As per the latest study reports, it is estimated that the global gaming industry is expected to go over the mark of $200 billion in the coming times. Since the outbreak of the COVID-19 pandemic and subsequent lockdowns all around the world, people have become increasingly interested in the concept of video games and online gaming. With the sudden outburst of all-new gaming consumers, the overall revenues in the given industry has grown exceedingly. As such, the current market is highly ripe for ensuring continuous growth in the gaming industry. Therefore, leading gaming companies have started observing the major benefits of being a part of the ongoing trend.
One of the major issues that continue plaguing the industry is the overall security of the data of customers. As there is a continuous increase in the number of payment frauds, most consumers are still skeptical when it comes to providing personal account details while making a purchase from some gaming company.
There is a higher chance of customers making the purchase if they are assured that their respective information tends to be safe & secure. As such, the best investment can be implemented by a gaming company in the modern era seeking services from a reliable & reputed high-risk merchant account for securely processing the payments of the end customers.
Reasons for Choosing a High-risk Merchant Account
What is the requirement of choosing a high-risk, reputed merchant account for your gaming label? What is the reason behind your online gaming business being regarded as a potential risk? Some of the potential reasons for this context are:
- Diverse laws across the globe
- High volume turnover
- Higher volumes of chargebacks
- Age limitations
When you understand these factors, it is recommended that you should not consider seeking partnership with low-risk, standard merchant account service providers. They might end up rejecting your high-risk business right away. There are just a few standard merchant account service providers that boast doing business with high-risk industries. This is because most of them do not wish to take up the overall risk.
For optimum results, it is recommended to seek the expertise of high-risk merchant account service providers for your online gaming business. In particular, you should search for the ones that might be familiar with the concept of gambling as well as the gambling industry as a whole. This will help in delivering the assurance that business accounts will not be terminated suddenly.
Applying for the High-risk Gaming Merchant Account
The options of applying for the high-risk gaming merchant account along with cryptocurrency payment options are quite simple & straightforward. At the same time, there are specific criteria that you need to consider for the best outcomes.
When you are going ahead with the application process of your high-risk gaming merchant account, here are some important things to consider:
- The detailed application form
- The registration certificate of the gaming company
- A proper copy of the license of your gaming company
- A Good Standing certificate
- A register of shareholder & directors during the past three months –duly signed by the company’s director
- Some official document –like the M & A
In addition to these special requirements, you will also be required to submit the estimate of the number of transactions you will be expecting at the end of every month, the location of the cardholders, and the average value for all transactions. While these are some of the basic requirements when you apply for the high-risk merchant account for your gaming business, the ultimate requirements might vary depending on the type of business that you are operating.
What can be Done for a High-risk Merchant Account for Your Online Gaming Business?
Getting one of the high-risk merchant accounts for your online gaming business might not be an easy affair. However, when you comply with the criteria as mentioned above while sticking to the specific terms of the agreement with the merchant account service providers, the overall process can be implemented seamlessly.
Initially, you are required to ensure partnership with a reliable & reputed corporate service provider having existing relationships with merchant account providers. Moreover, the service provider should also be aware of the application process. This will offer you a lucrative head start while allowing you to save time in looking around for options as you struggle to meet specific requirements.
As you navigate the onboarding process with some acquiring bank, it turns out to be quite simpler when you have the assistance of experienced professionals. These parties will not only help you to complete the overall process smoothly, but will also help in obtaining the preferred rates.
Once you have the proper account, you need to make sure that you maintain the same properly while not violating any of the terms that have been agreed upon. Upon violating any of the terms of the agreement, you can get your merchant account closed in no time. Moreover, it will also become difficult to get your merchant account elsewhere.
If you wish to ensure that your account is in good standing, here are some tips to consider:
- Be within the standard chargeback ratio. In case the rate goes up, you should take instant steps to improve the same.
- Keep recording particulars of all transactions while storing them appropriately. These serve helpful in case there are any disputes.
- Provide full refunds upon the requirement. However, you should always aim for negotiating for some other type of settlement like credit on the given account.
- Maintain a clear descriptor such that it becomes apparent about the particular type of service on the bank statement of the client.
- Send over the transaction confirmation upon every deposit.
- Be on top of the customer services, keep sending satisfaction surveys, and ensure communication with customers for resolving issues before their occurrence.
By following the right steps and methods, you can easily obtain the high-risk merchant account for your online gaming business.
