How Gaming Merchant Accounts Are Beneficial For Your Gaming Business?

The gaming industry that rose to significance in the 90s has become one of the biggest source of internet traffic in the world. This global industry has been showing a steady growth of 10% for the last two years and is expected to reach a massive $180.1 billion by 2021. With approximately 456 million gamers enjoying eSports around the world and thanks to rapid advancement in technology, it is fair to say the market will not only grow further but thrive.

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As a gaming merchant, you must be well aware of the techs and trends that will allow your business to expand further. But massive potential market growth also means increased competition. And in order to survive, a merchant must take care to understand the demands and expectations of the customers.

One such crucial element of online gaming business that merchants need to pay attention to is the payment industry and its advancements. In this day and age, a single payment method will only act as a deterrent to your growing business hence, variety of payment methods offered to your gamers will not only ensure customer satisfaction but also keeps you ahead of your competition.

An online Gaming Merchant Account has become an essential tool for the growth of gaming businesses. Apart from allowing a gamer to transact choosing their preferred method of payment, it also delivers a wide range of benefits for the merchants as well as the customers.

• Get instant approvals for online gaming merchant account with zero set up fees
• Gaming merchants need not worry about foreign exchange risk
• With a gaming merchant account, a merchant can expand their business by allowing gamers to pay in their domestic currency. This means increased traffic and a loyal customer base.
• Avoid chargebacks with chargeback prevention tools and programs
• Multiple integration option means the hassle to get PCI compliance is reduced for the merchants
• Get a detailed overview of all your transactions with real-time reporting tools that are integrated with gaming merchant accounts
• Most importantly, gaming merchant account providers also equip merchants with fraud prevention tools that help with safe and secure transactions.

Obtain quality Online Gaming Merchant Account solutions from reputable processors like IBS ( International Bank Services ) and secure a simple, quick and quick-click payment system that allows your gamers to process transactions faster and enjoy an overall pleasant gaming experience.

Why is Gaming Merchant Account Considered High-Risk?

What is Gaming Merchant Account?

If you are owner of an online gaming business, you may feel the need of online transaction of money though credit and debit card processing. A Merchant account is needed to perform such online transactions and such merchant account is called the Gaming Merchant Account or Gambling Merchant Account.

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What are the different kinds of Gaming Merchants?

The most common kind of Gaming Merchant are the Online Casinos. They have a high frequency of online payment processing. Other Gaming merchants include Online poker, online table games, Fantasy Sports, Multiplayer online gaming, etc.

Is Gaming Merchant Account considered High-Risk?

Yes, you may have come across a situation where you need a Gaming Merchant Account but cannot find the right resource. This is because Gaming Merchant Account is classified as High-Risk and most of the banks and financial institutes do not take the risk to entertain any such kind of High Risk Merchant Account.

Why is Online Gaming is considered High Risk?

Following are some of the reasons why Online Gaming merchant are classified High-Risk.

Total turnover of online gaming of very high and hence the business is considered to be high risk by Merchant service providers and banks.
As the business offshore it is has a high possibility of frauds and money laundering making it a High-Risk business.
This business includes international transactions and multiple currencies this makes the business a high risk.
This Business includes a high percentage of chargebacks. The membership payments leads the consumers to take a 30 free trail pack and further discard membership after the trail ends. This rate of chargeback makes this business a high risk.

We suggest you to do a proper background check of the best Merchant service provider with a high rate of High-Risk approval rate. Such provides will help you with best services related to your Gaming Merchant Account.

Gaming Merchant Account & Payment Essentials for Online Gaming Business

The Online Gaming Industry is growing exponentially and it could very well shape the future of entertainment, thanks to technological advancements. The industry is predicted to hit a massive $80bn mark by the end of 2020. In fact, a significant 11% of the total internet traffic comes from online gamers.

If you happen be a gaming merchant, you would be well aware of the industry trends and its potential. And in order to capitalize on this growth and compete with your fellow competitors in the industry, one of the most important trends to follow is to obtain a gaming merchant account to offer variety of payment options.

But, obtaining a gaming merchant account and payment solution is only job half done. A solid payment solution can boost your business and increase revenue significantly whereas, a weak one could cause more harm than good.

Lack of payment options, a complex and lengthy check-out process, transaction failures, etc can be damaging to business and cause hindrance to your business growth.

Here are some gaming merchant account & payment essentials to keep in mind while securing an Online Gaming Merchant Account Solutions from a merchant account provider:

Payment Flexibility

Customers demand variety. Give your customers options. Since you are in the gaming business with a young demographic for an audience, you should know that providing variety of payment options appeals massively to the millennial generation.

Alternative payment methods account for 51% of all online gaming transactions. While cards are still widely used, new payment options such as e-wallets, mobile billing and direct debits are gaining steady popularity with the modern gamers.

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Simple and Quick Payment Process

The online gaming world moves at a rapid pace and to match that you need to provide a payment system that is equally fast and smooth. A lengthy and disruptive payment process can be frustrating and a major turn-off for the gamer.

Players require a simple and easy check out process that does not interrupt their gaming experience. Integrate a payment system that offers simple, flexible recurring billing and quick-click payments for better user-experience.

Stable & Secure Payment System

As an online gaming platform, your business is live 24 hours and 7days. Players from all around the world will use your services and play all the time. As a gaming merchant, you cannot afford your payment services to stop abruptly, even for a minute, especially during peak gaming hours.

A stable and secure payment system that works seamlessly, round-the-clock with zero glitches is an essential requirement for online gaming merchants.

Consumer Behavior Insights

Industry growth brings in increased competition. In order to tackle competitors and stay ahead in the game, you need to stay updated on consumer trends and behavior. Analyzing consumer data can give you a better idea of what your customer wants and expects helping you in the long run to attract customers.

Ensure that your merchant account provider has the tokenization option along with providing a comprehensive report that includes proper consumer insights.

Be sure to demand the above given key requirements when approaching a merchant account provider while looking an Online Gaming Merchant Account.