Online Gaming Merchant Account Features Boost Up your High-risk Gaming Businesses to the Top
The world of online gaming is continuously growing, and it does not look to get slow shortly. The gaming market was estimated to be worth $21.1 billion in 2021, and experts expect it to expand by another 2/5% in 2022. The most intriguing element about this prediction is that older generations between the ages of 40 and 60 will account for a substantial portion of that growth.
The success of the gaming industry somewhere goes to technology. With every passing day, technology is getting better.
According to the Statista Data -
· The gaming industry is expected to reach US$23.56 bn by the end of 2022.
· The market volume will reach approx US$32.98 billion by 2027, with revenue forecast to expand at a 6.96% annual rate (CAGR 2022-2027).
· By 2027, there should be 1,252.6 million players playing online games.
· By 2022, there will be a 14.1% user penetration rate, reaching approximately 15.8% by 2027.
· The online games segment will have average revenue per user (ARPU) of US$21.93 in 2022.
With these figures, you can imagine the popularity of online gaming. Furthermore, virtual world gaming will undoubtedly become an integral part of our lives in the future, given the current buzz surrounding VR and even the Metaverse.
Those who want to invest in the gaming industry must take the steps now as it results in vast profits. The first step is to obtain a merchant account.
Here, in this blog, we discuss the features of merchant accounts in detail. So, let's start.
Merchant Authority Support The Online Gaming Merchant Account
For online gaming, it is pretty challenging to find payment processing options. It happens because most acquiring banks tend to be game industries run by illegitimate businesses. Also, there is a considerable risk of problems. Due to this reason, most traditional banks do not want to take the risk and do not offer merchant account services to the gaming industry. The regular bank generally avoids unnecessary risks such as chargebacks, unpaid bills, low credit scores, etc.
So, for gaming merchants, completing their homework before applying for a merchant account is compulsory which will discuss below. Due to the high-risk nature, online gaming merchants face many problems while finding a stable payment processor that fulfills all their business needs and requirements.
Few Things to Keep In Mind Before Submitting The Application For A Merchant Account
Before submitting your application form to obtain an online gaming merchant account, it is essential to keep some crucial points in your mind and follow it seriously. It helps you to approve your gaming merchant account.
Let's check these points step by step -
· Take time in your hand because gaming is a high-risk application, and generally, it takes 3 to 5 weeks to get approved for the high-risk merchant account.
· Before applying for the gaming merchant account, your website is completed. We also need all test logins and other information for underwriting.
· Your merchant account for gaming will likely have a rolling reserve applied to it. For 180 days, the bank may hold back up to 10% to negotiate against chargebacks. It is negotiating.
· Check the rates and settlements of the selected service provider.
· Make sure that all your policies work well. These policies are refund, cookie, T&Cs, and Privacy.
· You have to keep ready the following documents also. These documents are - Proof id-ID, Proof of home address, Proof of business bank, domain name and login details, six months of acquiring history, business plan, cash flow forecast, etc.
· The chargeback must be below 1.5%.
· Once you have prepared these points, fill out the application form online.
Features of Online Gaming Merchant Account
Finding the best service provider for high-risk businesses is challenging, but it is not impossible. Some service providers offer you the best possible services at the best rate in the market. WebPays is one such type of service provider that has all-in-one solutions. It means that it offers the best merchant account, payment gateway, and credit card processing.
Let's check the features of the Gaming Merchant Account.
Allow accepting various currencies -
A high-risk merchant account specialized in the gaming industry can accept payments from all over the world. Dynamic currency conversion (DCC) changes the pricing to the user's native currency. The user has a better-tailored experience and senses a stronger bond with the game company.
WebPays completely understand your business value and offer you the same features for your international clients.
Offer various payment modes -
Nowadays, every customer like options. If you don't offer the customer a preferable payment option, they can easily switch to some other sites. So, it is essential to have various payment options.
When we talk about WebPays, it offers customers to make payments via credit/debit cards, net banking, e-wallets, mobile payments, and even cryptocurrency.
Never compromise on Cyber Security -
Gaming industries are well known for attracting many cyber attacks. So, never compromise with the security systems. Ensure that your gaming websites comply with PCI DSS to protect all sensitive information. Along with this, it also has other security tools.
WebPays, cover all the issues related to PCI DSS. It also offers anti-fraud, anti-chargeback tools, reverses recurring, etc.
Real-time processing -
Very Little Transaction Downtime is essential. The availability of modules during transactions depends heavily on the service provider you selected. Modern acquiring companies maintain high-availability servers. It assists merchants in making sure they gather a vast volume of transactions in the shortest amount of time.
WebPays fulfill all these requirements. They completely understand how important transactions are and how any interruption hurts the merchant's ability to make money. We process millions of dollars worth of gaming traffic.
Final Thoughts -
Fast performance is the most crucial element for online gamers, but gaming platforms must also remember the importance of offering a consistent and secure payment experience. Gamers are enthusiastic about utilizing convenient digital payment methods because they
make purchasing virtual products simple and hassle-free. Due to this, payments must be a component of the gaming experience rather than a distinct feature.
To accept this payment merchant needs a suitable online gaming merchant account. Before applying for a merchant account for your gaming industry, you should work on some points we have discussed above.
Gaming merchant account features help you to run your high-risk gaming industry successfully without any headaches. This gaming merchant account features include -
· Accept various currency
· Various payment modes
· Never compromise on Cyber Security
· Real-time processing
webpays have all these features that why we recommend going with WebPays. In a short and simple sentence, WebPays offer the safest, most secure, and most reliable payment solution overseas. To get more details about WebPays, directly contact the expert teams.
Original Content- https://webpays.com/online-gaming-merchant-account-boost-up-your-gambling-business.html
