How To Get Started In The Booming Gaming Industry

Oct 30, 2019

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.

Let us help you get a high risk merchant account today!

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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