Gaming business as we all know is a high-risk business and it has no traditional banking system for backup to secure its daily transactions with customers. As an alternative, a gaming merchant account becomes a real need. In many ways, it makes the business smooth and safe for the merchant as well as for the customers.
With already many ups and downs in the past few years due to the uncertain international economy, gaming businesses are struggling. However, during the lock-down, some gaming companies made more than what they used to make on normal days. But this opportunity to earn and play online should be supported by proper safety measures as such a business is prone to fraud and charge-backs. Then only the players can enjoy and merchants can survive. A gaming merchant account is certainly the most relatable solution to solve this purpose. Below you will get to know the varied aspects that prepare a gaming merchant for safer survival in the market.
What is a gaming merchant account?
A gaming merchant account is a commercial account of a business in a bank where a merchant receives payment from its customers. The same account is used to refund money to the customers in case of a chargeback.
What are the threats to a gaming business and how does a merchant account prevent them?
Each feature of gaming merchant accounts is designed to suit the industry’s needs. With the purpose to serve business clients of the same business type, the merchant account providers ensure uncompromised services. They have all arrangements to make their clients secure.
THREAT – Account takeovers –
The gaming accounts are always prone to hacking, especially those with basic and simple passwords. In that case, hackers easily intrude in the space and use the credits of that customer, and even make a purchase. When the player comes to know, it raises demand for a chargeback.
Merchant accounts provide two-factor authentication to the players, which helps the customer’s money stay safe. Also, the merchant account providers always suggest the business owners mandate at least a 12-to-16-character password for the gaming players. However, normally players give priority to comfort more than security and they choose the gaming merchant account with one-factor authentication. They do not want to go through the two-step authentication process until and unless it is mandatory.
THREAT – Card testing –
It is one of the most common threat incidents that happen easily with gaming players and are also harmful to merchants. The issue is that the hackers use stolen credit cards to make purchases through a player’s account. Sometimes multiple cards are used to purchase from the same customer account. Initially, the hacker makes a small amount of purchasing actions, and then it can increase to a considerable amount. When the payment comes to the notice of the actual owner, he raises a chargeback demand, which you can understand is not good for a merchant. This trick is used by fraudsters to check a stolen credit card.
The merchant account providers have fraud detection tools. They can spot how many times the purchase was made from a customer’s account by the same or different credit cards. The merchant account company can stop the transactions that happen multiple times from the same IP address. In simple words, the merchant account provider checks the velocity of transactions in a particular account and then takes the necessary action.
THREAT – Friendly fraud –
This happens for varied reasons. Sometimes children use their parent’s credit cards to make a purchase. Later parents claim a chargeback. Also, sometimes people intentionally make a purchase but then raise a chargeback demand to trick the merchant. Besides these common factors, friendly fraud can also happen due to poor customer service on the merchant’s end.
The major difficulty in the case of friendly fraud is that AI tools employed for safety cannot spot human intentions. However, still, there are some ways. The merchant account providing companies normally blacklist the irresponsible players. It notifies the merchant about the issue of creating customer accounts. On the other, when it comes to true fraud, solutions are easier to provide as the situation is realistic. The 3D secured technology works at its best to ensure the security of the money while doing transactions. It helps reduce fraud incidents and chargeback issues.
How EskayPay can help your gaming business stay protected?
EskayPay is a dedicated gaming merchant account provider and also offers payment gateway solutions and credit card processing for this industry. The dedicated expert team has years of experience through which they provide customized solutions created for safety.
With us, you can stay assured about chargeback protection, affordable per transaction charges as we have a large acquirer network. We have worked with numerous businesses in the same industry. It is simpler to understand for us now how things work in your company and what should be done to ensure safety and security.
- PCI – DSS compliant – Yes, we are PCI-DSS compliant which is the first condition to provide a secured atmosphere to the merchant we interact with. No single penny can lose its address to the right destination with our security system.
- Chargeback management strategy that we offer to you always works practically and we have successfully implemented it in many cases. We can spot suspicious transactions through our chargeback management system.
- Higher approval rate of merchant accounts is another reason to choose us. It is 98%, which you know is a good number. Our experts suggest ways to be more in harmony with the parameters of acquiring banks.
- 24×7 customer support – Technical and operational issues may happen anytime. We want to keep you backed up with our strategy of ‘right solution at right time’. Day, night, midnight, you can contact us anytime to solve your issues.
You can now clearly understand the significance of a gaming merchant account for the merchants to operate safely in the industry. Risky businesses always need a strong backup to serve their customers. EskayPay has the best-customized gaming merchant account solutions to help merchants work safely while removing all threats and challenges. Our contact numbers are always working. The industry is already going through varied changes. After the pandemic in the past few years, the gaming businesses had to shift completely to online platforms. In such circumstances, online money travel is extremely unsafe. But not anymore with smart gaming merchant accounts.