For a merchant, it can be a real big task to understand which gaming merchant account and provider is best for his business. But don’t worry, there are ways that give you an insight into how you can choose the best online gaming merchant. With attention to the details can quickly bring the important acquiring banks into your notice. Here in this blog, get to know the factors that help select the most suitable online gaming merchant account.
Fees and rates should be in your budget
Of course, cost is the first factor that comes in the mind of a high-risk gaming merchant. If you are also looking for an acquirer, be sure to clear your mind about the fee and merchant account rates. Ask every necessary question about the fees and charges. Interchange fee, contract cancellation fee, fixed transaction fee, minimum monthly invoice. Also do not forget to ask, if the acquirer takes any fee for declined transactions.
It is very important to work on the over all cost because that helps you compare between the varied merchant account providers. Decisions taken according to the cost factors are realistic and when it comes to high-risk gaming merchant account a merchant needs to be on toes. Choose the acquiring bank that offers the most affordable deal.
There are usually three types of fees –
- Flat pricing – It is exactly similar to what it sounds like. The merchants pay one flat fee on all transactions. The pricing usually remains between 1.75% – 3%. Additional to this includes a small amount of per transaction fee.
- Tiered pricing – It groups varied card member association and card types into different tiers. These tiers include the card types like reward cards, gift cards, American express etc. It is why three different types of pricing apply. When a customer makes a payment, according to his card type, the fee for that transaction is charged.
- Interchange pricing – This pricing form charges based on the card type and charges of every card member association have different processing fee. The difference of fee depends on the type of card and also the way it was run. With this fee, another small fee named as discount rate is charged.
Friendly Integration
Integration can happen in two ways. First is when the merchant account provider already has a plugin that supports your gaming payment gateway. Second is the acquirer has no plugin available and they integrate their own gateway and guide to install their own API. A skilled developer will help in integrating the complete system perfectly.
Usually, it is advisable that you should look for a payment gateway that has plugins suitable to your payment gateway. Some merchant account banks do not allow to have your own payment page and they drive the customer to their own payment page. For a gaming merchant account, it can be an added burden. In future, you may need to add to more merchant account providers, how many times, you can change the payment gateways and payment pages.
Payout times
To maintain the right cash flow in the business, it is very important to work on the calculations of your payout times. Some merchants need frequent payout at short intervals while some merchants can easily wait for a month or twice. Whatever is your requirement, describe it well to the gambling merchant account provider because then only a constructive conversation can take place.
Every merchant account provider follows a different remittance turnaround time. The business owners should always make sure what they are going to get. Some account providers provide weekly, even daily pay outs while others offer only fortnightly or monthly options. However, daily pay outs are usually available to only low risk businesses. For high-risk gaming companies, fortnightly or monthly withdrawal durations are more popular.
Timeless customer support
A good merchant account provider is the one that can support you at any time of the day. For every, high-risk business, it is vital to have smooth payment processing, pay outs and have a frequent cashflow. But during any of these actions happening in the network, any operational or technical issue may happen. As a result, the merchant will have to face a huge loss. In a gaming business, if anything in the payment network does not work for only a few minutes, it may mean the loss of millions of dollars.
Imagine, if during the peak hours of gaming when most of players play the games, if some issue happens, the customers will get irritated. Also, for a business, it is the loss of goodwill. Why not make it happen in a smoother way. Your merchant account provider should provide you a 24×7 customer care expert who will provide all the necessary solutions of every small and big issue.
Conclusion
As you can see, the above points are extremely important to keep in mind when you search for a gaming merchant account. It is not a big deal to find a suitable option for your business, the only need is to get an insight into your own business requirements and just match it with the available merchant account options. Gaming business has calibre to grow bigger and the industry is already quite profitable. With a right choice of merchant account and payment gateway, it is possible to earn a huge amount of profit.
