Online Gaming Merchant Account Focus on Gaming

These are the types of online gaming:

Online Casino
Sports Betting
eSports
Online Poker
Live Betting
Online Lottery
Live Table Games
Online Bingo
Fantasy Games, etc.

Why is an Online Gaming business labeled as a High-risk business?

Due to these given factors, the online gaming business is labeled as a high-risk business.

A high volume of transactions. Online gaming businesses usually have a high volume of transactions. So most banks consider this factor high-risk.

Unwanted Products. Unwanted products can increase the possibility of various chargebacks or refunds. And also raise in chargebacks lead to labeling your business as high-risk.

Transactional Frauds. Most of the gaming businesses are offshore-based. There have already been many cases filed of transaction frauds in the same sector. And that brings banks in confusion to provide services or not.

No previous history. Now many new merchants are trying to involve in the online gaming business. So they have enough funds to begin. But still, they get refusals from banks. Because of not having a previous history. And lack of this is considered high-risk.

Challenges that come across in the online gaming business

Every business has both positive and negative aspects. And it is also a fact that there are some challenges. And that merchants need to chase to remain standing in the battle. Some of the challenges that merchants need to face. While looking for payment processing services from the service providers are as follows:

Extra charges. The merchants of online gaming need to pay extra costs for the services. So, the merchants need to ensure that they are only paying for the services they need. And there is no excess amount required to pay to the service provider.

Point to Point Services. Many service providers are providing services to merchants. In other words, the merchant who owns an online gaming business. So he can get a dedicated account for the services to be availed for his organizational purposes. Because gaming merchants are also known as high-risk merchants. So they will have to face difficulties in getting a suitable payment service from any financial organization. But they can get the payment gateway service from dedicated service providers.

Nature of your business. Merchant account service providers classify the business as low, high-risk categories. And that depends on the nature of your business. Banks and financial organizations classify high-risk merchants into the high-risk category. So that they can be able to avail all the services that belong to their respective categories.

Advantages of an Online Gaming Merchant Account

Let us explore some advantages of an online gaming merchant account.

Smart and powerful UI. We will provide a fully customized and properly designed online gaming merchant account. And the smart and powerful UI can help gamers play on a hassle-free platform.
Online Payments. On the online gaming platform. Gamers need a faster payment service to pay for purchasing more types of equipment. And also want to complete the betting on time. So having our online gaming merchant account. You will get the best payment services.
24*7 Reporting System. It will provide you the facility of keeping a systematic record of each transaction.
Access in one click. You will be able to get in with one click.
Trading in multi-currency. Our merchant account will offer you trading in multi-currency. And by which you can receive and transfer amounts in any currency.
APM (Alternate Payment Method). Our merchant account will provide customers with some more alternate payment modes. And by which they can make payments faster to get back to their games without any delay. Those options include – Debit Card, Paytm, UPI, NFT, etc.
Credit Card Processing. This account allows you to accept credit cards for payments. And that can help you to avail benefit in every sale. HighRisk Gateway’s merchant account is working with a fast processor. Because that can process all your credit card payments in less duration time. And the merchant account will also help you in keeping the records from the initial point. And you will get access to view them at any moment.
Safety and Security. We have I Level Certification of PCI DSS. And that encrypts customers’ data so that there is no chance of leakage of customers’ data. So we follow all the rules and regulations made by PCI DSS.
Global Card Saving. With our merchant account, you will get a global card saving facility. So that your customers will be able to save their card details only once. Because there is no need to store them again unless or until you want to replace any of them.
Bank Cascading. Our merchant account will provide you with the support of some acquiring banks. And that can provide you with the feature of bank cascading. In this case, if the payment processing services of the bank turn down. And another bank will complete the same. And by having this feature, merchants will not have to face any payment stuck issue.

Documents need to open an online gaming merchant account

It is not a definite list that you will require to open an online gaming merchant account. Requirements may differ according to various factors. But we can give you an idea of what you will need to provide at the initial stage of getting an online gaming merchant account.

A copy of your gaming business license
A certified copy of your passport
Certificate of incumbency
Certificate of company registration
Last three months bank statements
Owner’s address proof along with a utility bill.
A bank reference will also require in the form of an official letter. And on the bank’s letterhead. It should include information related to the length of the banking relationship (which should not be old more than two years). And the nature of the accounts held, and whether the merchant has been an outstanding client. This letter must be issued with the last three months’ record.
An official letter of reference of a character nature by a lawyer or accountant. And of which the merchant has been a client for at least two years.

Give a chance your online gaming business with a merchant account by HighRisk Gateways

HighRisk Gateways will not only manage a high approval rate. But we will also provide you with the facilities for your chargeback monitoring and prevention. Because we will keep a keen eye on your merchant account. And look towards coming chargebacks claims. And take steps to prevent those chargebacks and protect your business.

To apply for an online gaming merchant account that will be your safeguard system, contact HighRiskGateways.in now.

Source: Online Gaming Merchant Account Focus on Gaming