The growth in digitalization is the main reason for the industry’s growth across the globe. Moreover, countries are developing bills to legalize the online gaming business.
Players have the opportunity to play legally. Moreover, without any fear of blocking the accounts and funds.
At the same time, merchants get more opportunities to expand their business. And it also helps in improving the user experience. Whereas, gambling is still considered a high-risk business. So, it requires a relevant approach to monitor transactions.
A major decision a merchant should make is selecting a payment gateway for a gaming business. In this article, we will consider the main problems online gaming merchant account face. And get knowledge of how to choose a payment gateway.
Challenges that gaming merchants come across with
- Security of personal data.Online gaming pays great attention to security. The security of customers’ data is a priority for any business. In the pandemic period, did the number of frauds in the gaming business increase by 55%? So, when choosing an online gaming merchant account. Moreover, you will have to pay attention to how secure the system is from fraudsters.
- Funds Withdrawal Issues.Online gaming is considered a high-risk business in many countries. And that refers to such companies having difficulties when trying to withdraw funds. But, many payment gateways have restricted the amount of withdrawal.
- High ratio of chargebacks.There is a maximum chargeback limit for each business area. And fraudulent transactions cause chargebacks. So an online gaming merchant account should provide an extra level of security.
So, most online gaming businesses must offer safe gaming practices. Keep minors out of gambling, and maintain responsible gambling. So, they have to be partners with a gateway. And that understands the business’s unique requirements.
Criteria for choosing an online gaming merchant account
Based on the above issues, we have combined a list of main criteria that can help you to answer the question. Which online gaming merchant account is most suitable?
- Security.A customer’s data security is the first thing a merchant account should provide. But the advanced fraud detection and prevention methods are based on artificial intelligence. Fraudulent transactions can not only be prevented or detected at the same time. But they must be prevented from occurring in the future.
- Availability.Any customer must have to make a payment from anywhere in the world by using a convenient method. The more payment methods the merchant account provides, the better.
- Transaction records.The transaction record is the ratio of successful transactions. As more reliable an online gaming merchant account, the higher this ratio.
- Payment modes.An online gaming merchant account should provide different payment options for buyers. Both domestic and international.
- Technical support.The payment service provider must provide professional technical support to the customers. And help in resolving any issue.
How does an online gaming merchant account beneficial for the gaming business?
If your online business accepts credit and debit card payments. Then your business needs an online gaming merchant account. Being a financial account. It transfers the funds from issuing banks to the merchant’s business bank account. Moreover, some other benefits are also here:
- Increment in revenue.It generates extra revenue from international transactions.
- Zero foreign exchange risk.There is no foreign exchange risk to the merchants. Because the service provider manages foreign exchange risk.
- Increment in international customer base.It allows international customers to pay in their native currency. And it is also easy to increase the traffic.
An online gaming merchant account provides you with benefits more than your imagination. Excepting the advantages, you read above. There are some more benefits you must know. Let’s explore them below.
- No setup fees.
- Fast approvals within 24-48 hours.
- High volume solutions such as multiple MIDS.
- Chargeback protection along with chargeback prevention programs.
- Support for gaming operators.
- Comprehensive anti-fraud systems.
- Multiple payment methods.
- Real-time reporting tools for a detailed overview of all the transactions.
- Multiple integration options.
Avoid Chargebacks with Amald
As we discussed, chargebacks are a major problem for the gaming industry. So, Amald has the best solutions to avoid these risks. Players at an online blackjack platform when taking a huge loss. Then they call their credit card issuer and deny the charge. But this results in a battle that is hard to win for eCommerce merchant Account. At Amald, we tell merchants how to avoid these situations and disputes. And how to make profits without any barrier.
Amald is not just a payment service provider. But it is a full-fledged internet banking. And that also offers a complete range of payment solutions.
Moreover, we will offer your business a full-fledged online gaming merchant account. With different payment modes and support for international acquirers.