The gaming market has grown a lot ever since it has gone online. In fact, it is reported that the gaming business will earn a profit of $2.14 trillion by 2020. Over the years, the gaming industry has expanded its horizon a lot and said to be growing in the future too. However, the critical thing to note here is to sustain your online gaming merchant account, and it relies heavily on how good your merchant account provider is.
Following are some key points to keep in mind before saying yes to a provider.
Online merchant account provider will handle most of the transaction which means when the customer pays, it is the provider who will handle the payment and send it back to your account. When the service provider receives the card details of a customer’s card, he will perform:
The authorization of the card: This will include checking the issuer. Which is the bank where the customer has his account with and will check whether the card is valid or not and whether he has sufficient funds in his account to proceed with the transaction?
The authentication process: Although this feature is optional, you can ask the service provider whether they provide the 3-D secure authentication process where the customer is requested to verify his identity.
Once both the steps are completed, the provider will then process with withdrawing the money from the customer, place the money on the merchant’s online account, and finally transferring it to the merchant’s bank account.
The online merchant account provider should offer you a safe and secure payment gateway
Since most of the transaction will happen online and customers also prefer online transaction, you must ensure that the merchant account provider is providing a safe payment gateway option. Banks usually charge a lot to maintain your account, and hence the fees are always high. Since you will opt for a merchant account provider, do speak to him in details about the gateway window.
What to look for in a gaming merchant account provider?
The most important thing to keep in mind while choosing a gaming merchant account provider is to look for the various features that he provides and what are the charges. Following are a few things that a reliable service provider should offer
- Whether the provider accepts all kinds of cards for payment or not, if not, are they willing to accept it and tailor the feature for you. If they don’t mind the feedback, then what will be the cost for it?
- What will be the total number of the transaction your gaming merchant account provider will allow? You will want to generate more revenues and would like to be sure that the provider allows a good number of transaction to take place. The provider should let you accept more and more transaction and shouldn’t become greedy and start charging you more once you start to earn good.
- The provider should charge you a fair amount of fees for every transaction. They shouldn’t lure you with attractive discounts and later start charging you hefty fees just in the name of discounts and offers.
What should you ask your gaming merchant account provider?
Choosing a merchant account provider can become a bit tricky if you don’t know the right questions to ask. Here are some questions that we have prepared for you, ask them the following and be sure about your merchant account provider.
- Does the provider work with the payment gateway that you are using?
They might either say yes to you or no. Now, if you get a yes for an answer, then you are all set. But, if the provider says no, then you will either have to look for another gateway method that they work with or else you will have to go to someone else.
- What kind of card do they accept?
Since customers can have any cards with them, it is necessary to know before you sign the contract about the different cards your service provider will allow the customers to use.
There are two types of card that a customer might use, credit card or debit card. Ask if they accept both. Then the types of cards your customer may have are- Visa, Master Card, Maestro Card, JCB, Discover Card, American Express, etc. Payment methods that your customer may want to pay through are- Apple Pay, Samsung Pay, and MobilePay, etc. Make sure to clear all of these points and ask if they will allow all of these transaction cards, schemes, and payment methods.
- What kind of locations or currencies does your provider will support?
Now, since you are into an online business, you would want to expand your business and reach out to more customers. That is why it is essential to note whether they accept cross border payments, if yes, what are the countries? Make sure that the countries you want to reach out to be on their list too. Also, talk to them if they accept all kinds of currencies or not. Most of the providers accept USD, but will they also take British Pounds? No matter what currencies you want to accept, make sure you and your merchant account provider are on the same page.
What will be the charges?
Fees are one of the most crucial factors to run an online merchant account. You do know that there will be some kind of fees associated with you while setting up the account and for each transaction, you will have to pay different fees too. Now, what will be the other charges that you need to pay? Ask them about signing up or application fees, the fees for setting up your account with them, monthly fee, what will be the fees for each transaction? Also ask about refund fee, chargeback, payout, currency conversion, transaction, and feature fees. Ask as many questions that come to your mind regarding charges. If they are transparent, they will tell you everything about the fee structure in details.
It is only when your merchant account provider is genuine and transparent with about his service, you will be able to be 100% sure about them. So, go ahead and ask them the questions mentioned above and then choose the right one.