We already are aware of the rising competition in online gaming platforms. It is a fact that just one online stream can make you earn millions overnight. Don’t you think it is amazing?
So what does a merchant account have to do with it?
Hold on, we are going to cover everything in this article. We are going to discuss the importance of merchant accounts for the online gaming platform.
Before diving directly into the principal topic, let us first start by knowing what exactly is a merchant account?
What is a merchant account?
It is a type of customised merchant service. It is very helpful when it comes to collecting online money. These merchant accounts are useful to control the functioning of e-commerce websites. Websites that accept online payments which also include online gaming platforms.
What is an online gaming merchant account?
An online gaming merchant account has several features that help in completing operations faster. It gives the most successful results of transactions.
Companies that provide these services also need protection from
- Online scams,
- Cyber-bullying, and many other online problems.
Facilities that gaming merchants enjoy are dependent on service providers.
There can be no guarantee of safety from the fraudsters that are ready to take advantage of innocents. They just disappear after their foul act and will not even contact you after getting the money.
Related: Fraud Management
Why Merchant account is important for online gaming
Merchant accounts are designed to help you manage the operation of your e-commerce website. Also, the platforms that process online payments, such as online gambling. But nowadays, online gaming is a cut above the rest, as a single live stream may make you millions in a couple of moments.
Isn’t this incredible?
Online risks such as online scammers, cyberbullies, credit card fraudsters, and others must be protected by companies that provide such services. For such services, those online gaming merchants are fully reliant on payment service solutions.
However, some swindlers target unsuspecting investors, and safety is not assured. They won’t even approach you once they’ve received the funds. Therefore, as a result, PayPound has been in this industry for more than ten years and has provided the best facilities that you could ever desire. Every engagement on an online gaming merchant’s website necessitates the use of a High-Risk Merchant Account.
So now that you got to know the importance, let’s understand how does it work.
Online gaming merchant account- How does it work?
Everything is online in this digital era. Even trading takes place online as we know. These merchant accounts are specially for the traders who are vulnerable to high risks. Not every online gaming platform contains high risks though these three points can make you a high-risk brand:
- The volume of the company
- Your area
- Risks it attracts
Let us now cover the benefits of online gaming merchant accounts and why these accounts are important for online games.
Benefits of Online gaming merchant accounts
Alternative payment method
Your simple service provider will never provide you with multiple payment options. But with an online gaming merchant account, you can receive your payments in different modes of payment.
Some examples of these payment modes are:
- Debit card
- Credit card
- Visa, etc
This feature helps gamers to pay online while they purchase certain equipment in the game. They feel at ease having these many payment modes available to pay.
It is hassle-free, as they can easily opt for another payment method even if one mode refuses to pay.
Acceptance of Credit card
Credit card payment covers a wide region of the globe. It is the most common means of payment.
A credit card can be used for reasons like:
- Special offers on various multiple deals
- Paying EMI
Online gaming merchant accounts accept Credit Card payments which put gamers at ease.
Trading in multi-currency
It is important to maintain a record of purchase transactions if you are running an online gaming platform. It is really difficult with a normal merchant account but hang on, Online gaming merchant is at your service!
This merchant account allows users to receive the payment in any currency. It quickly settles the business and it is quite easy to maintain records.
Excellent card processing
Online gaming merchant accounts come with a powerful payment processor. Credit card transactions take less than a day with the help of this payment processor.
Various members are working to complete the payment process. The two main members are the card association and payment processor. The payment processor commences the process by informing every member about the transaction. On the other hand, card association maintains a sync between all the other members.
PCI DSS Certified
The online gaming merchant account is PCI DSS certified. It is the feature in which customer-sensitive information is end-to-end encrypted. This merchant account prevents any type of violation of rules of regulation of consumer’s rights.
Websites that are PCI DSS certified are the most secured because only a few websites have this certification. PSI DSS demands certain proof to assure your reliability.
Global card saving
This feature is an online merchant account that saves a lot of time. With a global card saving facility, customers can easily save their card details on the website.
They do not have to repeat the same setup process of cards. This makes the check-in quite faster.
Accepted by Various banks
Multiple banks support online gaming merchant accounts. You don’t have to worry about problems related to payments. This feature gives relief from the payment issues like payment stuck, payment failure, and delay in the payment.
It also reduces the chances of chargeback.
24*7 live reporting facility
Paypound merchant account has a live reporting facility that keeps on updating about your transactions and every time a transaction takes place.
It provides you 24*7 access to live to report.
How much does it cost to open an online gaming merchant account?
The fees to open an account are not fixed as it solely depends on different banks. The charges also depend on your risk level of business, business area, capital of your business, volume per month, and many other factors.
You will get relief on price charges if the monthly turnover of your business is more than expected.
Documents needed to open an online gaming merchant account
You need to open this merchant account to tackle the problems like online fraud, multiple chargebacks, and whatnot.
You will need to provide these documents to open the account-
- Domain name
- Company registration
- Utility bill/ Address proof of the owner
- Application form
- You must be a high-risk merchant
- Transaction history of last 3 months with the previous service provider
- Memorandum of association/memorandum of understandings
After completing these steps, there will be so many other steps in between for opening the merchant account. You can start working when you receive your merchant ID and password after the completion of the remaining steps.
To sum it up.
Paypound is a renowned payment processor. It will give you the facilities you need to satisfy the functional payment transactions for your company. We have a long history of offering reliable payment services to clients all around the world. We work tirelessly to deliver the results you seek under your company’s requirements. We offer a wide range of services, including
- Payment Gateway,
- Merchant Account Services,
- Several currency alternatives, and many modes of payment, among others.
We plan to supply you with an Online Gaming Merchant Account so that you can expand your business.