Now, you know that the gaming industry is considered high risk due to the high-volume turnover, money laundering, no processing history, etc. So, for your high-risk business, it is essential to have an online gaming merchant account. Finding the best Online Gaming Merchant Account Services provider among the thousands is challenging, so we recommend you go with the WebPays.
WebPays is one of the leading payment service providers with lots of experience in dealing with high-risk businesses. It solves all your payment-related problems and helps you to grow your business globally.
Contact the expert team to finalize the deals.
You will need a gaming merchant account if you plan to establish an online gaming business. Gaming payment processing is integral for your online gaming business – without it, it is impossible to receive the funds and make payouts.
Nowadays, the online gaming business is booming all over the world. Thanks to the development of smart phones and apps, people now have more access than ever before to play at online casinos and gamble. In 2023, the overall global market will reach more than $92.9 billion, which is twice as much as it is now ($59 billion).
Now is an excellent time to take advantage of the rising online gaming and establish your own business, but you need a suitable gaming merchant account.
Here, you will learn more about the gaming merchant account.
In a simple sentence, you can say that a gaming merchant account is a credit card processing account that explicitly serves its services to gaming enterprises. The primary purpose of the gaming merchant is to accept deposits and payments and handle the player's awards and payouts.
Generally, a merchant account is to a payment processor already on the website or application.
Online gaming merchant is considered high-risk by most of the acquiring bank and financial institute. There are many reasons for it. Some of the most common reasons are -
High volume turnover: Online gaming businesses generally have a high turnover, due to which acquiring banks and financial services are considered high-risk.
Money Laundering: Often, gaming companies are situated overseas. Fraud and money laundering incidents have already been established. As a result, banks are immediately concerned.
No processing history: A growing number of new merchants are attempting to enter the market due to the niche's rapid expansion. Even though they have enough money for a new beginning, banks continue to turn them away because they lack a processing history. Its absence is regarded as high-risk and frequently results in a decrease.
Intangible products: The likelihood of multiple chargebacks and refunds increases with intangible products. The chargeback rate could be fatal to the success of a business with the small transaction amounts typical of digital gaming.
Once you decide to open an online gaming business, you have to start doing work from today itself. Before applying for the merchant account, ensure you have the following documents.
Along with the proper documents, you should also make sure that your online gaming websites consist of the following -
WebPays is an international payment service provider. Merchants can get all the payment-related solutions in one place. We, as "WebPays," offer online gaming merchant accounts, online payment gateway, and online payment processing. We offer fast, safe, and reliable payment solutions to gaming merchants.
WebPays maintain professional and healthy relations with most of the acquiring banks, which helps to obtain a merchant account. Our features help merchants gain more profits for their high-risk businesses. Some of our best features are -