Tier 1 quality Competition payment gateway
QuadraPay brings you the right payment gateway for competition sites, allowing merchants to sell skill competition entries. With our Skill Competition payment gateway, merchants can accept a variety of payment methods. Key advantages include setup within a week’s time and competitive pricing. Our solutions offer support for 100 currencies, fraud protection, and multiple payment methods. It’s time for your skill competition business to start accepting credit and debit card payments at a low cost.
Features of a Skill-Competition Merchant Account
Our solutions provide highly secure payment processing for skill gaming, ensuring margins are maintained. We offer extensive consulting to merchants whenever needed. Our objective is to provide fast support for merchant accounts so that transactions can commence quickly. Additionally, we provide mobile integration facilities so that merchants can accept payments through mobile apps for skill gaming.
Our partners conduct regular compliance reviews of merchants to ensure they are always following the applicable rules and guidelines. Our fully-featured merchant panel provides detailed information on account activity, which can be used for comprehensive reporting and analysis.
Through our partnerships with multiple payment processors and acquiring banks, we offer various payment solutions to our merchant partners, increasing the possibility of their accounts being approved. In addition to credit and debit cards, we also support alternative payment methods; in fact, merchants have access to over 50 payment methods currently.
We understand that merchants must grow, which is why we offer scalable payment solutions to businesses like yours. Our reasonable pricing makes running your skill gaming business extremely easy, increasing your profit margin.
Our team works hand in hand with you to get your account approved. We connect your account to local partners that work directly with UK and European banks, ensuring better conversion of transactions on your skill gaming website.
Fees and Rates for Competition Merchant Accounts
Our pricing structure for skill gaming merchants varies, as every merchant’s profile is different and their target market may vary. However, in general, merchants pay a fixed transaction fee on each transaction, along with applicable refund and chargeback fees. We offer three types of pricing structures for skill gaming competition websites: fixed pricing, tier pricing, and interchange plus pricing. At the time of sending you the agreement, the onboarding manager will provide you with a detailed term sheet containing descriptions of the rates and fees you are expected to agree upon before using the services. Rest assured, our rates are highly competitive, and we believe that your business should save on credit card processing.
KYC List for Competition Merchant Account
Here is the most comprehensive list of KYC documents vital for approval of a skill competition website payment gateway:
The business registration document ensures that the entity applying for a merchant account is legally registered to perform business activities. For this, the merchant must provide a certificate of incorporation or any similar certificate, as well as articles of association or a similar document.
A copy of the national ID of the company directors is required to verify the identity of the ultimate beneficiary of the company. For this, they can provide a passport or driver’s licence copy.
Payment processors must know where the business is operating from, which is why they require a utility bill or lease agreement for the business location.
Although we also support startup merchants, merchants with an existing processing history can get better rates. For this, if the merchant is already processing, they should provide at least 4 months of processing history.
The business bank statement allows the credit card processor to evaluate the merchant’s financial standing, potential credit risk, and future. For this, the merchant will have to share at least 4 months of business bank statements.
On a case-by-case basis, a payment acquirer may ask for a legal opinion confirming that the skill gaming company does not require any gambling licence.
Website Guidelines for Skill Competition Payment Gateway Approval
For the approval of a payment gateway on a competition website, the merchant must follow some guidelines. It is important for the website to be live and running. Additionally, we encourage merchants to generate some traffic on the website before applying for a merchant account. For websites that are brand new and have zero traffic or lack a plan to generate traffic through any advertising campaigns, the success rate of these applications is very low when it comes to payment gateway approval. However, for merchants that have some good traffic on the website, we have seen a much better approval ratio.
The website must be fully complete; it should not be incomplete. Incomplete websites show that the business owner might not be seriously interested in running the skill competition website. So, make sure you fix all the pages before applying for a payment gateway. The website should be under your company’s name because you will be requested to provide the domain confirmation receipt, which shows your company name as the owner of the domain.
On a competition website, you will have prizes; however, these prices must be absolutely reasonable. If you post a price on your website, you must have the invoice for that price. We have seen many merchant applications where unrealistic prices are posted on the website, such as offering a house or expensive cars like Lamborghini or Ferrari. While there may be genuine merchants capable of investing that much money in prizes, in general, this is not feasible, and that is why most of these applications do not succeed. So, if you are posting prices, make sure that you have the invoices for them.
It is an industry standard that a website must have an SSL certificate. The SSL provides a secure socket layer to the transaction information, which secures confidential data and implements end-to-end encryption for transaction security.
FAQ Skill Competition Merchant Account
How Do Skill-Based Competitions Differ From Traditional Raffles?
In skill gaming, competitors are required to demonstrate a certain level of skill to compete. Success in this kind of competition depends on knowledge, talent, strategy, or the physical ability of the contestant. However, in the case of traditional raffles, winning is totally dependent on chance, where the winners are randomly selected through a drawing or a similar method.
Skill based competitions generally have specific requirements, particularly regarding the element of skill and the manner in which the winners are selected. The skill competition may also be subject to regulations governing contests and sweepstakes, and all these regulations may vary depending on the jurisdiction where the merchant is registered and the jurisdiction where the customers are from. However, in the case of traditional raffles, they can also be subject to legal restrictions but generally have simpler terms to comply with in comparison to skill-based competitions.
In a skill based competition, users may be required to pay an entry fee or purchase a product or service to enter. The entry fee is generally justified by the opportunity to win prizes based on the skill of the user. However, in the case of traditional raffles, these include mandatory sales of tickets for a chance to win prizes through random draws.
Prizes in skill based competitions are generally given based on predetermined criteria, which may include the highest score, highest performance, fastest time, or most creative entry. However, in the case of traditional raffles, winning totally depends on luck and chance. This is one of the key factors that puts raffles in the gambling criteria; however, skill competitions are kept away from this criteria.
The participants in skill gaming are generally active in the type of game that the competition website offers, as the results are totally dependent on the talent and skill of the individual. On the contrary, in the case of raffles, anyone can enter the competition.
Why Is It Important To Have A Very High Uptime Competition Merchant Account?
The transaction velocity on skill gaming websites, particularly skill competition websites, is generally very high, as a lot of users participate in competitions simultaneously within a fixed timeframe. For this reason, it is extremely important for the payment gateway to have a solid hardware infrastructure that provides very high uptime. Fortunately, our partners provide up to 99.99% uptime when it comes to transaction processing.
Can QuadraPay Assist If My Current Merchant Provider Has Stopped My Service?
Yes, QuadraPay works with merchants who have faced issues where their accounts have been terminated by other payment processors. We take your application to payment processors that are willing to evaluate it, reducing downtime and providing more assurance for the success of your merchant account application.
What Are the Different Payment Integration Methods Offered for Skill Competition Businesses?
QuadraPay understands that not every merchant may have access to an in-house IT expert who can handle coding. Therefore, our solutions come with ready-to-use plugins that are very easy to integrate into skill competition websites. Additionally, we offer the option of a hosted payment page, which is another easy way to integrate the payment gateway. However, if you have an IT team that requires more control over transaction processing, we also provide detailed API guidelines to assist you in custom-coding the integration.
What is the growth potential of global Skill gaming competition industry?
As per Fortune Business Insights, the global skill gaming market share is expected to reach $85.34 billion by 2030. The projected CAGR for the industry is also breathtaking, as the report claims a CAGR of 13.3% during the period. All these factors make skill gaming and competition gaming perfect verticals for startups and experienced merchants. From the payment industry perspective as well, it is an industry of special attention, as it differs from gambling and casinos and presents less risk to acquiring entities. Read More at:- https://www.fortunebusinessinsights.com/skill-gaming-market-107744
Grow Your Skill Competition Business With QuadraPay’s Payment Gateway
With QuadraPay, you will have access to a comprehensive credit card payment processing solution for your skill competition website, enabling you to accept payments easily and maximise your revenue potential. Our payment gateway offers highly secure transactions and supports over 50 different payment methods, catering to your global customers’ requirements. With fast setup times and competitive pricing, QuadraPay’s solution will help you grow in today’s competitive market.
Joining hands with QuadraPay means gaining access to a robust payment solution designed specifically for skill competition websites like yours. Our payment processing solutions provide unparalleled security features and efficiency. QuadraPay is committed to being your partner in the success of your dream of making your skill gaming project highly successful. Contact us today to start accepting credit card payments with confidence and take your business to new heights.
