Traditional games are fun, exciting, and physical and played with full anticipation and enthusiast. Online Gaming has just added a new dimension to the gaming world. Currently, the online gaming industry is one of the most lucrative businesses today. With the innovations and advanced technology in gaming software, the industry is getting huge popularity. By 2024, the industry is set to raise its total revenue to USD94.80 billion.
The online payment method used for the online selling of the product/ services hugely influences the growth of any business. Some of the biggest e-sports companies have secured a better place for themselves in the market. They grew bigger because the customers are interested to make purchases for their business. The customers are most likely to build trust with brands when they have smooth payment transactions, easy checkouts, timely product delivery, quality of goods and services.
A payment gateway is a solution to dozens of such business-related problems. A gateway is a one-stop solution for your online business payments. Once you have a fully functional website, allow your merchant account service provider to integrate seamless payment services with your business application. Now you can start collecting payments from your customers.
Gamers actively anticipate the online gaming updates, technology, and new gaming features, and the latest version available on the online stores. You see millions of downloads of a game in just a few minutes after it is released by a big online gaming platform. Gamers are active 24/7. They are aware of the latest trends and events on the internet today. They just switch from one latest game to another.
So how are you going to sustain in the market with so many of the competitive new launches arriving frequently? Not to worry about gamers switching to new games every now and then. Netflix one of the biggest streaming online platforms continued to deliver its quality services with its subscription plan.
for ex: if someone likes to watch TV series on Netflix they can easily subscribe to the monthly subscriptions. Netflix just needs to remind the users of their monthly subscription so that they can continue to enjoy the services. A payment gateway allows you to provide subscription-based services to your users. It also checks subscription plans, duration, and reminders to the end-user.
If you are a gaming merchant looking to grab the best payment gateway services. You can check what some of the top payment UK providers are offering. EskayPay is one name when it comes to providing efficient payment gateway solutions to the business. It assists merchants with Payment Gateway for Online Gaming services so that merchants can provide a thrilling, gaming experience to end-users.
Why online gaming is considered high-risk?
- Gaming business produces a high volume of turnover. Also, the industry is expanding at a faster rate. So, nowhere in near future, the turnover will go down. The important thing is banks consider the high-turnovers as one of the factors to be high-risk industry.
- Another important factor is money laundering and fraud activities. Online businesses are likely to have higher cases of fraudulent transactions and money laundering cases.
- With the growing popularity of the online gaming industry, every merchant wants to enter this industry to make money instantly. However, with a lack of experience and no previous processing history, they face trouble for a fresh start. Bank denies these merchants for having a merchant account facility.
- The chargeback ratio is another issue with online gaming sellers. Chargebacks are certainly no good for any business. And if businesses continue to have excessive chargebacks payment service providers can impose certain restrictions for using the merchant account. Also, chargebacks are considered one of the factors for the industry to be high-risk.
- If you are running an illegal business then also the bank will not co-operate with your services and most likely will not provide you with the payment gateway services.
High-risk merchants such as Online Gaming often require quick approvals for getting started with the merchant account services. Though quick and instant approval is ideally not possible for any business that is high-risk. On the other hand, highly experienced experts or service providers can assist you with dedicated high-risk merchant account approvals instantly.
If you are a merchant looking to have an online e-Commerce business in the UK? Then you can choose one of the best services offered in the UK. EskayPay is one of the well-known PSP providers popular for providing easy and quick approvals to merchants. We ensure that the merchant is having a safe and secure payment solution for the business. It intends to secure customer rights by providing quality customer support services. Moreover, we get along with the merchant for a proper understanding of the business and guide you along the process.