Gaming Merchant Account - ePayment Solutions

The world of gaming is growing month on month, and it doesn’t look like slowing down any time soon! In 2021 the gaming industry was worth a staggering $44 Billion with experts predicting a further 2/5% growth in 2022 with the most interesting fact being the older generations between the ages of 40/60 years old accounting for a large percentage of that growth.

If you have young children, you will know very well the likes of Minecraft, Fortnite and Sims as products that you have to drag your child away from each night. These same games are perfect examples of highly addictive games with in-application purchase models that have seen the gaming industry boom in recent years.

Technology is only getting better too! And with the emergence of VR and even the Metaverse being shouted about at the moment it’s clear to see that gaming in a virtual world is something that will be intrinsic in all of our lives in the future.

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Because of the nature of in-app purchasing on gaming applications, usually being targeted towards under 18s, acquirers have a high-risk underwriting process in order to obtain a merchant account in order to accept card payments on the gaming websites or apps.

Merchant accounts are possible for gaming businesses, but there are a few things that you should understand before submitting an application for a merchant account for your online gaming business:

Please allow TIME for your merchant account to be set up for your gaming business or app. These are high risk applications and usually will take around 4/6 weeks to process.

The application or website needs to be FINISHED to apply for a merchant account for your gaming business and we will need all test log-ins etc for underwriting.

You will likely have a rolling reserve applied to your merchant account for gaming. This means the bank will retain up to 10% for 180 days to negate against chargebacks – this is negotiable after a period.

Rates and Settlement – Rates will be on an Interchange + model for a merchant account for gaming and settlement is likely to be weekly with a 7 day delay. The rates that you can expect can be 1 – 8% based on your business model and transactional history.

You will need all your policies in place before you apply for a gaming merchant account, such as. *Refund policy *Cookie policy *T&Cs *Privacy policy

You will also need to have the following documents ready to apply for a merchant account. *Proof of ID for directors and *shareholders over 25% *Proof of home address for above *Proof of business bank – we can help here *Proof of trading address *Proof of Domain name and log in details *6 months of acquiring history *All policies and terms and conditions *Business Plan *Cash flow forecast

We can only open merchant accounts for Gaming companies that have directors that reside within the EU. The business also has to be registered within the EU.

You may have a $500 high risk fee that is applied by Mastercard to open your merchant account for gaming businesses. This will be passed directly to the merchant in order to start accepting payments by Mastercard, Visa has no additional charge.

You will need to have below 1.5% chargeback ratio on your existing merchant account.

If you would like to begin the process to get approved for your merchant account for gaming then please fill out the form below to get started today.

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naveed@epaymentsolutions.co.uk

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