Merchant accounts for gaming and gambling companies offer a number of benefits and cost savings. For account funding, cash-out winnings, pari-mutuel wagering, race tracks, fantasy sports and skill-based gaming, the accounts are the ideal solution. Find out how your business could benefit.
Being able to accept payments from gamers and pay out quickly to winners is the lifeblood of the online gaming and gambling industry. A good customer experience for players to be able to make instant deposits and collect winnings is vital. It is also vital for retaining customers, and for the online gaming companies’ overall revenue.
With the online gaming and gambling markets growing and growing around the world, there is fierce competition. In this article, we outline the benefits of merchant accounts for gaming and gambling companies.
Merchant accounts for online gaming companies make provision for the two main ways players fund their accounts – card payments and bank transfers. Being able to process payments seamlessly from credit cards and debit cards is vital for online gaming companies.
Accepting payments from a variety of cards is also good practice for online gaming companies. In addition to accepting major credit cards and debit cards, Union Pay is an increasingly popular choice.
ACH provides the option for accepting payments directly from US players’ bank accounts without the use of a card for online gambling businesses which are legally operating in the US. And can be used to pay out winnings to US customers. Internationally, local bank transfers are available in certain regions.
In addition to offering players more payment options, direct bank transfers from ACH also reduce fees for gaming companies. It is almost always cheaper to process ACH payments than cards. This is because interchange fees are 50-80% lower than card processing.
Previously, ACH payments were not popular with gamers because of the processing time. Now, while payments can still take up to 48 hours, same day payments are more common. Gaming companies can check on processing in real time in the reporting dashboard.
For online gaming companies that offer customers the ability to pay monthly, ACH is a great option. As bank accounts rarely change, setting up recurring billing via ACH is a hassle-free option. More than 20% of credit cards and debit cards are lost, stolen or expire each year. This creates a manual step to re-create a recurring payment by card.
ACH payments have no such need to be updated every few years. Put simply, recurring payments by card are riskier than those made by ACH. This can negatively affect online gaming companies’ revenue and increase administration.
Merchant accounts for online gaming and gambling companies alleviate these risks by offering seamless ACH payment processing.
When customers win a bet or game, they expect to be paid rapidly. Quick and efficient payments are not a bonus, but essential. They can make or break customer satisfaction, and whether your customers stick around.
With a merchant account, you can elect to make payments using ACH, debit cards, and virtual debit cards. All three methods have merits. Having the flexibility to choose your payment method is vital to online gaming companies.
Offering choices as to how your customers can fund their account is vital to success. Online gaming firms that offer more payment methods produce more revenue. Whether your customers want to pay by ACH, credit card or debit card, giving them the choice is likely to mean more revenue.
Offering the ability to claim winnings quickly is also vital to an online gaming firm’s success. Being able to process payments to customers is fundamental to this. Merchant accounts for gaming and gambling offer the perfect solution.
Find out more and apply online for our gaming merchant accounts.
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