|May 4th, 2017|
According to the survey done by ‘The Gambling Commission’, betting and online gaming contribute huge percentage of overall industry market share. Casino games, sports betting and online bingo sites cover the major proportion. The tremendous rise in the accessibility of gambling and online paid gaming sites has increased the importance of merchant accounts in this industry type.
Gaming Industry Merchant Services
Online gambling is popularly known as gaming in the merchant service industry. Majority of card processing providers consider it as high risk industry due to certain reasons. Some of them are:
• Gambling businesses generate high-volume turnover which increase the risk factor when an acquiring bank assesses the merchant’s profile
• Most of these businesses are based offshore; hence, there occurs many cases involving fraud and money laundering
• Startups find it difficult to convince the acquiring bank due to lack of credit
How Merchant Accounts Are Beneficial For Gaming Business
To accept credit and debit card payments, these businesses need merchant accounts. Being a financial account, it allows transference of funds from card issuing banks to the business bank account of the merchant. Besides, various other benefits are also there. Want to know? Here they are:
• Increased revenue: DCC generates additional revenue from international transactions that already exist.
• Zero foreign exchange risk: There’s no foreign exchange risk to the merchants as they are managed by the service providing company.
• Opportunity to increase international customer base: By allowing the international customers pay in their home currency, it is way easy to grow the traffic.
Merchant services provide benefits more than you can imagine. Apart from the advantages you read above, there are few more pros you must know. Let’s unveil them in the below mentioned points:
• No set up fees
• Fast approvals within 24-48 hours
• High volume solutions such as multiple MIDS and load balancing gateways
• Chargeback protection along with chargeback prevention programs
• Support for gaming operators
• Comprehensive anti-fraud systems
• Multiple payment methods
• Real-time reporting tools that give detailed overview of all types of transactions
• Multiple integration options that to merchants reduce the burden of PCI compliance
• Tokenization to ensure the front-end communicates with the information in the back-end systems
Avoid Chargebacks with Paycron
Though chargebacks are a major problem for gaming industry, Paycron has solutions to keep this risk away. Players at an online blackjack table when take a huge loss, call their credit card issuer and deny the charge. This leads to battle that is hard to win for the e-commerce merchants. At Paycron, we tell merchants how to avoid such situations and disputes so as to make profits without any barrier.