5 Tips for Getting Best Online Gaming Merchant Account
Online gaming is in boom and this can be seen with the rise of the gaming industry. Availability of resources like mobiles has extensively promoted growth.
Payment processing for gaming is a thoughtful idea of income. Accepting the money from players and passing it to the winner is sure the best method of motivating gamers to your online platforms.
Online Gaming Merchant Account helps you accept payments for every sort of game-like Sports, Fantasy, Adventure, Casino, Pokers, horse racing, etc. In order to heighten profits effective processing of payments is a must. It also promotes customers satisfaction and augments the lifetime value of customers over the gaming business
Players use almost every method for payments. In some parts of the world, people using Credit & Debit while in some regions prefer alternate payment methods like e-wallets, mobile banking, internet banking, UPI, etc.
Online Gaming Merchant Account should support payment processing with almost every payment method. It will enable more payment transactions in merchant’s gaming platforms.
Offshore Payment gateway for Gaming Merchants Account
Offshore payment Gateway bests suit the requirement of Gaming Merchants. It can help winners with the same currency credit and also lays fewer burdens on merchants. It benefits merchants in the following way
Support Small to large transactions
Offshore payment gateways easily process from tiny transactions to huge transactions. It is free from the minimum amount limit for transfer
Instant Processing of Payments
Quick and steady transactions encourage players to instantly be a part of the game. Slower payment processing can discourage future transactions from players
Safeguards transaction data
The payment details that you enter are present in an encrypted form. It ensures the top class security. The transaction information of customer as well as merchants is kept safe.
Multiprocessing of transactions
The gaming platform usually encounters huge traffic of players and with the traffic comes the requirement of processing multiple transactions simultaneously. No error is expected as the players are very sensitive to payment failures.
Multicurrency support
Offshore payment gateways are specially meant to encourage overseas payments and hence most of the money that is settled with the merchant is in his own currency and the rest of the expenses are paid in their own currency. The gateway should support most country currency exchange.
Prevention against chargeback
Should accommodate tools in order to detect and prevent chargebacks. Frauds and chargebacks are very common in the online gaming industry.
Online Gaming Merchant Account is the money manager for gaming merchants. It helps in processing the payments and then transfer to the merchant’s personal account. However, they act as a business account for the gaming platforms.
Getting the merchant’s account for online gaming is not an easy task. Acquirers are too choosy for merchant accounts delivery. You have to be updated with documents in order to convince them of the merchant account.
A long list of documents along with assurer is essential in order to gain the confidence of Acquirers for merchants Accounts. A document like an Account statement of the last 6 months from your bank clearly depicts the credibility and merchant stability in business. Too many differences may clear the picture to acquirers about your nature of business.
Merchants can bypass such difficulties if they associate with proficient payment service providers. This is because not every Acquirer is the same. Few of them have a flexible method of choosing merchants for the merchant account.
High-Risk Payment Gateway Service Providers has a wide range of associations with such Acquirers and they help by directing you towards banks that will best suit your business.
Why an online gaming merchant account is deemed high-risk?
There are several reasons why an online gaming merchant account is considered High-Risk.
Firstly there is a incredible figure of transactions involving a huge sum of money. This can lead to the distraction of the credit limit of business merchants. It is possible the amount needs to be refunded as many gamers complain of faulty transactions. This is why Banks put such businesses at High-Risk.
Transfer of large volumes of money often leads to online frauds and chargebacks. Hackers or others may try to misuse your gateway in order to attempt to steal money. While several chargebacks claiming the wrong deduction of the amount is common. Such incidents negatively affect merchant’s reputation over Acquirers.
Conclusion
The more you offer the more you get. Online gaming merchant account is to facilitate merchants to receive payment. Highrisk Gateways can help you with payment services that can prevent your gaming website from fraud and also enhance user experience over payment.