The Word on Gaming Merchant Accounts:
Introduction
The online gaming sector has developed dramatically over the past decade, and this trend will likely continue as more individuals become interested in this activity. Now that online gaming is allowed in the majority of states, it is an intriguing choice for people who like to play games from the comfort of their own homes or mobile devices. The benefits of this expanding sector include simpler access for customers who wish to play online games and an increase in the consumer purchasing power of players who have spare income remaining after paying other expenses.
However, receiving payments on an online gaming website presents a number of obstacles. Merchants need merchant accounts that can process large quantities of transactions swiftly without compromising security or regulatory standards (such as PCI). Additionally, funds must be accessible within 24 hours to prevent players from incurring overdraft fees when transferring money onto prepaid cards or checking accounts (two common payment methods used by gamers today, but whose funds are not always immediately accessible after being deposited due to processing speed differences between bank accounts and prepaid cards/virtual wallets).
Understand The Gaming Industry’s Unique Characteristics
The gaming sector is distinct in terms of merchants’ specialized needs and services. For example, because of the nature of their transactions, gaming merchants frequently engage in high-risk transactions. Therefore, they require a safe, user-friendly payment processing provider that can fit their specific requirements.
These specialized features include:
Easy account setup — Gaming merchants want to set up their accounts fast and easily; therefore, you only need to submit basic information about your firm, such as its legal name, address, phone number, and website URL. Once this information has been provided through our secure online application process, your application will normally be approved within 24 hours!
Accessible funds — It is crucial for gaming merchants to have instant access to their funds after every transaction so that they can pay winning players without any delays or holdbacks from payment processors (like us). This allows them to keep their clients satisfied while increasing their earnings! We grant access within minutes after successfully completing each transaction, so there will be no delays for them either.”
Merchant Accounts For Online Gambling Facilitate Access To Funds
There are a variety of ways to access your funds with gaming merchant accounts. You can spend the money on:
- Purchasing goods and services
- Spending money on employee salaries and compensation
- Paying taxes on your own or on behalf of your business.
- Purchasing inventory (goods) from other businesses or vendors, such as shipping materials or packaging supplies.
- Online promotion of your business or product(s) via marketing campaigns, PPC ads, etc.
A gaming merchant account will get you access to these alternatives by permitting you to deposit funds into a card-accepting account. This can be accomplished swiftly and efficiently using banks, payment processors, and even cryptocurrency exchanges such as Coinbase, where customers can acquire bitcoin with debit cards linked to their accounts via ACH transfer.
Important Factors Regarding Payment Processing And Merchant Accounts
There are a number of crucial aspects to keep in mind while launching an online gaming website. Initially, it is essential to comprehend the payment processing sector. There are numerous possibilities for obtaining merchant accounts, but it is essential to choose a supplier that suits your needs in order to be successful.
It is also essential that you comply with legislation such as the PCI Security Criteria Council (PCI DSS), which establishes standards for the security management of businesses that process credit card payments. This is especially true if you intend to accept credit cards as a form of payment on your gaming website; your provider may even need to give you specialized software or hardware to meet these criteria.
High-Risk Merchant Account Holders Get Special Treatment
High-risk merchant accounts are ones that the payment processor deems to be high-risk. High-risk businesses fall into one of three categories:
Risky merchants have a greater level of risk and earn a greater proportion of their revenue from risky activities such as gambling, adult entertainment, medications, cigarette products, and firearm sales. These merchants may experience problems with fraud and chargebacks because the majority of their clients are either criminals or bill-paying defaulters. These merchants are subject to tougher standards regarding customer service procedures and product returns/refunds than merchants in low-risk and medium-risk categories. Because these types of merchants do not match the VISA or MasterCard requirements, they have no access to any credit card processing services whatsoever!
Low-risk merchants, commonly known as “nice guys,” do not offer dangerous items such as firearms, but they may still carry some risk factors, such as selling alcohol or tobacco products, which could lead to high loss rates (fraudulent charges, etc).
PCI Compliance And Data Security Standards For Online Gambling Websites
PCI compliance is mandatory for online gaming retailers. However, it is essential for online gaming merchants to recognize the distinction between PCI compliance and data security, as they are two distinct but equally crucial factors.
If you’re unfamiliar with the Payment Card Industry Data Security Standard (PCI DSS) or unsure of its relevance to your business as an online gaming merchant, the following information is essential: The PCI Data Security Standard (PCI DSS) is a set of regulations governing how merchants should safeguard credit card information during processing so that it does not fall into the wrong hands. Yes, you will need a merchant account if your e-commerce site intends to accept credit or debit card payments from clients. Depending on your chosen business model and vertical, you may require multiple types of merchant accounts.
As the online gaming industry in the U.S. continues to grow, the need for payment processing and merchant accounts will become more important, and options will become more robust.
As the U.S. online gaming business continues to expand, the demand for payment processing and merchant accounts will increase, as will the number of available solutions.
As a customer, you have a variety of alternatives for selecting your chosen payment method for online gaming services. First, let’s examine the current state of affairs: The market for online gaming is expanding rapidly as more individuals sign up to play games from their homes or offices on mobile devices such as smartphones and tablets, rather than needing to go out to meet other people who want to play games in person (or even if they do want to do so)! As this market expands further into new territories such as Africa, where internet penetration rates are still low but rising rapidly due to the fact that most countries have already been colonized by Europeans during colonial times when Europeans ruled everything, there will be a great deal of room for growth.
Conclusion
We hope this article has provided you with a comprehensive overview of the online gaming industry and how it compares to other industries. Clearly, it has qualities that distinguish it from other sorts of businesses, but these same characteristics also make it an intriguing possibility for merchants seeking to open a merchant account.
Contact PayPound at +44 800 832 1733 or sales@paypound.ltd for more information regarding Gaming Merchant Accounts, and join our team immediately! On LinkedIn, follow Paypound!
