What are payment methods? A payment method is an option that a client can choose to pay for goods or services. In retail stores, a merchant might operate with physical cash, banknotes, prepaid cards, mobile payments, checks, gift cards, credit and debit cards. In the eCommerce sector, the payment methods usually include more options for online exchange. Types of eCommerce payment methods Digital wallets. Digital wallets, which are also called eWallets, enable a client to make a purchase in any currency, including EUR and USD, without obtaining a physical card. Before making payments, a client must connect their bank account to
EGaming businesses are now widespread in almost every country. And, no doubt, both gamers and such companies need reliable accounts to make payments and receive money accordingly. The downside – not all PSPs and banks offer services for such companies and gamers. But it doesn’t mean the situation is hopeless!
Genome offers personal, business, and merchant accounts for various companies and industries all over the world. The transportation, SaaS, retail, entertainment, and many other industries make use of Genome multicurrency accounts and all the other awesome perks included. In this article, we will talk about the role of such services for gamers and eGaming businesses.
Why merchant accounts?
For a start, any company needs a business account. It’s not only handy when it comes to separating personal and business expenses. It also brings to the table clear tracking of all incoming payments and money earned and spent.
A merchant account is a type of business account, using which eGaming businesses can accept customers’ money via the internet. We are talking card payments, Google and Apple Pay transactions, etc. From the account, money is settled to a business account so a company can use it.
Best merchant accounts for eGaming businesses
Finding this account type can be a hassle as financial institutions take their time to review the application and double-check all the details. The companies face even more requirements during this process because of numerous legal regulations for eGaming businesses. Fortunately, some providers offer such merchant accounts.
Let’s have a closer look at some reliable providers for eGaming and gambling:
This company specializes in opening high-risk merchant accounts. It has a wide service range, such as payment gateways and virtual terminals. It also assigns a dedicated account representative for each account forever. Custom pricing for each account is one more benefit that PaymentCloud can boast.
It offers different features and tools for managing an account. One of the top-rated ones is a chargeback management system to resolve disputes. Moreover, this company can start an international account for online gaming sites if they are licensed.
Host Merchant Services
With this financial services provider, one can use not only their merchant accounts, PGs, and terminals, but also marketing tools available. Host Merchant Services has excellent customer support and no cancellation fees, which is a huge advantage compared to other providers.
These are some of the options we recommend. But what about Genome?
With our merchant account, you also gain access to numerous integrations (Shopify, WooCommerce, Magento, etc.) and reports. All analytical data on the clients and their payments can be found in one dashboard. We also offer API integrations, so that you can create and tailor checkout pages based on customers’ needs. Click here to start your application with Genome.
Last but not least, gamers can also get great advantages from obtaining a personal account with Genome. One can apply for a gamer’s eWallet from anywhere in the world and finish onboarding online. Both physical and virtual cards (for additional safety) can be used with all our multi-currency accounts (USD, EUR, GBP, etc.). Gamers don’t need to choose between multiple bank cards for different currencies anymore. Open your gamer’s eWallet with Genome and make fast payments whenever you need.
What is a dedicated merchant account?
It’s a specialized bank account designed for accepting online payments. It will function successfully coupled with a business account. All the accounts can be divided into two large groups: pooled and dedicated ones. The first ones are the accounts for several merchants and were created to decrease the service costs. Dedicated accounts are used by one business only.
Is a merchant account necessary?
It’s a must if an enterprise wants to be able to accept money via card payments. And, truth to be said, during the past few years, most businesses shifted to e-commerce. That is why, to maintain sales on a high level, you will have to apply for an account so that clients can pay online from any part of the world.
Is the online gaming business profitable?
The eGaming sphere has definitely been growing extensively within the past decade. What’s more, such intensive development will continue in the following years. When it comes to the profitability of gambling companies, it all depends on numerous factors. The online gaming business is not illegal, but it remains in the gray area and is considered to be a high-risk one. To make a profit out of gambling, you will need to examine not only relevant payment processors, fees, and target audience, but also legal regulations of this industry.
What banks support gambling?
Choosing the best financial services provider is always a challenging and tricky task, especially with dozens of different options available on the market. With eGaming businesses, such a task gets even more complicated because few banks want to deal with high-risk industries. The good news is that there are providers that work exclusively with gambling businesses. Finally, you can always go for opening an online bank account in one of the countries in Europe and manage it remotely.
Which type of account is most suitable for the eGaming business?
For starters, you are required to have a merchant account and a business one. Look for the PSPs/acquirers that offer opening high-risk accounts. Thus, the application can be approved sooner and, consequently, the account will be activated much faster.