Merchant account in a payment system for online games – requirements and documents

Many banks are hesitant to open accounts for electronic gaming companies. It is better to open an account in a specialized payment system. An international payment system for gaming with headquarters in the European Union is perfect for this.

It is important for the online gaming industry to have the right payment solutions for its customers. Without this, customers cannot make deposits into their accounts or withdraw funds, and the flow of funds to business accounts will be blocked. Online gaming companies find it difficult to find a bank that will offer them banking services. Therefore, it is worth thinking about opening an account in a specialized payment system.

What is a payment system for the gaming industry?

Many major banks consider gaming companies to be high risk and often impose strict restrictions and requirements on any online gaming bank account. Therefore, finding a gaming-friendly bank account for transactions can be difficult if there is no proper guidance.

Traditionally, banks and financial institutions have considered online businesses to be particularly high risk due to their vulnerability to receiving credit card payments online, as well as reversed transactions, high volumes of chargebacks, returned items and refunds.

However, the rapidly growing gaming industry has been recognized by many international payment systems as a source of strong business. Gaming payment processors accept applications from properly structured and managed online gaming companies licensed in recognized jurisdictions.

Are you interested in a payment system for gaming? Find out more about how to open a bank account here.

Requirements for an account in a payment system for gaming

• The account must be able to transfer money from and to the company’s trading account.
• Bank accounts for online gaming businesses must accept multiple currencies, including cryptocurrencies.
• Opening an account in a payment system must offer multi-signature rights.
• Internet banking that allows you to make transactions online anytime, anywhere.
• You must have a debit card linked to your business bank account so you can withdraw funds anywhere in the world.
• Companies participating in the gaming industry need a business account that allows them to send and receive funds from anywhere in the world and in any currency.

Documents required to open a high-risk account

Requirements may vary between countries as well as individual banks. Here are the typical requirements:

• Company registration certificate
• Charter
• Data from the company register with information about the directors and shareholders of the company.
• Identification of each director and senior manager, as well as the majority shareholders (usually more than 10% shares) of the company.
• Proof of company address (utility bills, etc.).

Some payment processors working with the gaming industry may require additional documentation and subject a company’s application to greater scrutiny, requiring confirmation of, for example, the source of funding, beneficial ownership, etc.

Financial institutions will always conduct KYC (know your customer) checks and may require additional information. It is important to prepare and correct all documents from the very beginning, because the gaming payment processor may rule against you without further discussion if they notice a lack of professionalism.