Divert anticipations into fact. Gaming payment solutions require to accommodate diversity. Amald has online gaming merchant account solutions that meet global gaming customers’ requirements.
Merchants trading in online gaming requires an online gaming merchant account. Because an online gaming merchant account permits gaming merchants to accept online payments quickly.
As it is not too comfortable to get a merchant account for your online gaming business.Amald.is the top service provider for merchants having high-risk businesses.
The online gaming market is growing faster. So gamers want to be more updated on what new they can predict from gaming platforms and providers. But, by having a reputed online gaming merchant account you can get the most out of your business. With smartphone perception rates increasing, people have a great interest in mobile games which gives gaming companies a chance to attract more customers.
These are the kinds of online gaming:
- Online Casino
- Sports Betting
- Online Poker
- Live Betting
- Online Lottery
- Live Table Games
- Online Bingo
- Fantasy Games, etc.
Online Gaming business marked as a High-risk business
With these given factors, the online gaming business is tagged as a high-risk business.
- A high proportion of transactions. Online gaming businesses generally have a high ratio of transactions so most banks consider this factor as high-risk.
- Undesirable Products. Undesirable products can boost the chance of various chargebacks or refunds. And also increase in chargebacks lead to labeling your business as high-risk.
- Transactional Frauds. Most gaming businesses are offshore-based. Because there have already been many cases filed of transaction fraud in the respective sector. And that brings banks confusion to provide services or not.
- No previous history. Most new merchants are trying to initiate the online gaming business. So they have sufficient funds to begin. But still, they get rejections from banks because of not having a previous history, and deficiency of this is considered high-risk.
Online gaming business | Challenges
Every business has both positive and negative factors and it is also a truth that there are some challenges that merchants need to face to stay standing in the battle. However, some of the challenges that merchants need to encounter while looking for payment processing services from the service providers are as follows:
- Additional charges. The merchants of online gaming need to pay additional costs for the services. So, the merchants need to assure that they are only paying for the services they need and there is no extra amount needed to pay to the service provider.
- Point to Point Services. Many service providers are providing payment services to merchants. In other words, the merchant who runs an online gaming business. Moreover, he can get a dedicated account for the services to be benefited his organizational purposes because gaming merchants are also known as high-risk merchants. So they will have to face difficulties in getting the right payment service from any financial institution but they can get the payment gateway service from reliable service providers.
- Your business type. Merchant account service providers classify the business as low, high-risk categories that rely on the nature of your business. Because banks and financial institutions categorize high-risk merchants into the high-risk category so they can get all the services in their individual categories.
Benefits of an Online Gaming Merchant Account
Let us analyze some benefits of an online gaming merchant account.
- Elegant and effective UI. We will provide a fully customized and properly created online gaming merchant account and the elegant and effective UI can help gamers play on a hassle-free platform.
- Online Payments. On the online gaming platform, gamers need a quicker payment service to pay for buying more kinds of equipment and also want to complete the betting on time. So having an online gaming merchant account, you will have the best payment services.
- 24*7 Reporting System. It will provide you with the facility of keeping a frequent record of each transaction.
- Trading in multi-currency. Our merchant account will deliver you trading in multi-currency and by which you can accept and transfer amounts in any currency.
- APM (Alternate Payment Method). Our merchant account will provide customers with some more alternate payment modes by which they can make payments quickly to get back to their games without any hesitation. Those options contain– Debit Card, Paytm, UPI, NFT, etc.
- Credit Card Processing. This account permits you to receive credit cards for payments that can help you to avail benefits in every sale. Amald’s merchant account is functioning with a fast processor because that can process all your credit card payments in less time period, the merchant account will also help you in maintaining the records from the beginning and you will get access to view them at any moment.
- Safety and Security. We have I Level Certification of PCI DSS that encrypts customers’ data so that there is no chance of leaking customers’ data. So we follow all the rules and regulations driven by PCI DSS.
- Global Card Saving. With our merchant account, you will get a global card saving feature. So that your customers can save their card details only once because there is no need to keep them again unless or until you want to substitute any of them.
- Bank Cascading. Our merchant account will provide you with the help of some acquiring banks that can equip you with the quality of bank cascading. In this scenario, if the payment processing services of the bank slow down and another bank will conduct the same. And by having this feature, merchants will not have to encounter any payment stuck issues.
Online gaming merchant account | Documents
It is not a concrete list that you will need to open an online gaming merchant account. Requirements may vary according to different aspects. But we can give you a concept of what you will require to provide at the beginning of getting an online gaming merchant account.
- Copy of your gaming business license
- A certified copy of your ID
- Certificate of incorporation
- Last three months’ bank statements
- Owner’s address is proof with a utility bill.
- A bank reference will also require in the form of an official letter on the bank’s letterhead. But it should contain information regarding the span of the banking connection (which should not be old more than two years) and the nature of the accounts contained, and whether the merchant has been an excellent client. This letter must be given with the last three months’ record.
- An official letter of consideration of a character type by a lawyer or accountant of which the merchant has been a customer for at least two years.
Give a chance to your online gaming business with a merchant account by Amald
Amald will not only manage a high approval rate but they will also provide you with the features for your chargeback analysis and prevention because we will keep an anxious eye on your merchant account. And focus on coming chargebacks claims and take steps to prevent those chargebacks and protect your business.
For an online gaming merchant account that will be your defense system, contact Amald now.