- Last 3 months of bank statements
- Last 3 months of processing statements.
- An SSN or EIN (SNN stands for social security numbers, and EIN stands for Employer identification number)
- The chargeback ratio will not be more than 2%.
Final thoughts –
As you know, the gaming industry is considered high-risk, but still, you can find a great fintech service provider. To run the gaming business smoothly and successfully, merchants ought to need high-risk gaming merchant accounts.
Obtaining a high-risk merchant account for the gaming industry is difficult. You are not the only one who faces difficulty obtaining a merchant account for gaming enterprises. We recommend you choose the PayCly service provider.
PayCly has contracts with many acquiring banks. So, it helps you to open your Merchant Account. According to your business model, we offer you the best possible solutions to help you grow your business. Our pricing structure is very simple and affordable. We have no hidden charges.
You can easily contact us to know more about our services.