Looking For An Online Gaming Merchant Account?

Oct 13, 2021

According to Statista, the global digital media market shows no signs of deceleration in growth. Gaming holds the largest share of the market’s revenues. The global online gaming market has produced close to $21.1 billion in revenues. This demonstrates a record growth of 21.9 percent from the year prior. 

The demand was amplified as a result of the worldwide outbreak of the COVID-19 pandemic that forced millions of people to stay home. During this incredibly isolating period, many turned to digital forms of entertainment as well as finding new, virtual ways to connect with other people. 

At present, there are an estimated 1 billion online gamers around the world. China, Japan, and South Korea dominate the gaming market. By 2025, online gaming audiences are predicted to exceed 1.3 billion. 

Why Are Online Gaming Businesses High Risk?

For many years, the gaming industry has been plagued by high incidences of chargebacks. Just the risk of chargebacks alone is enough for this industry to be labeled a high risk business. In addition, the online gaming space is known for facing many regulatory and compliance-related roadblocks. 

Due to stringent regulations within the United States, numerous online gaming businesses have set up shops overseas. This has attracted serious problems such as money laundering and fraud. Also, since they are based offshore, it’s trickier to track down the money, further complicating and elevating the potential risk for processors. 

In order to navigate these increasingly choppy regulatory waters, it is best to reach out to a reputable payment service provider. 

The Benefits Of An Online Gaming Account

There are many benefits to acquiring an online gaming account, for both the customer as well as the merchant. Here are just a few:

  • No foreign exchange risk
  • No set up fees with quick approvals
  • Customers able to pay in their home currency, expanding your customer base
  • Chargeback protection as well as prevention programs
  • Real-time reporting tools
  • Detailed overview of all types of transactions
  • Complete fraud prevention tools

Tackling Chargebacks Head On

Before a high risk merchant begins the search for a reputable high risk merchant account provider, it is best to address chargebacks. The first line of defense is to implement key fraud prevention tools.  These can include two-factor authentication, device fingerprinting, tools that utilize machine learning, and velocity checking. 

There are also proven red flags that should be watched with great vigilance. Be aware of any orders that originate from countries where credit card fraud is rampant. Also, look out for uncommonly large orders or out of the ordinary for your business. And finally, several failed order attempts from the same IP address are another firm indicator that the card being used is actually stolen.

How To Apply For An Online Gaming Account

There is no doubt that online gaming is an-ever growing, lucrative business. However, its risky nature does cause banks to refuse merchant accounts in order to avoid liability. 

The key to attracting the attention of good, solid online gaming merchant account providers is to maintain a chargeback rate below 1%. By choosing the right provider you can enjoy the benefits of having competitive rates, no application fees, and the choice of multiple and secure payment gateway options, just to name a few. 

It is just a matter of making an initial inquiry either online or by phone. A representative can orient you on what specific documentation you will need before you submit your completed application. 

Get Started Today

Do not let the regulatory and compliance measures intimidate you. Many reputable online gaming merchant account providers specialize in this high risk vertical so that you have the most up-to-the-minute information. Let them handle all of the complex regulations so you can pour your focus into your customers and your business’s needs. 

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.