You can get a rough idea of how big the online gaming market is by these figures: more than 2.7 billion for candy crush saga and 1.2 billion for PUBG: Battlegrounds games download have been done yet. CrossFire, with these two games mentioned above, have crossed a billion downloads and many more are in the que to cross the mark.
The number of online games and gamers are increased sharply after the breakout of COVID-19. The nations were on lockdown, and no people were allowed to come out of their homes: this boredom and lack of entertainment mediums brought people to one of the best forms of entertainment, Gaming. The popularity and income of video games are both significantly increasing. Gaming companies are making huge profits; additionally, the live streaming of Gaming (to learn the game) is proving to be a fringe benefit for the company.
According to a study by World Economic Forum, The online gaming market was valued at $139.2 billion before the pandemic in 2018, but after the COVID-19 breakout, the industry saw an increase of nearly $100 billion and reached $235.7 billion in 2022. The growth seems steady as the online gaming market is expected to rise by $321.1 billion by 2026.
Gaming is not only proving itself an entertainment medium but also a medium to improve an individual's mental health. In a study by Microsoft and the Xbox Research Accessibility Community Feedback Program, it was found that 71% of participants felt less alone as a result of playing games, and 84% of participants agreed that Gaming had a positive impact on their mental health during the previous year.
The Gaming industry is considered a high-risk business due to several factors. Being a high-risk gaming merchant, you need to have a specialized gaming merchant account comprising all the features of a high-risk merchant account as well as customization according to the gaming industry.
First of all, let's see what a payment service provider is:
A payment service provider (PSP), sometimes referred to as a merchant account provider, is an entity that provides you with payment solutions for your business. It helps businesses accept various online payment methods, including cash cards, credit cards, debit cards, online banking, automatic clearing house, cryptocurrency, and e-wallet. PSPs ensure that consumer transactions are completed safely and securely from end to end.
A PSP connects with numerous banks, payment systems, and card networks like Visa, Mastercard, etc. Using a PSP, the merchant may manage bank accounts and connections to the outside network, reducing the merchant's reliance on financial institutions to handle transactions.
Secondly, you must be thinking, why do merchants need a PSP when there are several Banks?
The main reason for choosing a PSP is because your business is considered a high-risk by Banks and other traditional financial institutes. They do not provide services to high-risk companies. A business can be regarded as high-risk due to several reasons, including the chargeback issue, high-volume transactions, suspicious money laundering, fraud, business type, multiple currencies transactions, industry type and region of business, etc. Here, PSP comes into the picture; it offers its services to almost every industry and business despite sector treated as a high-risk. PSPs have a sophisticated mechanism to solve every problem of high-risk sectors, and they also avail customized merchant accounts according to the need of industries.
You know that your gaming business is high-risk, and you need a high-risk merchant account. But is it enough to have a high-risk merchant account? What if a PSP provides you high-risk merchant account customized according to the gaming industry, a specialized Gaming Merchant Account? Which one do you choose? Obviously, the second one is because this account has all the features of a high-risk merchant account and customization according to the gaming industry.
It'll be user-friendly for gamers to make payments on a merchant site or app with these kinds of specialized accounts. But not all PSP provides these accounts. Only a few are in the market in which PayCly is leading in the gaming sector; its checkout page also can have your gaming theme, which shows its ability and proves it to be the best Gaming Merchant Account.
We've seen the significance of a specialized Gaming Merchant Account for a gaming business that must consist of high-risk and gaming industries features. A PSP is the only solution for high-risk businesses, as banks will not provide its services for the sector. If you are looking for the best payment solution for your gaming business, then PayCly can assist you with its specialized Gaming Merchant Account that has all the features of a High-Risk Merchant Account and Gaming. For further info, kindly visit us at paycly.com
Fundamentally, these accounts are developed for high-risk businesses to secure them from excessive fraud and chargebacks. The industry-specific merchant account means accounts with characteristics of the industry (casino, forex, sex toys, dating, escort, etc.) and a high-risk merchant account. Feedback from our merchant told us that these accounts had become the first choice for all the merchants they refer to.
PayCly provides you with each & every payment solution for your online business. We have assembled some state-of-the-art merchant accounts with a blend of high-risk merchant accounts & international payment gateway so that you can grow your business globally.
|Forex Merchant Account||Gambling Merchant Account|
|E-Commerce Merchant Account||Fantasy Gaming Merchant Account|
|Escort Merchant Account||Adult Toys Merchant Account|
|Dating Merchant Account||E-Cigarettes Merchant Account|
|Offshore Merchant Account||SMM Panel Merchant Account|
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