Having an online gaming merchant account high-risk is absolutely necessary if you operate an online gaming company with a high rate of chargebacks.
Gaming businesses are starting to understand the benefits of finding a reliable high-risk payment processor, and the sector is poised for further expansion. Customer data security and proper chargeback protection and management are the industry’s most significant problems.
As payment fraud increases, customers are also worried about disclosing their personal account information while making online credit card payments.
Your customers are more likely to purchase if they are sure that their personal information is safe and why using the best high-risk payment gateway is of extreme importance.
As an online gaming firm, you must seek out the best possible high-risk merchant account for your customers’ transactions and payment checkout solutions.
Why Is an Online Gaming Merchant Account High-Risk?
Are high-risk merchant accounts essential? What exactly is it about the online gaming business sector that makes it so?
The following are the justifications: It has a very high volume of transactions, age limitations, various international rules, and a disproportionately large number of chargebacks.
Is it better to apply with a standard provider or payment aggregator like Stripe and PayPal?
No, as they will ultimately reject your high-risk gaming industry venture. Very few ordinary merchant account providers will conduct business with high-risk industries because of the inherent risk stated above.
Instead, seek the advice of reliable, high-risk merchant account providers who have the necessary industry knowledge. To be more specific, look for individuals experienced with both the gaming and online gambling sectors. This will prevent your account from being canceled without notice.
What Can I Do?
If you conform to the bank’s underwriting guidelines and stick to the conditions of your agreement, you should be able to have one of these accounts approved in a reasonable amount of time.
An expert high-risk merchant services provider may save you time and money in the beginning stages of the application procedure. Researching high-risk merchant provider reviews prior to making a decision is key.
This will provide you with a significant advantage over the competition and save you time searching for alternatives and striving to satisfy standards.
Onboarding with a solid acquiring bank seasoned for high-risk is usually more accessible with the help of an experienced high-risk professional. Additionally, they may negotiate lower pricing for you on top of helping you complete the process quickly once your account is established.
If You’re a High-Risk Online Gaming Merchant, How Does It Affect Your Chances of Getting Shut Down?
Preventing the closure of your company’s merchant account should be your number one priority while looking for high-risk payment processing solutions.
Your merchant account may be terminated and your money held by the bank at any time if you are not careful. In other words, once you are shut down, your business is essentially over. At this point, you have no method of recovering any of the money you’ve already made via the sale of your products and services. Choosing the proper merchant account provider at the outset will increase the account’s life span.
Once the account is established, the bank will continue to do underwriting, ongoing due diligence, monitoring, etc to help ensure your processing history remains solid. All merchant accounts are subject to constant risk monitoring, especially those considered high-risk.
All payment providers will immediately terminate any auto-approved accounts that were accidentally set up as low risk and are a high-risk business type. They will close the account down immediately and ask questions later.
High-risk merchant account providers may be used to boost the chance that banks would accept a business plan. The presence of high-risk companies is not rare. You might be labeled a high-risk merchant based on your industry, location, and even the customers you attract.
What You Need To Do To Apply For an Online Gaming Merchant Account
With a high-risk merchant account from a gaming merchant, you may process online payments without the need for a bank or an electronic wallet.
You may use it for online and brick-and-mortar companies to handle all debit, credit, and prepaid card transactions. In order to get and maintain good standing with your service provider, you must meet specific requirements that are detailed in advance.
The following are some of the things you’ll need to begin the application process:
- Complete the application form in detail
- A copy of your gaming license is required.
- Certificate of incorporation for your business
- A certificate of good standing.
- Calculate your monthly transaction volume, average transaction value, and the location of your cardholders as well.
This is only a tiny sample of what your service provider may ask for. Different service providers and businesses will have different needs to process credit cards.
Once your application has been reviewed and accepted, you may begin using the service. This is just a fragment of the narrative.
The biggest obstacle you’ll have to overcome is keeping your chargeback ratios below the limit set by the service provider. If clients have a problem with your online casinos, you must provide them with a complete refund.
Excellent customer service is a must. Keep your lines of communication open to prevent any issues from arising.
Tips for Maintaining a Healthy Gambling Merchant Account
- Keep your gaming merchant account’s chargeback percentage below 1% if at all possible.
- Ensure that your descriptor is apparent and that your customers know exactly where the charge came from. Customers usually refuse a fee that doesn’t have a familiar name.
- Make sure that every single transaction is documented and archived correctly. Include the date and time and the IP address from which the online gaming account merchants made the payment is required.
- Once a transaction is completed, always ensure that an automated receipt is delivered.
- Obtain feedback from clients.
- When a complete refund is required, make sure it is done immediately! (Too many refunds can also get you in trouble)
- Customer service and processing team members are informed and competent in communicating with consumers.
Choosing a high-risk merchant provider can often be a cumbersome process. Let SecureGlobalPay change your perception of what high-risk payment services are all about.