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.
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.