Opening up a merchant account for any online gaming business is very vital because it will ease out payment procedures, hence the operation. Here are a few steps that will help one understand how they can get a merchant account for their online gaming business.
Understand Your Business ModelElucidate your business model transparently by daylight. Reflect what kind of service in online gaming you are dealing with. Understanding a business model helps to point to the right merchant account provider—either a subscription-based model or a pay-per-download service or in-game purchases.
Merchant Account Providers ResearchNot all merchant account providers will take online gaming businesses based on the ground of chargeback rates and a few concerns in relation to regulation. Look at providers with high standing in history with high-risk industries. Read the reviews, have a look at the differences in services and shortlist some providers.
Get Ready with DocumentsTo apply for a merchant account, you need to be ready with some documents. These include the following:
- Business license and incorporation details
- Bank statements usually last three months
- Personal identification- passport or driver's license
- Financial statements, tax returns
- A comprehensive business plan
Having these documents in order can facilitate the application process.
Submit Your ApplicationYou will be required to fill out the application form issued by the provider of your choice. Fill in appropriate information and attach all the relevant documents. It may take a few days or even weeks for the application procedure to go through, depending upon the provider and the model of your business. The underwriting process may also take some time.
Underwriting ProcessSubmit your application and wait for the underwriting to start. In the underwriting process, a review of business risk is done by the provider. They would want to know about your credit history, your business model, and your business's financial health. They might call you up with some queries or request that you send in additional pieces of information.
Setting Up Your Online Payment GatewayAfter your approval, next, you will want to get your payment gateway. It will assist in securely processing credit card data online. Many merchant account providers can integrate their payment gateways; however, you are always at liberty to use third-party solutions if it suits your needs best. Try some exceptional online games to get deeper insights on how to manage and grow your online gaming business.
Integrate the Merchant Account With Your WebsiteIntegration is linking your payment gateway with your e-gaming platform. Most of the service providers do have guides and offer customer support that will help in guiding you through the integration process. Ensure that it does provide a seamless integration for a seamless user experience.
Compliance with RegulationsRunning an online gaming domain is highly regulated. Make sure that your activity falls within the legally defined framework. This includes compliance with AML and KYC policies, data protection according to GDPR, etc. Otherwise, huge fines and at least the possible suspension of a merchant account are at stake.
Customer Service and Dispute ResolutionEffective customer support is required when dealing with online gaming. Make sure that there is a workable system through which customer inquiries and disputes are being processed. Issue resolution—quick and equitable—helps secure customer trust in the first place and thereby minimizes chargebacks.
ConclusionSetting up a merchant account for any online gaming business is a process that involves a lot of steps, from getting to know your business model to compliance. With the steps mentioned above, one can be well placed to have an easy time and ensure a reliable setup of the payment system in his business.