Online Gaming Merchant Account Provides Flexible Payment Services For your Gaming Business
All kinds of online gaming merchants privilege accounts consisting of mobile gaming, social gaming, multiplayer video games, fantasy games, online poker, racetracks, and online casinos.
Adequate payment processing is vital for increasing profits, enhancing customer experience, and enriching the overall value of customers to your online gaming business. Global customer spending for online gaming is recorded to increase by $180 billion by the upcoming year. More than 160 million youngsters play online games only in the US.
Add fanciers of fantasy sports, online poker, horse racing, skilled games, and wagering sites, and it is obvious that online gaming delivers excellent chances for online gaming companies.
This page examines the payment methods for financing online gaming accounts. And the payout techniques generally used by online gaming merchants.
Receiving Payments from Online Gamers
There are two major payment modes. American online gaming businesses generally use it for financing US gamers’ accounts. Credit card processing online gaming merchant accounts are useful to take credit and debit card payments. ACH (Automated Clearing House) is used to deduct payments from gamers’ bank accounts. American likes to use credit cards when paying online. So, you will need to receive all credit card brands on your website. Also, the credit card brands generally used in the US, ponder receiving Union Pay. More than 81% of US merchants receive a credit card so it is a precious acquisition of your credit card payment options.
Payout Methods for Online Gaming Merchants
When an online gamer succeeds or expects funds to be refunded from a pre-funded account, funds requires to be paid fast and cost-efficiently.
There are three primary modes that online gaming businesses use for payouts, ACH, physical debit cards, and virtual debit cards.
Same-day ACH payments are low in cost and reliable. Funds are deposited to online gamers’ bank accounts the same or the next day, relying on when the file is submitted to process. ACH payments are a delegated way of accepting payments. Most Americans have direct funding of earnings and are comfortable accepting the funds from bank accounts. Because money can also be expended on debit cards. With this payment solution, the money is credited to a physical debit card through an ACH credit transfer of money.
Payments can also be performed via a virtual debit card. A virtual debit card is the same as a regular debit card, but a physical card is not issued. So, funds credited to a virtual debit card can be utilized for online payments but not at retail stores.
How to choose an online gaming merchant account?
When you prefer an online gaming merchant account there are five main aspects to examine. However, it is essential to recognize that a good payment gateway is something that the customer does not face any issues with. But the one which is a wagon or clumsy ruins the flawless checkout experience.
- Currency approval. Ensure that your customer can pay in the most convenient way for them. This contains not only the multi-currency choices, but even also mobile payments via Apple Pay and Google Pay, and local payment methods as well. Excluding that, we suggest reviewing payment location criteria before finalizing a contract with a particular service.
- Security. An online gaming merchant account is liable for the encryption of the customer’s payment details and for transmitting them over the bank networks. Because security is overly vital in functioning with exposed data.
- Legitimacy. The payment gateway has to be PCI DSS and GDPR compliant. A first criterion is a group of data protection restrictions, and the next one is the most effective data security regulation in the world. Compliance with both of them assures that the payment gateway service is dining the cardholder data responsibly, saving it from a potential hacker attack, leak, and deception.
- Customer care services. This may occur not as effectively as safety or global compliance, but when it arrives at the everyday use of the payment gateway customer care and service become necessary. Go for an entire support, preferably with a personal manager who would obey your online gaming business-particularly from the inception of the partnership.
- The comfort of usage. Overall, an online gaming merchant account for gaming business must be convenient to use. This feature does not make for the IT experts, but the business owners.
Features of an online gaming merchant account by WebPays
| Features | WebPays |
|---|---|
| Currency Allowance | Accept almost all the currencies, mobile payments available, and local payment methods. |
| Safety | Integrated fraud prevention system cover. |
| Legitimacy | WebPays is PCI DSS compliant. |
| Customer Service | The customer executive is available 24*7. |
| The comfort of usage | It is convenient and has a smooth design. |
Reasons behind Choosing WebPays Payment Solution for Online Gaming Merchant Account
- Expansive banking network. The US and international merchant accounts make a single online gaming merchant account or diversify accounts for backup and reduction of processing risk.
- Level 1 PCI/DSS certified payment gateway. It means military-grade encryption and surpasses the most strict requirements for security and compliant payment processing.
- Chargeback Prevention Services. Pause chargebacks before they occur and prevent chargebacks to occur.
- Advanced fraud-fighting features. They protect your online business. Modify settings to revert to modifying conditions.
- Balancing the loads. Having multiple online gaming merchant accounts can easily review and maintain all accounts via a single control panel. It also increases productivity, boosts customer service, and smoothens business operations.
- Unlimited Recurring Billing Strategies. Personalize recurring billing methods to fulfill the requirements of your online gamers. And they are convenient for online gamers.
- Excellent customer service. They have highly qualified executives. So, get the help you require when you need it.
Final Words
As more payment methods you receive, the more money you earn. To increase profits, receive all kinds of debit and credit cards. WebPays also offers ACH payments for online gamers who like to fund accounts with a debit from a bank account instead of using a card.
Moreover, there are various payment modes available to pay. ACH, debit cards, and virtual debit cards are all cost-efficient proven modes of transferring funds to players.
Summary
Online gaming industry is famously known as gambling in the merchant service industry. The probability of credit card processing providers regards it as a high-risk industry because of some specific reasons. Some of these main reasons are:
Gaming businesses have a high ratio of revenue that can increase the risk factor while acquiring bank evaluates the merchant’s profile. Most of the businesses are offshore based so many cases are facing fraud and money laundering. Newbies face many issues in convincing the acquiring bank due to poor credit history.
So, to receive credit and debit card payments, these businesses require an online gaming merchant account. As it is a financial account, it enables transferring of money from card-issuing banks to the merchant’s business bank account.