The entertainment industry has experienced a high level of growth in recent years. This growth is expected to rise to a whopping $2.14 trillion by 2020 based on the findings and projections of Statista. Over the years online gaming merchant account rates have enjoyed a steady increase and are expected to grow in popularity among business owners and the need for online gaming merchant account instant approval. This has also increased the total number of individuals who have shown interest in the industry. By 2020, it is expected that the total traffic generated from online gaming is expected to rise from the 126PB recorded in 2016 to 568PB in 2020 thus showing that people are having a great time playing online games.
The levels of revenue generated on online gaming platforms are massive. The games are enjoying a high rate of patronage with several massively multiplayer online gaming that connects hundreds to thousands of people at once. It has successfully generated 19.9 billion in 2016 with North America and the Asia Pacific taking the lead as the highest contributor.
With all the visible signs showing that online gaming and casino is lucrative business, several other institutions are not ready to gamble with them due to fear. At the time of writing this article, the background, high rate chargeback ratios, and potential legal issues due to ambiguous laws keep most financial institutions and gaming merchant account providers from playing active roles in the market.
For businesses to effectively process their credit card or run an online merchant account approval, business owners need to obtain an online gaming merchant account on an account provider site like eMerchantBroker.com (EMB). These sites specialize in the provision of a high-risk merchant account for online casinos, MMO, and social gaming. They also offer a customized payment processing solution for all companies interested in their services. Once your account is approved, you can go ahead to set your chargeback management tools and payment gateway
To get an online merchant account instant approval, most merchants are advised to get in touch with the online gaming merchant account bank of their choice and file in their applications. Most of the merchant account for casino and online gaming gets approved 24 hours after a successful implementation. After approval, you can set up your online gaming merchant account by setting the chargeback tools, and payment gateways. You can also set up a fraud filter for all your online payments.
Type of merchant accounts for online gaming and gambling businesses
The taste and rules guiding the existence of merchant accounts differ from one region to the other. Most online gaming banks offer the following types of gaming accounts as options for their clients;
- Horse race betting
- In-play gambling
- Massively multiplayer online gaming
- Mobile gambling
- Mobile gaming
- Online bingo
- Online Poker
- Social gaming
Please note that the acceptance of these accounts depends on the accepting account types and the existing businesses they undergo with the merchant account providers.
What do I need to create a casino and online gaming merchant account?
Creating an approved online gaming merchant account requires a high level of preparation from the high-risk merchant owner. Depending on the needs of your online gaming merchant account provider, when creating an online gaming and casino merchant account, it is important that you have the following documents ready.
- Most recent bank statement not later than 3 months.
- Most processing statements not later than 3 months (if applicable).
- A pre-printed voided check
- or a bank letter.
- An EIN (Employer Identification Number) or SSN (Social Security Number)
- A valid, government-issued Identity Card such as a driver’s license
- Chargeback ratios must be under 2%
You may be required to fill out an online application form to facilitate your online gaming merchant account instant approval. The procedure for doing this is quite simple and can be carried out by almost everyone who can read and write. In addition to the online application and a secure, operational website, merchants also must have the following items ready
- A history of high chargeback (credit card transaction disputes) ratios
- Bank statements
- Credit card processing history
- Credit scores
- Negative bank account balances
- Unpaid bills and late payments
Once the right documents are provided, your account will be approved within the next 24 hours to 48 hours. These documents are often required by service providers and underwriters to ascertain the genuineness of the business undertaken by online gaming platforms applying for an instant online merchant account approval. Most often, these account providers may carry out some reviews to determine the factors which ensure credit card processors are not taking any unnecessary risks. Merchants who are considered to be high risk tend to serve as a greater financial burden than others.
They are considered too risky by financial institutions.
Online gaming and gambling is a game of luck plagued with several uncertainties which the banks are not ready to lose. These businesses are prone to excessive chargebacks and refunds and may experience a higher volume turnover. The market is just unpredictable.
The business falls into the legal gray areas:
There are several laws prohibiting unlawful online gambling. It is unacceptable in some parts of the world. Since the law prevents gamblers from accepting wire transfers, they may require to process credit card payments for all their transactions.
It is plagued by several fraudulent activities
Online gambling is plagued with several fraudulent activities which make it unsafe for investment. There are always cases of friendly fraud when a customer disputes a transaction because they have changed their minds.
Most gambling games are based offshore:
Keeping a tab on the activities of online gaming platforms is quite impossible since they operate outside the country.
Online gaming is generating huge levels of revenue, and you can benefit from it too. Kindly connect with our team of professionals if you have any questions regarding how to open an approved online gaming merchant account. We will love to hear from you.
We’re experts in handling high-risk merchant payment processing for a variety of high-risk industries, both big and small. Where low-risk providers turn their back, we welcome you with open arms, ready to help high-risk businesses get approved and stay approved.
If you would like to know more about our solutions, get in touch today.
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