Online Gaming Merchant Account
With rapid innovation growth, certain niches have begun to thrive. Digital gaming is definitely on the list. Despite its infancy, it has grown by leaps and bounds into a multi-billion-dollar business. Check out this article to learn how to open an online gaming merchant and get processed easily.
The most popular types of online gaming
According to the latest data, the most flourishing types of digital gaming are:
- Prize Draws or Similar
- Internet Sportsbooks
- Reverse & Penny Auctions
- Small Lottery Syndicates
- Internet Sportsbooks
Why online gaming merchant account is considered high-risk
Digital gaming is claimed high-risk by most of acquiring banks for the following reasons:
- High volume turnover. The digital gaming businesses usually have a high volume of turnover. The vast majority of banks who are giving them a credit line consider this factor high-risk.
- Intangible product. Intangible products increase the possibility of numerous chargebacks and refunds. With a small transaction amounts that are common for digital gaming, the chargeback rate might become fateful for business success.
- Money laundering. Gaming businesses are often based offshore. There have already been documented cases of money laundering and fraud. That raises banks’ concern from the get-go.
- No processing history. Thanks to the rapid growth of the niche, there is an increasing number of a new merchant trying to get in. Having enough funds for a fresh start, they still face refusals from banks for not having a processing history. The lack of thereof is considered high-risk and often leads to a decline.
Range of documents to open an online gaming merchant account
Take a look at the specified range of documents one should collect to open an online gaming merchant account:
- Certificate of incorporation.
- Certificate of Incumbency (or similar document).
- Copies of valid passports with visible bearers signatures for all company officers and owners.
Website requirements to open an online gaming merchant account
To open an online gaming merchant account, you have to make sure that your website contains the following:
- Terms & Conditions Page;
- Name of the company in the footer;
- Contact us button with an email and phone number;
- Deposit & Refund Policy Page;
- Visa and Mastercard logos [in case you offer them as payment methods]
For 15+ years, Ikajo International provides payment processing services to international merchants. During that time, our team has created state-of-art solutions for different business types. Ikajo offers fast and hassle-free onboarding for online gaming merchants. It is possible, thanks to our vast network of acquiring banks. Moreover, Ikajo helps to identify fraudulent transactions and prevent chargebacks. Contact us today to get the best fitting solution!
- Online gaming solutions
- API and HPP integration
- Free recurring billing
- PCI DSS Level 1
- Chargebacks & fraud prevention
- 60+ proven banks relationships
- 100+ payment methods
- Mobile banking
- 24/7 customer support