There is a spike in the number of customers playing online games and with the increase in the number of fans their spending also is going to increase, let alone in the US, over 164 million people do online gaming. Mobile gaming, social gaming, multiplayer video games, fantasy sports, online poker, racetracks, pari-mutuel wagering, and casinos are all eligible for accounts.
Payment processing is critical to maximizing profits, increasing customer satisfaction, and increasing the lifetime value of your online gaming customers. Most acquiring banks consider these as high-risk gaming businesses. It is critical to have a merchant account for online gaming because of the high-risk nature of the business. Radiant Pay is a leading provider of payment processing solutions for online gaming in London.
The online gaming industry typically has a high turnover rate. Gaming companies and their audiences are commonly offshore, for the same, offshore merchant account services in London, are provided by radiantpay. Multiple money laundering and fraud cases have already been documented. This immediately raises bank concerns. The vast majority of banks that are willing to extend their credit view this factor as a high-risk business. Online gaming merchants use payment processing services. Allow players to easily pay you. Send money to the winners right away.
Card payments and ACH are the two most common payment methods. Card processing merchant accounts are used to accept credit and debit card payments in online gaming. Having a gaming merchant account in London and Europe can help merchants handle transactions seamlessly. Payments are deducted from players’ bank accounts using ACH. It’s a smart business for online gaming merchants to encourage debit card payments over credit card payments
Credit Card Payments
Chargebacks, particularly for credit card transactions, can be a problem for online gaming merchants. A credit card transaction is much easier for a player to chargeback than a debit card transaction. When using a credit card, the player disputes the charge by calling the card’s issuing bank. Because they have a financial interest in the consumer continuing to use the credit card, card-issuing banks are more likely to side with credit card holders rather than merchants when a chargeback is initiated. Because there are no potential financial losses from debit card transactions, banks are less likely to side with consumers in disputes.
Debit Card Payments
A debit card transaction is much more difficult to chargeback than a credit card transaction. A large number of documents are required. The procedure takes time because the player must prove that a transaction was not authorized or that a service was not provided. Because banks face no financial risk when customers pay with their bank accounts, there is little incentive for them to refund money to the player’s debit card.
Payments to a virtual debit card are also an option. A virtual debit card is similar to a physical debit card, but it does not come with a physical card. Money deposited into a virtual debit card can be used to make online purchases, but not in stores.
ACH credits are a reliable way to receive payments. It is a low-cost and dependable way to fund players’ accounts. Players’ bank accounts are debited through ACH. ACH payments are always less expensive to process than credit card payments. The reason for this is that ACH transactions do not incur “interchange” fees, while card transactions do. As a result, ACH processing fees are 50-80% lower than card processing fees.
ACH debits can now be processed on the same day, which reduces processing time. From your back-office reporting portal, you can easily monitor the status of all transactions. Because direct deposit of wages and payments for household bills are tied to the account, switching banks is a major hassle. As a result, ACH payments are far more consistent than card payments.
You will make more money if you accept more payment methods. Accept all types of debit and credit cards to maximize profits. Add ACH payments for players who prefer to fund their accounts with a bank account debit rather than a credit card. radiantpay also offers specialized payment solutions, such as ACH, to help your online gaming business process large volumes of transactions efficiently.
Companies in the United States and Europe have used Radiant Pay’s gaming merchant account services. Here are some of the reasons why companies choose us.
- Banking Network with a Wider Reach
- PCI/DSS Level 1 Certified Gateway
- Providing excellent service
- Services for Chargeback Mitigation
Radiant Pay is a UK-based company and is an Online Gaming and Casino Merchant account provider. At Radiant Pay, we help our merchant partners accept payments from their customers using credit cards, debit cards, bank transfers, online direct debit, and real-time bank transfers. We also assist with ACH and check processing, high-risk processing, and offshore merchant accounts. Visit https://radiantpay.com/contact.html for more info!