Gaming Merchant Account Working With Payment Processors

1. Gaming Merchant Account Working With Payment Processors If you own an online gaming platform or are planning to venture into the field, you are probably familiar with the term gaming merchant account. For those that are unaware, a gaming merchant account is an account that allows you to receive money and make payments. Unlike other merchant accounts, opening a gaming merchant account can turn out to be a complicated task due to the high risk status of the gaming industry. The key is to comply with all the requirements of the account provider, share all the required documents, and partner with someone who knows the industry well. A gaming merchant account is considered high risk due to the following reasons. These businesses are more prone to high chargebacks and refunds. This increases the risk a processor may experience while processing payments. The high turnover increases the risk for the processor. The processors often don’t want to be responsible for the balances that the gaming platform cannot cover. There are concerns over money laundering and fraud since most of these businesses are based offshore. As far as the cost of a gaming merchant account is concerned, there are activation fees and other pre- decided fees for all your transactions. But know this that the charges will always be higher than the other accounts, due to the risks involved. The documents required to open a new gaming merchant account aren’t definitive. However, here is a rough list of documents that are usually asked if you want to open a gaming merchant account. Filled application form A copy of your gaming license Registration certificate of the company Details of the shareholders Details of the directors An online gaming merchant account is the most efficient way of spreading your business to a wider audience. It will also help increase your profit substantially over a short course of time.