The path you choose for your gaming business today will define the future of your company. Despite the fantastic success and growth of the gaming industry, gaming merchant accounts need to be aware of essential tools to boost their gaming businesses, increase profitability and customer retention.
The biggest question is, how do you turn your gaming business into a successful and profitable online gaming merchant company? The answer is quite simple: a reliable gaming merchant account provider.
If you are wondering how a gaming merchant account can help you boost your business and increase profit, this is the right article for you. Here, you will see how a reliable gaming merchant account provider can turn your players into consistent customers.
Gaming industry: a rising business
First, it is essential to understand where the gaming industry stands today: it’s one of the most successful and profitable businesses in the world. A report from Newzoo shows that the revenue of the sector has reached $164.6 billion this year.
Another study points out that the market is expected to surpass $200 billion in profit by 2023. In 2016, the average American consumer would spend $77 on mobile games. Now, it is the third most popular app class, with 25% of the total game spending in China. It is a new era of entertainment and business, and if you do not have the right tools, you are losing money.
Even with dazzling numbers, the gaming industry is considered a high-risk business, which makes it hard for merchants to obtain credit card processing for their businesses. Many banks and financial institutions refuse to open a gaming merchant account due to the high volume of chargebacks and fraud risk.
It is a factor that interferes with many gaming businesses, but there is a solution. There are payment processors who can offer high-risk merchant accounts for businesses because they specialise in high-risk industries, such as iPayTotal.
What are the benefits of a gaming merchant account, and how does it help you boost your business?
Gamers are genuinely concerned about security on online platforms. More than half of customers will not continue a purchase if they know about a security breach. If you provide a safe environment with secure payment transactions, your clients will keep a consistent buying routine because they know that your e-commerce is safe.
Security breaches and fraud actions have been an enormous issue for gaming merchants lately, so you must own a safe platform. At iPayTotal, we have the most advanced means to help you increase safety on your e-commerce, such as 3D secure processing and safe gateways designed with the flexibility to support a secure transaction for your gaming merchant account.
A high volume of chargebacks is one of the main reasons why the gaming business is considered high risk. The most common chargeback claims of the gaming industry are lost or stolen cards, the absence of return policies and fraud actions, such as account take over.
An online gaming merchant account will provide you with the tools you need to secure your website and reduce chargeback ratios. You will be able to control and organise your transactions, reducing claims of wrong purchases and friendly fraud as well as avoid security breaches.
Multiple payment options
The more payment alternatives you offer your online gaming customers or players, the bigger the chances of closing a sale. Customers tend to buy more when they know they have multiple payment alternatives for their purchases.
At iPayTotal, your gaming merchant account will be able to offer your customers payment options such as credit and debit cards, digital currencies and over 150 currencies such as Euro, GBP and US Dollars.
Simple checkout process
Long transaction processing is bad for any online business, but when it comes to the gaming industry, it is worse. Gamers do not want to waste their time waiting to finish a purchase if they could be playing a game. You must partner with a payment processor that can provide you with a simple and secure payment solution to help the checkout process for your gaming merchant account.
Multiple payment alternatives help you to expand your gaming merchant account internationally because you will be able to accept payment worldwide with our global credit card processing. iPayTotal has customised solutions for different gaming businesses such as online casinos, bookmakers, raffles, small lottery syndicates and more.
Apply now for an online gaming merchant account with a provider that understands your business’s needs and will assist in securing the best resources to run a successful online gaming merchant account. This is your chance to offer your players the payment alternatives they know, use and trust worldwide.
Contact us at iPayTotal and boost your gaming merchant account business!