Participating in games is as intrinsically human as music and dancing. Playing games helps children learn, provides mental stimulation, and is a great method of relaxation and escapism in an increasingly stressful world.
But the demand for varied games and easier access has also helped to shape the existence of the internet as we know it today.
No longer are video games a niche market for children, and the negative stigma that used to exist surrounding adult gamers is almost completely non-existent.
And boy, are there a lot of games and mediums out there to satisfy those demands, including PC gaming, casinos, horse and dog races, social media apps, digital games, lotteries, mobile gaming, online gaming, and console gaming to name a few.
With new games coming out almost daily, it may seem like the competition is too heavy to be a game developer or promoter. On the contrary, however, the market is ripe for original ideas and stories that connect with gamers on multiple levels.
If your business identifies with that goal, you might be able to cash in on your ideas, designs and marketing abilities.
Before launching a fully dedicated business in the gaming industry, it’s important to understand the laws. This will vary from country to country and based on the type of game, such as gambling games or mobile games.
It’s also important to thoroughly research the different i-Gaming software that is available. This isn’t a decision to be made lightly as it will be a long-term relationship that should end up being mutually beneficial to both parties.
When deciding on your iGaming software, keep the following services in mind:
- content management system (CMS)
- player management software
- cashier system
- reporting engine
- encryption software
- customer support
- large coverage of betting markets
- payment options with multi-currency
- advance tech support
You should also invest in an attractive, user-friendly website. Not only does this lend credibility to your company and game, but it can also ensure long term users. Your website should provide support, answers to commonly asked questions and insights into your game, such as player statistics and tips for playing.
You’ll also need a merchant account to be able to process card payments through your game. Without this component, business comes to a screeching halt.
The issue that most businesses in the gaming industry run into when applying for a merchant account is that they are labeled high-risk. This means that banks and traditional payment processing providers will deny merchant accounts because of the increased likelihood of chargebacks, fraud and identity theft, high turnover rate, and restrictions from laws.
The only way to get around this is to work with a reputable high-risk merchant account specialist, such as EMB. They will be able to help you navigate your options and use their extensive network of providers to secure you the best terms.
Obtaining a high-risk merchant account also affords you an additional level of security to help prevent fraud and identity theft, which can end up costing your business a lot of money.
Applying for a high-risk merchant account is simple. All you need is a valid ID, a bank letter or voided check, a secure and working website, three months of bank statements, three months of your most recent processing statements when applicable, an SSN or EIN, and a chargeback ratio that’s less than 2%.
Most applications are approved within 24 to 48 hours, meaning that your business can start processing payments fast.
If you’re in the gaming industry or looking to break into the industry, a high-risk merchant account can be one of the most important steps for keeping both you and your players happy.