- August 27, 2020
- Posted by: admin
- Categories: gaming merchant account, online gaming merchant account, online gaming merchant account and payment gateway, online gaming merchant account services
The gaming industry is bigger than ever and has already proven to be one of the largest growing businesses of 2020. A report from Newzoo shows that the revenue of the industry has reached $164.6 billion this year. Technology innovation is one of the main reasons for its massive growth. Faster Internet connection, better graphics, and improved game experience has helped the gaming industry to be the phenomenon it is today.
Many business owners saw this opportunity coming and have already started investing in this field. Casinos, for example, expanded their area to the online gaming industry. Now, it is possible to play from home with many payment options, and safe transactions.
The same goes for mobile gaming. In 2016, the average American consumer would spend $77 on mobile games. Also, in China, it is the third most popular app in this class with 25% of the total game spending. This is a new era of entertainment and business—but it does require the right structure and payment processing solutions in order to be truly successful.
The future of the gaming industry is 100% connected to technology improvement and fast operations. Virtual reality, cloud gaming, and real-time personalisation are only a few things gamers can expect from now on. So, as a gaming merchant, you need to be able to provide the same experience to them.
Why you need a gaming merchant account
With the rapid expansion of the gaming industry, you must offer the best and safest experience to your customers. Gamers are very concerned about the safety of their transactions. They want security of your website or gaming platform. The basics are multiple and secure payment options such as credit and debit cards, and even cryptocurrencies; and client support service.
It’s vital that you find a processor that can offer your business solutions that fit your needs and guarantee satisfaction to your customers. To provide that, you need a gaming merchant account. It ensures your business offers payment solutions aimed to gamers in a safe and simple way. However, despite its successes, the gaming industry is classified as a high-risk business, so obtaining an account is not an easy task.
It is considered high risk because of the high numbers of chargebacks and refunds, and the high turnover volume. Such businesses are also usually based offshore, which can increase the risk of fraud. Another reason that puts the gaming industry in the high-risk business list is the fact that many gaming merchants are new in the field, which means they have a poor credit history or no history at all.
Since banks and traditional financial institutions are very serious about their public image, it is hard for gaming merchants to obtain an account with them. Luckily, there are payment processors able to provide high-risk business accounts and who specialise in this online gaming industry such as the likes of the premier merchant payment solutions company, iPayTotal.
The best solution for high-risk merchant accounts
At iPayTotal you are covered for all kinds of gaming business: casinos, social gaming, online gaming. You’ll have an account that allows you to make transactions without restrictions. Your customer can interact with the payments platform through the usual cards as well as alternative payment methods.
Online casinos, for instance, have started to accept Bitcoins as a payment option to give their customers a value-added choice. At iPayTotal, we are prepared to help you accept cryptocurrency payments also. We have strong and reliable relationships with acquiring banks, which allows us to provide you and your customers the best service for your online gaming merchant account.
Quick approval, safe payment solutions, reasonable fees, on-time pay-outs—all to help you increase your sales and conversions. We also offer services such as online reporting and SSL encrypted services for casino merchant accountholders. Your gaming business will be protected from fraud and high chargebacks with iPayTotal and its powerful, trusted technologies.
We guarantee full support through the whole process, with a team of experts who understand your business and can offer personalised solutions. Claim your online gaming industry merchant account today.
Contact us today and open your gaming merchant account.