Posted by admin on Nov 16, 2021


Online Gaming Merchant Account

As the online gaming industry grows at a quick rate, gamers are becoming more aware of the services and features offered by gaming platform providers. A company's revenues from online gaming, on the other hand, can be maximized with the help of a trustworthy online gaming merchant account. Learn how to open an online gaming merchant account and about the various payment gateways that are available.

What is an iGaming Online Gambling Merchant Account?

Online Gaming Merchant Account
Online Gaming Merchant Account

Alt-text: Online gaming merchant account

An online gaming merchant account is a payment processing account dedicated to online gaming businesses. Its goal is to accept deposits and payments, as well as to arrange payouts and player awards. It is frequently linked to a payment processor installed within the website or application.

Obtaining an online gaming merchant account is not straightforward, but if you follow the guidelines and submit the required documentation and information, as well as go through an experienced corporate services provider, your chances of acceptance are extremely great.

Why Use a Trusted Merchant Account for Online Gaming?

While online gaming is now highly regulated and organized, some financial institutions continue to believe that certain risks persist. They will most likely become more knowledgeable about the sector and more trusting of online gaming suppliers over time.

Note that all these points do not rule out the possibility of obtaining online gaming payment processing. There is still a way to obtain genuine payment processing accounts for your online gaming website despite the high risk.

  • High chargeback rate:

Casinos and online gaming firms have significant chargeback and refund rates, which raises the processor's risk while processing credit card payments.

  • High turnover rate

They also have a greater turnover rate, which raises the risk for processors.

  • Worries about fraud

Many gaming operations are headquartered offshore, raising worries about the prevalence of money laundering and fraud.

How do I Get an Online Merchant Account?

Because now you know why online gaming merchant accounts are so necessary, the following step is to figure out what you'll need throughout the application process. To obtain an online gambling merchant account, a corporation just simply fill out the web form provided by the merchant account provider. Furthermore, underwriters and processors will be required to give the merchant account provider the following information:

Requirements for an Online Gaming Merchant

  • A government-issued identification card (driver's license, etc.)
  • History of processing (3 months for the US; 6 months for international)
  • Account statements
  • Licensing details
  • Statements of financial position for high-volume online gaming retailers

Website Requirements for Opening an Online Gaming Merchant Account

You must have the following things on your website to open an online gambling merchant account:

  • Page Concerning Privacy Policies
  • A page containing the Terms and Conditions
  • The company's name appears in the footer
  • Policy on Deposits and Refunds
  • Logos for Visa and Mastercard [if you accept them as payment methods]

Risks to Avoid

Online Gaming Merchant Account
Online Gaming Merchant Account

Alt-text: Online gaming merchant  account

When an online casino or gaming site asks for a merchant account, the underwriters and processors must verify the site's legitimacy. Underwriters evaluate many factors to ensure that credit card processors do not take on additional risks. Before approving online gaming merchant accounts, insurers and processors look for the following red flags, therefore avoid doing any of them.

Among the high-risk characteristics considered by underwriters are:

  • A history of credit card transaction disputes
  • High chargeback ratios
  • Suspicious bank statements
  • Having a bad credit score and credit card processing history
  • Negative bank account balance
  • Overdue bills and payments

Online Gaming Merchant Gateway Options

Alt-text:  merchant  account

You should select a gaming payments solution that offers the finest merchant and gamer experiences, as well as security measures. Consider the simplicity of integration as well as the pricing. You should also keep in mind that an uninterrupted gaming experience includes fast and uninterrupted payment processing. Gaming and payments must work in tandem.

The rate premium is a small downside of using an online gaming payment portal. Derivatives are usually more expensive than traditional banks. Traditional banks do not underwrite these accounts. For this reason, you should use a high-risk provider for your payment gateway. Their customer support agents can assist you to set up your online store's technology.

  • Debit cards: Debit cards are harder to charge back than credit cards. And have shorter windows for chargebacks.  You can accept standard debit cards. Payments from virtual debit cards are also possible. But unlike ordinary debit cards, virtual cards do not come with a physical card. Money credited to a virtual debit card can be used online but not in stores.
  • Credit Cards. Use credit cards to play online
  • Crypto: Using a renowned crypto gateway for your business will help you attract new consumers and differentiate you from your competitors. And crypto payments have 0 risk of chargebacks.

Online Gaming Accounts in the US and Europe

Online gaming accounts are readily available to all properly licensed merchants.  The US is opening up more than ever before to online gaming.  Including fantasy sports, parimutuel betting, games of skill, and sites run by the major casinos and sportsbooks located in the United States.

Europe is a prime location for some of the largest online gaming and sportsbooks in the world. The European gaming market is well-established.  Reliable, dependable, high volume processing is widely available.

All online gaming merchant accounts include the ability to accept debit and credit cards.  And crypto payments are integrated into the gateway, so you can accept crypto as well as card payments

Curacao Online Gaming Merchant

Curacao's e-gaming license is one of the most widely used in the world. Due to its popularity, the jurisdiction currently licenses and operates roughly four hundred fifty (450) online gaming firms. To be safe, get a Curacao license.

Without a doubt, the operation provides numerous benefits to the holder, including business and fiscal incentives. To begin, Curacao is probably the quickest, cheapest, easiest, and most accessible country in which to obtain a gaming license. It has a simple application process and low maintenance requirements, and it gives entrepreneurs an excellent opportunity to test their product before confronting more difficult licensing jurisdictions. While certain standards must still be satisfied, the amount of bureaucracy is reduced and valuable time is saved. Additionally, it offers a single license for all game types. Among the activities covered by this license are the following:

  • online casino games (roulette, blackjack, slots);
  • sports betting peer to peer games (poker, backgammon, mah-jong);
  • mobile phone games, betting;
  • live dealing;
  • bingo;
  • fantasy football;
  • various trading activity;
  • pari-mutual and pool betting;
  • network gaming;
  • lotteries

Curacao licensing is acceptable to European acquirers.  Most Curacao online gaming merchants have European entities, directors, and bank accounts that meet the requirements of European banks.

Next Steps for your Business

Gambling and online paid gambling sites are more accessible than ever, which has boosted the demand for merchant accounts to support the sector. So, here is your business chance to optimize your processes. Stay ahead of the competition by opening a merchant account with the help of a  trustworthy merchant account provider who will take you through a secured process

It's time to stop being conservative with traditional banks and move ahead of the curve with online gaming merchant account services. It pays for online gaming enterprises to get their merchant accounts approved and ready to collect payments from clients in real-time.