Merchant account in the payment system for online games - requirements and documents 
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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 headquartered in the European Union is perfect for this.
It is important for the online gaming industry to have the right payment solutions for their customers. Without this, clients cannot deposit or withdraw funds into their accounts, and the flow of funds to corporate accounts will be blocked. It is difficult for online gaming companies 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 limits and requirements on any online gaming bank account. Therefore, finding a bank account suitable for gaming 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, a large number of chargebacks, returned goods and refunds.
However, the booming gaming industry has been recognized by many international payment systems as a source of strong business. Gaming payment systems accept applications from properly structured and managed online gaming companies with licenses from recognized jurisdictions.
Are you interested in a payment system for gaming? Learn 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 with a payment system must offer multi-signature rights.
- Internet banking that allows you to make transactions online anytime and anywhere.
- A debit card must be linked to a corporate bank account so that you can withdraw funds anywhere in the world.
- Companies involved in the gaming industry need a business account that allows you 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.
- Proof of the identity of each director and senior manager, as well as the majority shareholders (usually more than 10% of the shares) of the company.
- Proof of company address (utility bills, etc.).
Some payment processors working with the gaming industry may request additional documentation and subject the company’s application to more thorough verification, requiring confirmation, for example, about the source of funding, beneficial ownership, etc.
Financial institutions will always conduct KYC (know your customer) verification and may require additional information. It is important to prepare and correct all documents from the very beginning, because the gaming payment system can decide against you without further discussion if it notices a lack of professionalism.
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