The online gaming industry is one of the fastest-growing and most profitable industries today. The 2020 numbers show that online casinos alone provided 41% of the total gaming revenue. Many merchants choose the gaming business due to its success – but before starting, it is vital to have a gaming merchant account.
A gaming merchant account will allow your business to process credit and debit card payments. Every online business needs a payment processor, and with the growth of the online gaming industry, merchants need payment processing more than ever. Researchshows that70% of gamers prefer to load funds online with either a debit or a credit card.
What is needed when applying for a casino and online gaming merchant account?
During casino and online gaming business applications for merchant accounts, the most important thing for processors and underwriters to ensure is that the business is legitimate and trustworthy. The best way to prepare for the appraisal is to eliminate anything that looks questionable.
In addition to that, merchants must also have the following items to provide to processors and underwriters:
Secure and operational website.
A valid, government-issued ID, such as a driving licence.
A bank letter or a pre-printed voided check.
Three months of the most recent bank statements.
Three months of the most recent processing statements, if applicable.
Chargeback ratios under 2%.
At Octapay, the application process is simple and streamlined. Our online gaming merchant account fees are competitive and affordable. Once your business is pre-approved, our underwriting department will match your company with the most suitable acquiring banking partner.
The bank fees are reliant on several factors such as processing history and sales volumes. Each account is different, but typical fees include:
Merchant account fee
Monthly statement fee
Octapay provides you with the finest solutions for your business. We offer a platform to offshore casino merchant accountholders to accept all kinds of credit and debit cards. Our safe payment gateways guarantee secure operations for your customers which will most certainly lead to an increase in sales.