Prefer an Online Gaming Merchant Account for having exponential growth in busine
An online gaming merchant account has tremendous potential for online gamings, sports, and other skill games to maximize their benefit and guaranteed growth for the business. The industry is booming with so much growth and potential that it is expected to reach over 127 billion by 2027. With the industry exceeding the expected growth the competition for players is becoming more and more intense.
Quick and seamless payments processing is quite essential for the online gambling business. Not only had it maximized the revenue by making it as easy as possible for your customer to pay you but it also enhances the customer experience.
The online user can easily make payments for your business. This is the only solution that merchants usually look for. Because of this choice, the right payment method is essential for online gambling merchants.
Most of the online gambling aspirants and players in the US use credit or debit card payment methods to pay for gambling businesses. To enhance the user experience and make it easy as possible to make payments to your site, your business must accept all major or debit cards. eMerchantPro is providing the merchant with the a range of payment options for merchant that are dealing in gaming business. The merchant can easily avail the Online Gaming Merchant Account for getting the safe and reliable payment transaction solution.
Why online gaming merchant account is considered high-risk?
Online gaming is said to be high-risk by most acquiring banks for the following reasons:
High volume turnover. The gaming businesses usually have a high volume of turnover. The majority of banks that are involved in providing the merchant account solution consider this factor as high-risk.
Intangible product. The merchant with the intangible product has a higher prospect of getting excessive chargebacks and refunds.
Money laundering. Money laundering and fraudulent activities are some of the mischievous activities that go around with the business. There have already been documented cases of money laundering and fraud.
No processing history. With the rapid growth of the industry, there are higher numbers of merchants who are trying to get into the industry for the sake of making huge profits. Though they have sufficient funds with them they still face troubles for a fresh start. Banks refuse these merchants for having a merchant account for not having a processing history.
Online Gaming Merchant Account Benefits Include –
A online gaming merchant account is paramount for the merchant due to various reasons, from both the management and controlling point of view. There are several benefits that the merchant can gain by having the optimized solution from the merchant account services:
- Safe and secure credit card transaction thus preventing online frauds
- With an Offshore facility the merchant can accept payment worldwide
- Fully secure SSL encryption which provides the overall protection from the frauds
- Merchant account holders can view the complete statistics of online transactions
- Multi-currency availability
- 24X7 customer support services
- Merchant can deploy the shopping cart terminal on the website for enhancing customer experience
- Merchant will have the facility of accepting the payment from all the major credit/debit cards such as MasterCard and Visa.
Why do I need an online gaming merchant account for my gaming business?
Are you looking for a merchant account solution for your business? Looking to start your business but facing troubles in getting the merchant account approved? This is because most of the credit card processor considers the gaming business risky. Hence, they may not approve the merchant account for your business.
Challenges faced by the Online Gaming Merchant:
There are some challenges that the merchant dealing with the online gaming business might face and here are some of them:-
- Numerous credit cards processing regularly
- Continuous changes in the online gaming regulations which may imply high-risk and frauds
- Customers not available to sign for the purchase
- Poor processing history and chargebacks
Approach the best merchant account service provider who can offer reliable and secure solutions for your business. Online Gaming and online business have a wider prospect for the business. They understand it thoroughly and provide you with affordable and significant payment solutions. These merchant account providers have a strong relationship with offshore banks and have their underwriting policies. These providers have safe and secure gateway services for online gaming businesses. Here are some of the benefits that you can get from them:-
- No initial setup fee
- Multi-currency processing
- High security against online transaction scams and frauds
- Quick and reliable payment transactions in real-time
Now it’s your turn to choose the best merchant account service provider that suits your business requirements.
Dealing with chargebacks
Preventing the chargeback on credit card transactions is also an issue for online gambling merchants. Banks and credit card companies tend to get along with card payments. This is because these institutions earn a good profit from card purchases, and therefore they wish to involve as many as possible cardholders.
Because of this, it is certainly much easier for the customers to request a chargeback on a credit card transaction than on a debit card. For online gambling business, the success formula is to ensure that more and more payments that can be processed with the debit card. In simple words, debit card payments are directly debited from the end user’s bank account.
Issuing banks are less inclined to side with the consumer on debit card chargebacks because this mode of payment is less financially attractive to them than credit cards.
How to Obtain Gaming Merchant Account Solutions?
Despite so much of the stigma and controversies attached to the industry, it is highly flourishing. The online gaming business is one of the highest revenue-generating businesses and it is expected to reach towering heights in the years to come.
With cutting-edge technology and growth, the online gaming business has also seen tremendous growth. It is quite reasonable for the merchant who is looking to get their way into the industry to take advantage of this booming industry. Though, after getting into the industry, they find it difficult to sustain the business and fail abruptly. With the restrictive laws about this industry, the banking problems also make it vulnerable for the merchants to sustain the business.
With so many online business solutions coming to the market these days, the business offering a variety of payment method solutions can successfully sustain the online business. So accepting different credit/debit card solutions is of utmost importance.
Obtaining a merchant account is not easy because of the stigma and high risk associated with this industry. There are so many reasons why banks and financial institutions consider the enterprise risky.
- Frequent regulations being introduced in the industry
- High chargebacks
- More prone to frauds
A highly competitive market and consumer expectations mean a merchant cannot drive the business through the cash-only payment mode. Including an online payment option is equally important if the merchant has younger demographics. Allowing your business to have credit or debit card solutions will not only enhance the payment accepting capabilities but it will also result with some long term and loyal relationship with your customer.
Gambling is a risk and people love to take the risk. Gaming Merchants love the players who want to take the risk and fulfill their wishes. But a gaming business is required to run smoothly with a gaming merchant account. Getting a traditional business account may be easy but when it comes to high risk, it becomes difficult for the merchant to get one, if you are having an online gaming business and looking for an appropriate merchant account solution from the traditional bank.
eMerchantpro is getting along with the Gaming merchant and assisting them with obtaining the legal gaming merchant account without much hassle. We have a strong network of reliable professional relations with the acquiring banks which will assist you with getting the best services from us.
- You will get easy and quick approvals
- Safe and secure payment transactions
- Get along with your business for proper understanding and guide you through with every step
- Real-time payments
- Services offered at fair rates
Consider getting in touch with the High-Risk Merchant Account Provider like eMerchantPro.
A dedicated high-risk merchant account provider with experience and a strong network with banks and financial institutions can provide you with the right gaming merchant account services required to grow your business.
Make sure to ask the right question from your service provider and be aware of any hidden charges. Processors usually have a monthly cap on the merchant account hence it is quite essential to be upfront about your monthly volume.
The more payment option you enable on your business, the more money you make. To maximize the profits, accept all types of debit and credit card payments.
Acquire an online gaming merchant account with us.