According to Newzoo’s findings, by 2023, it is estimated that the global gaming market is set to exceed $200 billion. Since the COVID-19 lockdown, interest in online gaming has only surged. With a sudden influx of new gaming customers, revenue has escalated significantly. The market is definitely ripe for continued growth and gaming companies are beginning to see the great advantages of taking part in this trend.
The biggest issue plaguing the industry is the security of customers’ data. As payment fraud continues to rise, many customers are still leery of providing their personal account information when they are making a purchase.
Customers are more likely to make a purchase if they know with absolute certainty that their information is both safe and secure. The best investment that an online gaming company can make is to seek out a reputable and trustworthy high risk merchant account to securely process their payments.
Why High Risk?
Why would you need a high risk merchant account? Why is your business, an online gaming business, considered high risk? The reasons are the following: it has a high-volume turnover, there are age restrictions, diverse global laws, and significantly higher instances of chargebacks.
Knowing that is how things stand, it is best to not waste time seeking partnerships with standard, low-risk merchant account providers. They will reject your high-risk business from the outset. Very few standard merchant account providers will do business with high risk industries. They simply don’t want the risk.
Instead, seek out the expertise of high risk merchant account providers. Specifically, look for those that are familiar with both the gaming and gambling industries. This will ensure that your account won’t be abruptly terminated.
How To Apply For A Gaming Merchant Account
Applying for a gaming merchant account and cryptocurrency payment options is pretty straightforward. However, there are specific criteria that you would have to adhere to not only to acquire but to remain in good standing with your provider.
A few of the items needed to begin the application process are as follows:
- The application form
- A copy of your gambling license
- The registration certificate of your company
- A Good Standing certificate
- An official document, such as the M & A
- Provide a Register of Shareholder and Directors in the last 3 months and signed by the director of the company
You will also need to submit an estimate of how many transactions you will expect to have every month, average value of every transaction, and where your cardholders will be based.
This is just a glimpse of what could be requested by your provider. Of course, it will vary based on the provider and the type of business you run.
Once everything is processed and you are approved for an account. This is only the beginning. The greatest challenge lies ahead as you will battle to ensure that your chargeback ratio remains below the limit as explained by the provider. You must also be sure to provide full refunds if customers issue a dispute against your business. It is crucial to provide top-level customer service. Keep communication lines open to avoid any disputes before they start.
It Doesn’t Have To Be Difficult
Applying for a gaming merchant account may seem daunting and complex at the start, however, it does not have to be. If you arm yourself with all the necessary criteria and set up your business in a way that makes disputes unnecessary, you will already be ahead of the game.