Security Features of a Gaming Merchant Account
Gaming merchants are businesses that handle transactions for both online and offline gambling companies. People often think that the only way to get a gaming merchant account is through an existing bank or payment processor, but this isn’t always true. There are independent groups whose main job is to connect them with merchants. The merchants can then choose from different account options.
What is a gaming merchant?
A gaming merchant account is a way to take payments online. Its job is to ensure that the money goes where it needs to go and that you and your customers are safe from fraud.
What can you do as a gaming merchant?
As a gaming merchant, you’ll be able to take payments from customers in many different currencies. You can get and process these payments quickly and easily, and there are many ways to get them.
You’ll have the autonomy to accomplish the following things after you’ve got your own company:
- Ability to accept customer payments in any currency (USD, CAD, or GBP).
- Easy online integration with your website or shopping cart system.
How to get a gaming merchant account?
Requirements for Gaming Payment Processing:
There is no official list of documents that must be shown to open a merchant account for online gaming. The criteria will change depending on several things. We can, however, give you a rough idea of what will be needed.
These are the things you need to do to open a merchant account.
Please keep in mind that, depending on the situation, below is a list of what you’ll need to get rolling:
- Fill out the application form completely.
- You must submit a copy of your gaming license.
- Company registration certificate
- Articles of incorporation or a document of a comparable nature
- A list of shareholders is less than three months old and signed by the company’s director.
- Certificate of Membership
- A list of directors must be signed by the company’s leader and dated within the last three months.
- Certificate of tenancy or something similar
- Give a forecast of transactions, including the expected number of transactions, the average transaction value, the total volume, the main locations of cardholders, and the history of processing (if any).
The security features of a Gaming Merchant Account
3D encryption technology
3D security prevents online fraud. When a business has 3D security in its payment system, the customer must give a password or PIN that was given to them by their bank to finish the transaction.
3D security will make online purchasing easier and safer for consumers. Consumers’ overall purchasing power increases as their trust grows.
SSL authentication
Two security goals are achieved through Secure Sockets Layer certification and encrypting connections. SSL secures all consumer-business information. Protecting sensitive data from hackers. We provide SSL-certified payment gateways.
PCI DSS
Any firm, online or offline, must follow PCI DSS before accepting card payments. An independent group designed and verifies the standards to prevent fraud, improve payment safety, and add consumer and corporate security.
High-Risk Merchant Account pre-screening
The PSP learns about the new merchant during pre-screening. The payment processor may review a merchant’s application to make sure everything is in order. This isn’t a complete approach, but it can help identify obvious crooks.
Know Your Customer (KYC)
KYC begins the underwriting process. SMBs must supply background check information to the payment processor. This includes ID, bank account info, business settings, and more.
Automation and digitization have eased many KYC processes. Most payment processors feature API-based interfaces. You can apply online from home.
Check the merchant’s history
The PSP will review your business history. Examine your company’s and your track records. Credit history may be required. Poor credit business owners start new companies without paying debts.
The payment service provider will also look for anomalies in your company’s financial documents (like tax returns).
Compliance with Information Security
All transactions must follow the latest network security requirements. Whether you accept credit cards, contactless payments, or online payments, your business must follow the rules.
After that, you can start accepting sales; merchant onboarding is complete.
Conclusion
Paypound has been a part of the online gaming business since the beginning. During that time, we’ve gained a lot of hands-on experience and knowledge in corporate services, online gaming, licensing, and opening bank accounts for clients.
If you run an online gambling business, it would be smart to let us help you get a merchant account. We’ve been working with processors for decades and have built strong relationships with them by being honest and open. Contact us today to find out more about how to open a merchant account for online gaming.
