Gaming merchant accounts are used by bookmakers, as well as companies offering gambling and other games that can be played on the Internet.
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The internet these days, due to the coronavirus pandemic, has become the main shopping tool. People now go online to shop online, play games, or just read, chat on social networks, etc.
To be able to play games online, you must pay with online payments by debiting your debit or credit card.
The development of Internet technologies allows anyone to fully immerse themselves in the gaming virtual world, play on a computer or smartphone. Pay certain money (buy a virtual loan) and the game world is wide open before you.
Since the late 1990s, the gaming industry has been one of the largest in the e-commerce sector. And it is not going to decrease anytime soon.
For example, in 2016, the electronic gaming industry had $ 45 billion in revenue. In 2018, there are already 56 billion dollars. In 2020, this figure is likely to cross the $ 70 billion mark. These numbers are clear evidence of the rapid growth of the gaming services industry.
There are two types of gaming merchant accounts – encrypted and non-encrypted. Depending on the type of business of the company, when paying by bank cards, a merchant category code is assigned – a 4-digit number. Licensed members in the gaming industry can receive a coded merchant account.
For an entrepreneur who wants to work in a niche of the gaming industry, in which consumers buy virtual loans and play various games, including gambling, there is a set of rules and regulations that he must comply with.
Consumers wishing to gamble online should be able to quickly and easily convert their money into virtual money in order to participate in the game.
With the development of the gaming industry, people have been able to play games directly through the application on their smartphones.
Therefore, conditions must be created so that people can purchase virtual money through applications.
Merchant accounts are used for all types of online gambling establishments and gaming business:
- Practical jokes
- Horse racing betting
- Multiplayer online games
- Mobile gambling
- Mobile games
- Online bingo
- Online poker
- Social games
- Reverse and Scandinavian auctions
How to prevent chargebacks for a game merchant account
For online gaming entrepreneurs, chargebacks are a big problem. After losing an online game, a person can demand to return his payment, citing problems with credit cards. This is a losing business. International payment systems of bank cards (Visa, MasterCard, etc.) in this situation will be on the side of the cardholder. This is why payment system provider Wellcoinpay teaches entrepreneurs to prevent chargeback disputes with their payment strategy.
For ordinary businesses, it is easy to get a merchant account from a bank or payment system provider. But if your online business is high-risk, then traditional banks and lending institutions will be wary of providing you with a merchant account for payments. Since there is a high likelihood of fraud, refund of payments and increased attention from law enforcement agencies. But for the gaming business, a merchant account is vital!
What are the benefits of a gaming merchant account?
Entrepreneurs can increase their business thanks to the presence of a merchant account:
- Fast approval without commissions.
- Lack of currency risk.
- The ability for customers to pay in their native currency, thereby expanding their customer base and increasing the volume of payments for online games.
- Protection against chargeback using special programs.
- Providing real-time tools that provide a detailed overview of all types of transactions.
- Complete set of fraud prevention tools.
How can companies operating in the games industry get a merchant account?
How can I get a game merchant account?
Due to factors such as the ambiguous reputation of such a business, potential legal problems due to vague laws, a high share of chargebacks in online casinos and in the gambling business, traditional financial institutions refuse to cooperate in the gambling industry, even if it is one of the most profitable types of business.
To get an effective and efficient tool for processing payments made using bank cards, contact our company Wellcoinpay. We offer customized payment processing solutions for all types and sizes of businesses.
Leave conflicts with traditional banks and payment systems in the past, take a step forward, create a merchant account with Wellcoinpay and work with your clients in London, UK, Europe, and around the world.
Why Choose Us?
Wellcoinpay, an international payment system provider headquartered in London, offers personalized and affordable gaming merchant account services for companies of all sizes and in any legal field.
We establish strong relationships with banks and merchant account holders for long-term success.
Wellcoinpay is one of the best gaming payment system providers offering services for gaming merchant accounts throughout Europe and the UK.
We are actively working in the following countries – Great Britain, Russia, Germany, France, Italy, Spain, Ukraine, Poland, Romania, the Netherlands, Belgium, Greece, Sweden, Austria, Switzerland, Norway, Ireland.