The Digital revolution has changed the operating system of many businesses. Multimedia streaming is one of those industries, which is affected positively by it.
Streaming services have got a new platform to showcase their services and earn revenue. They could easily now connect to potential customers worldwide without any hurdle.
On the other hand, people like to invest their time and money searching for new and fresh content.
While talking about revenue generation, not having the ability to accept payments online from your customers keeps you away from the list of competitors. People prefer those service providers who provide the option to make the online payment via their desired methods.
This scenario generates the need for a Multimedia Streaming Merchant Account for the merchants involved in the streaming industry. A merchant account allows merchants to manage their online financial transactions smoothly.
Well, there are various obstacles in getting a merchant account for a multimedia streaming business, which we will discuss in brief. But before that, let’s know what is streaming service?
What is a streaming service?
Sharing entertainment or streaming media online is known as the streaming service. It may include anything from television shows to music. In short, anything that could be shared or streamed online and on-demand is a streaming service.
Online multimedia streaming is an alternative to cable and other media providers and often at a lower cost.
This business is typically based on the subscription model, where a customer needs to pay fees to use the streaming service.
Why need a merchant account?
In order to accept monthly subscription fees from your customers and process credit card and debit card payments, a streaming service merchant will require a merchant account for his business. The funds you will receive from your customers will get deposited into the merchant account before transferring to your bank account.
Does it fall under a high-risk industry?
Lamentably, most credit card processors do not intend to provide service to the streaming business. This is to do the fact that multimedia streaming businesses are based on online transactions. Just because online transactions do not involve a magnetic swipe or chip, a customer must enter his card details online. As a result, subscription businesses are more sensitive to fraud and chargebacks.
Additionally, multimedia streaming services rely on recurring billing, or we can say monthly billing. These billing models are susceptible to an extremely high chargeback ratio.
Finally, online services are a more recent type of business. Credit card processing underwriters don’t hitherto fully understand the industry or the services being offered, so they’re looking for the same regulations to have ensued as other businesses. However, underwriting terms need to be revised to fit the type of business, not the other way around. This means that your business will have a difficult time getting a merchant account service.
For these three reasons, banks and other financial institutes will see your business as high-risk. As a result, getting a merchant account will be difficult for your business.
Where to get a solution for your business?
Rejection of application form to get merchant account service is prevalent for the merchants involved in a high-risk industry. Traditional banks and financial institutes immediately reject their application form as soon as they get them on their table.
In such a situation, a high-risk payment processor is the best choice for their business to provide a safe payment experience to their customers.
A high-risk merchant account is specially designed to deal with high-risk industries. It makes payment processing safer for both merchant and customer.
There are several high-risk payment processing service providers available in the market. So, it will be better for you and your business if you do some market research. You should look for a service provider which suits your business needs better.
Get the solution with Amald
Amald is known as the best high-risk merchant account service provider to the merchants involved in any industry. Nature of business hardly bothers us providing you service. We have extensive payment processing solution for merchants in any industry. For instance, we provide Multimedia Streaming Merchant Account to the merchants who are into streaming services.
Amald, with its expert team, provides you with continued unmatched payment processing service.
Benefits you get with Amald
- Easy integration
- Instant approval for the merchant account
- Multiple payment methods
- Multi-currency payment processing
- High-risk payment gateway integration
- PCI-DSS Level 1 compliance with SSL encryption technology
- Chargeback prevention and mitigation management
- Offshore merchant account solution
- Fraud protection tools
- 24*7 customer support
Get in touch with our experts
Amald stands as the best support for merchants to cross the hurdles in getting approval for Multimedia Streaming Merchant Account. With our extensive network of acquirer banks, we make it easy and convenient to get fast approval and quick integration.
To learn more about Amald or our merchant account services, connect with our experts right away.