|March 26th, 2020|
Following suit from other services and activities, a plethora of gaming services too have moved to the internet. Gaming industry offers a wide variety of options for online players. One of the most popular categories in this is card gaming, which includes games like poker, rummy, 5 card draw and several others. These games can be played online and players can place real time bets and win actual cash. Now, these gaming cum betting websites are considered as high-risk and it becomes way too difficult to find a reliable payment processing service to fulfill their needs.
Are you setting up a poker website, or any other gaming website? If you are, then you must be familiar with the associated risks and the safety guidelines for running this kind of business online. Gaming websites require a high-risk merchant account to process financial transactions and payments. Bets and transactions on a gaming website have a high frequency and are characterized by enormous cash volumes. Since the sites are global and players across the world participate, there is an influx of multiple currencies on such platforms. However, along with the challenges, this business offers an opportunity for a limitlessly expandable market and huge profits.
As a business owner of such gaming websites one must not be perplexed about what to look for when choosing a payment processing solution. The process is simple as long as the basics are covered. Here is a checklist to make sure you find the right online poker merchant account services.
1. A Secured Gateway: The Payment Card Industry- Data Security Standards (PCI-DSS) complaint security standards are an authentication protocol for payment processing via credit/debit cards. A PCI compliant gateway is an assurance of a legitimate service which facilitates safe and secure transactions.
2. Economical Rates: The number of transactions on such websites is huge and a low per transaction fee is beneficial for the merchant. Further, look for a service that offers free merchant account set-up and asks for small rolling reserves.
3. Multi-Currency Capability: As mentioned, the players/users of a gaming website are spread across the globe. Due to this, a multi-currency inflow is unavoidable and the ability to accept international payments is a mandatory requirement. The frequency of fund settlements that offer freedom and flexibility to choose is an added benefit. Most processors allow daily, weekly and monthly payment settlements as per requirements.
4. Protection Against Frauds: Online gaming industry is a high-risk business and there is always a chance of fraudsters trying to chip off funds or cheat the websites. Payment processors that protect against data theft and reduce chargeback frauds.
5. Multi-platform Easy Integration: Easy to set-up and solutions that are easy to integrate across multiple platforms like mobile devices, websites etc. increase the fluidity of payments and create a glitch free environment for all kinds of users. Fast approval of payment processing services and easy set-up within 24-48 hours is something a merchant should look for when choosing an online poker merchant account.
6. Round the Clock Customer Support: An efficient payment processing solution is accompanied with an equally efficient customer support to ensure that merchants do not face problems in operating their accounts. 24X7 service to troubleshoot any minor or major problems is needed to ensure that transactions can be processed in an error free manner. A dedicated account manager for each merchant or for a group of merchants ensures that operations run in a smooth manner.
It can not be emphasized enough that the online gaming industry is high-risk and acquiring a credible merchant service is extremely difficult. Offshore merchant accounts are preferred as the offshore acquiring banks have lesser trading restrictions and may also provide tax benefits to the merchants. However, most of the payment processors offer their services to these online gaming businesses but they do so with high fees and extra charges due to the associated risks. Apart from the points listed above, other features like billing history, sound security measures and a robust payment system are vital.
Armed with the basics, now you can look for a merchant account service as you know exactly what you want. There are several services that offer comprehensive payment processing services and you can choose the one that fits best to your needs. Sign up to get a quote and avail these services for your business and start receiving payments on your website today!