Business transactions have been migrating online, and online entertainment is not an exception. It is, however, deemed a high risk business which is why online gaming merchant accounts are essential. Listed here are tips on how these firms can find the safest ones.
The net is fast becoming the hub of commerce nowadays, where an array of transactions occur. There is also a trend towards globalization and rapid technological progress in which the movement of merchandise, money, ideas, and people are generally on the move, which evidently will result in more people going away from their home cities/countries for various reasons, and also of businesses pursuing markets beyond their national borders. You can still find a lot of things that will not change and among them will be the need to pay the bills, though the methods for paying are steadily diversifying in this period which is why offshore merchant accounts exist, and there is a boom in offshore payment processing solutions.
Offshore merchant accounts are a manifestation of the offshore payment processing solutions industry, a business in which various high-risk companies get their payments through should they be received over the internet or mail/telephone orders. It is run on the fact that a business online faces higher risks than usual firms as a result of scenario that people’s cards are not present-after all it’s a transaction that is being carried out over the medium, and not face-to-face like will be standard inside a typical physical store/business, hence rendering it highly subject to fraud. The large quantity of threats lurking on the net boosts the need for high-risk processors or those willing to manage customer payments destined via a medium that’s considered high-risk. They include the following:
a) Merchant is not registered in the manner a law requires.
b) Firm has inconsistent credit history.
c) Company was blacklisted by other merchant account providers as a result of fraud, bankruptcies, along with other reasons.
d) Client has enormous sale and transaction volumes subjecting it to fraud, charge-backs, etc.
e) Companies that cannot afford fraud screening tools.
f) Businesses associated with industries including telemarketing, online pharmacy, travel, gaming, ticketing, credit repair, online dating, and adult entertainment.
The strong presence and profitability of the online gaming industry on the internet, despite its unclear legal status, make high-risk processors that actually work on online gaming payment processing needed. Each time a firm devoted to online gaming entertainment is seeking an offshore merchant account, they need to obtain it from companies that will provide the following regarding online gaming payment processing:
a) Fraud protection tools that block problematic credit card numbers and individuals from purchasing from the site.
b) SSL Technology that filters, plus reject transactions that will create problems for the website.
c) Credit Card Verification SecureCode that could verify the validity of a card and protect it from online fraud along with other attacks.
d) 3-D Secure that delivers higher coverage against fraud-induced losses, which still can occur despite the fact that a transaction is authorized if not adequately protected.
High risk processors that cater to online gaming payment processing helps many online gaming entertainment firms accept payments from their customers, but not all offshore merchant accounts which help these companies can supply the much needed security for safe, fraud-proof transactions for their clients. It is imperative that online gaming businesses (or another that relies heavily on online transactions) pay attention to details including those listed above when scouting for the service.