Online Gaming Merchant Account
Online Gaming Merchant Account Increases Credibility Of Your Business
When you are a merchant who is searching for expanding his casino business, then you must get an Online Gaming Merchant Account. The merchant account assures safety and security for your High-Risk Business. Multiple common factors include profitability, chargebacks, & business history; there are a lot of other factors which are included.
DYNAMIC GROWTH OF THE ONLINE CASINO INDUSTRY
With constant internet growth and technical innovation, certain industries have prospered. The growing leaps and bounds are comparable with other industries. The global giants take advantage related to the innovative opportunities of the plethora but start-up merchants also rely upon the casino industry while bringing out the casino developers benefited. There is a combination of innovation and creative ideas in both hardware and software. These are the key factors upon which we should look.
WHY IS ONLINE GAMING CONSIDERED HIGH-RISK?
The online gaming industry is risk-based because of various factors. The acquiring banks consider the casino industry as high-risk. As it is difficult to assist a merchant account for an online gaming business, it requires risk-bearing authorizations to run your casino business worldwide. Especially with the online gaming business, various small transactions get generated & often hit a higher percentage fee through various banks. So, if you are running an online casino business then you need to secure your business with an Online Gaming Merchant Account. This provides an assurance of safeguarding your business.
WE CATEGORIZE THE ONLINE CASINO INDUSTRY AS A HIGH-RISK BUSINESS BECAUSE OF THE FOLLOWING FACTORS :
- The casino business holds a high volume turnover that is considered as a risk factor through acquiring banks & merchant account providers
- The casino business is based offshore hold instances of money laundering & fraud while making it a high-risk business
- The product that the casino business offers is a high-risk product as there arises a potential for various chargebacks & refunds, this boosts up the liability that the processor would incur when processing for the business.
- The casino merchants hold the chances of insolvency while placing the bank/merchant account providers for underwriting them with the financial risk
All the signs transparently represent that online gaming is a kind of lucrative business with various traditional financial institutions that won't gamble upon them. The industry's background along with its history, high chargeback ratios, potential legal issues are because of the ambiguous laws that keep the banks away from these merchants.
Necessary documents required while applying an Online Gaming Merchant Account
If you require an online gaming merchant account there arise some necessary documents for the gateway solution. A businessman needs to fill the Application Form. Along with this, you must be available with the following documents:
- Company KYC documents
- 3-6 months bank statement
- 3 months processing history (If available)
- Chargeback ratio must be under 1-2%
- Other documents
So, for the flexible solutions for your online gaming business, you must get an Online Gaming Merchant Account from WebPays. For more details & information, you can even chat with us online.