Setting up an online gambling site or gaming platform can be an excellent way to break into a burgeoning industry and enjoy success. However, there are certain steps that need to be taken before launching this kind of company, and one key step is getting a gaming merchant account. This guide will cover what gaming merchant accounts are, how they work, and how to get one.
People have always enjoyed playing games of chance and skill; historical records show that the earliest dice games were played thousands of years ago, and that same passion and enjoyment for games and gambling has continued all the way into the modern era with the rise of online casinos and online gaming sites.
There are many different online games and gambling experiences that people can enjoy, from classic card games like blackjack and poker to virtual slot machines and other exciting online games as well. And there’s plenty of money to be made in this industry, with the online gaming industry growing exponentially in recent years in the US and drawing in legions of players from all walks of life.
Casinos have been around for many years, but the rise of the internet changed the game for gaming fans all over the world. Thanks to the power of online technology, online casinos have been able to prosper in recent years, giving casino business owners new opportunities to expand into the digital world and offer their gaming experiences to a much wider audience than ever before.
The rise of online casinos hasn’t just benefited the business owners; it has also helped the players in a lot of different ways. In the past, if someone wanted to enjoy gambling and casino games, they would have to visit an actual brick-and-mortar casino, which wasn’t always easy, as casinos may be located hours away from a person’s home or place of work.
Now, thanks to online casino sites and gaming mobile apps, it’s easier than ever for gaming enthusiasts to simply load up their favorite site of choice and start playing games in a matter of minutes, spinning the virtual roulette wheel, hoping to win big on 3D slots, or putting their poker skills to the test against players from around the globe.
There’s a lot of money to be made in the world of online casino games and other online gaming platforms, but in order to set up this kind of business and have success over the long term, you’ll need to have a gaming merchant account. What is a gaming merchant account and how do they work? Well, you first need to understand the basics of merchant accounts in general.
Merchant accounts are special types of business accounts that are aimed at businesses that do a lot of business online, handling large numbers of card-not-present transactions, which is when a customer pays for goods or services remotely, either over the phone or online with their credit card or debit card. This is how a lot of online gaming sites do business, so it’s vital to have a gaming merchant account in this industry.
The gaming merchant account works pretty simply. It facilitates the process of accepting and receiving electronic payments from your players. The player signs up for their account on your platform and then makes a payment with their credit or debit card to add funds to their account. That money goes into your gaming merchant account before continuing through to your main business account. It’s really simple, but the process of applying for a gaming merchant account is much more complicated.
Even though gaming merchant accounts are very important for those in the online gaming and gambling industry, it can be quite difficult to actually get one of these accounts or even find a bank that is willing to work with you. Indeed, many banks and payment processors simply refuse to do business with those in the gaming industry entirely.
This is because the world of online gaming falls into the “high-risk industry” category. There are a few reasons for this. One issue is the fact that there’s a lot of fraud in the world of online gambling, with many scam sites and fraudulent business owners out there who simply try to trick players out of their money.
The high rate of fraud in online gambling has led to a rise in rules and regulations for the industry to adhere to. This means that, when you set up a gambling business, you need to make sure you adhere to all the relevant rules and laws. This makes the whole process more complex, not only for the businesses themselves but also for the banks that work with them.
Many banks don’t want to spend extra time and effort verifying that their online casino clients are following all the rules, or dealing with the consequences of those who don’t follow the rules. They also often prefer to avoid the chargebacks and other high-risk credit card processing issues that can arise with online gaming sites. And this is why it can be quite tricky to get your own gaming merchant account.
Because of the various risks and negative connotations associated with the gaming industry, it can be difficult for new startups and small gaming businesses to get their own gaming merchant account. However, there are still plenty of banks and payment processors out there who will be willing to work with you. You just need to know where to look, and that’s where we come in.
At Shark Processing, we specialize in high-risk merchant accounts for businesses involved in high-risk industries, like online gaming sites and casinos. We know and understand the challenges that you have to face on a regular basis, and we want to help, with a highly-trained and experienced team of financial experts standing by.
We work closely with a network of trusted banks and payment processors who are ready to offer the gaming merchant accounts and services you need, and we can help you find the best possible gaming merchant solution to suit your situation. Get in touch with the Shark Processing team today to find out more about what we can do for you.