The Word on Gaming Merchant Accounts

A blog about how to get started with an online gaming merchant account and the different ways to do so.

Introduction

As more people get into online gaming, this trend will definitely continue. Online gaming, which is legal in most jurisdictions, is appealing to gamers who want to play at home or on their phones. This booming sector makes online gaming easier for clients and boosts players’ spending power after paying other bills.

However, receiving online gaming funds is difficult. Merchant accounts must execute lots of transactions rapidly without compromising security or regulations (such as PCI). Gamer payment alternatives like prepaid cards and bank accounts require funds to be available within 24 hours to prevent overdraft fees.

Understand The Gaming Industry’s Unique Characteristics

The gaming sector is distinct in terms of merchants’ specialised needs and services. For example, because to the nature of their transactions, gaming merchants frequently engage in high-risk transactions. Therefore, they require a safe, user-friendly payment processing provider that can fit their specific requirements.

These specialized features include

Easy account setup – Gaming merchants want to set up accounts quickly, so you simply need to give your company’s legal name, address, phone number, and website URL. Our safe online application process usually approves applications within 24 hours!

Accessible funds – It is crucial for gaming merchants to have instant access to their funds after every transaction so that they can pay winning players without any delays or holdbacks from payment processors (like us). This allows them to keep their clients satisfied while increasing their earnings! We grant access within minutes after successfully completing each transaction, so there will be no delays for them either.”

Merchant Accounts For Online Gambling Facilitate Access To Funds

There are a variety of ways to access your funds with gaming merchant accounts. You can spend the money on:

• Purchasing goods and services
• Spending money on employee salaries and compensation
• Paying taxes on your own or on behalf of your business.
• Purchasing inventory (goods) from other businesses or vendors, such as shipping materials or packaging supplies.
• Online promotion of your business or product(s) via marketing campaigns, PPC ads, etc.

You can deposit funds into a card-accepting account using a gaming merchant account. Banks, payment processors, and cryptocurrency exchanges like Coinbase, where users may buy bitcoin with debit cards linked to their accounts via ACH transfer, can do this quickly.

Important Factors Regarding Payment Processing And Merchant Accounts

There are a number of crucial aspects to keep in mind while launching an online gaming website. Initially, it is essential to comprehend the payment processing sector. There are numerous possibilities for obtaining merchant accounts, but it is essential to choose a supplier that suits your needs in order to be successful.

You must also follow PCI Security Criteria Council (PCI DSS) regulations, which set security standards for credit card processing organisations. If you want to accept credit cards on your gaming website, your supplier may need to provide additional software or hardware.

High-Risk Merchant Account Holders Get Special Treatment

Risky merchants make more money from risky activities like gambling, adult entertainment, drugs, cigarettes, and firearms. Because most of their customers are criminals or bill-paying defaulters, these merchants may encounter fraud and chargebacks. These merchants have stricter customer service and return/refund policies than low- and medium-risk merchants. These merchants cannot use credit card processing services because they do not meet VISA or MasterCard criteria

PCI Compliance And Data Security Standards For Online Gambling Websites

Online gaming retailers need PCI compliance. Online gaming retailers must distinguish between PCI compliance and data security, as both are critical.
The following is essential if you’re new with the Payment Card Industry Data Security Standard (PCI DSS) or unclear of its applicability to your online gaming merchant business: Merchants must follow the PCI Data Security Standard (PCI DSS) when processing credit cards to prevent data theft. If your e-commerce site accepts credit cards, you need a merchant account. Merchant accounts may vary by business strategy and vertical.

Conclusion

This article should have given you a good understanding of the online gaming sector and how it relates to others. Its unique attributes make it an appealing option for merchants seeking a merchant account. Gaming Merchant Accounts can be found at PayPound at +44 800 832 1733 or sales@paypound.ltd. Join our team now! On LinkedIn, follow Paypound!