Factors About Online Gaming Merchant Accounts You Should Know Before Application

An online gaming merchant account comes with its terms and conditions and varied factors. A merchant planning to apply for a merchant account for his gaming business should know about them. Knowing essential aspects of the account helps find the right deal and a suitable merchant account solution provider. You know that once a merchant account is approved and you enter a contract, it is not possible to quit it and start again application process for another account. Also, it is not a wise thing to do. It is better to know about essential things in advance.


The application process and formalities should be completed accurately

The most important is the application process and a merchant should always understand it properly before for an online gaming merchant account. You need to be aware of all the necessary details and documents. The application process becomes more straightforward if you get assistance. Your payment solution provider can certainly do that for you.

  • Government-issued business registration documents
  • Licensing information
  • Bank statements
  • Financial statements

Keep everything ready because an application rejection due to incomplete documents and details will cause you pain. Also, it is a waste of time and money. Make a list of the required things and gather them before it’s too late.

Remove risk factors that may reject your application

As gaming is a risky business, merchants know how things can turn upside down if they overlook some of the common risk factors that may cause rejection. However, his gaming payment gateway can prove considerable support for every merchant. It usually informs its merchant clients about do’s and don’ts while applying for a gaming merchant account. Several common risk issues are as follows.

  • A high chargeback ratio can considerably affect your chances of approval. Before applying to a merchant account provider, you need to control chargeback incidents. A percentage of up to 2% is bearable, but more than that can cause a problem.
  • A negative bank account balance is another factor that can adversely cause rejection. Keep the minimum balance in the bank account because no acquiring bank approves a financially weak business.
  • Suspicious bank statements with no relation to an authentic account or transaction can make the acquirer deny your application. Such bank details may even bring you to the legal authorities’ notice.
  • Overdue bills and payments always create obstacles because they cause bad credit scores and show a business’s poor financial behavior. Forget about a gaming merchant account; your business will lose its goodwill in the market.

Online gaming merchant account fee is an undeniable factor

Every industry has its minimum and maximum fees limit, but we know every merchant account provider has its fee structure. You need to find the one with the most affordable deal but without compromising service quality. Varying fees are applicable when applying for an online gaming merchant account.

  • Refunds
  • Monthly statements
  • Chargebacks
  • Rolling reserves (if necessary after underwriting)
  • Discount rate

The fee structure is an important thing. However, it is good that some payment service providers connect a merchant with a merchant account provider as part of the service package. They bargain for the business owner to get him an affordable deal.

Do not forget to work on your website content

Of course, it is also an important thing that many merchants overlook. It is more intelligent to understand what content can affect the account approval. Believe it or not, an underwriter also looks at a merchant’s website. One cannot mention just anything on the website.

  • Never mention an exaggerated offer that cannot be completed in reality. It means a considerable discount or a big reward for the gaming players that is tempting but not realistic.
  • Always display the chargeback conditions clearly because not mentioning them is an offense in itself, and that can reject your gaming account application.
  • PCI-DSS compliance information should also be there to make the customers feel comfortable and confident about their payment experience.
  • Make your website stand out with the proper color contrast famous in the industry and the right choice of words that genuinely describe your services. Nothing misguiding should be there.

Quick facts about the gaming industry that tell why is it essential to have a suitable merchant account

The gaming industry is growing drastically. Talk about the last three years when the world was under lockdown, and the businesses were down and dying. The gaming industry was increasing a lot at that time because of online gaming. Even today, we have some fantastic data to establish this fact. After these facts, you can immediately explore the Eskaypay online gaming merchant account solutions.

  • The international gaming market is expected to be around $222 billion in 2022. The merchants must apply for merchant accounts carefully if they want to get a considerable share in this profitable industry.
  • Mobile gaming is the prime player in the growth of the sector. Mobile devices today offer a console-like experience and graphics.
  • After covid-19, there was a surge in the game console sales and Xbox Series X/S and PlayStation 5 consoles. The sale is also high in 2022.
  • CAGR, the Compound Annual Growth Rate of the gaming industry, will be 12.3% by 2027. It shows that the gaming industry has a bright future, and merchants can earn a lot.

Conclusion

To get a gaming merchant account on the first chance, you need to focus on every point mentioned above. After reading the above information, it is perhaps evident that getting the account approval is not rocket science. With some attention to detail, any merchant can do that. It is essential to control all the risk factors of a high-risk business because they are usually the biggest obstacles in the approval journey of a merchant account. The underwriters should never feel that a merchant cannot handle his business correctly. Issues like financial weakness, and poor credit score, should be treated at the right time. After that, there will be no problem, and you will get a smooth approval on your gaming merchant account.

Location: United Kingdom

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