Paynote Merchant Account - Gaming Guide

Overview

Paynote caters specifically to the unique needs of gaming, sweepstakes, and daily fantasy sports merchants, offering a reliable and secure ACH-based payment solution.

Our ACH payment solution offers fast and secure transactions through features like Same-Day ACH, Real-Time Payments (RTP), Plaid bank verification, and advanced fraud prevention tools like Plaid Signal.

Plus, we make integration easy with guides, API documentation, a testing sandbox, and even a WordPress plugin.

Getting Started: What You Need

Here’s what you’ll need to set up your Paynote merchant account. Start by registering for a Paynote account here. 

1. U.S. Business Bank Statement: Show recent transactions.
   • Minimum Balance: For new businesses or accounts, maintain a minimum balance of $15,000.
2. Valid ID: Provide a Driver’s License, ID, or Passport for the account owner.
3. Signed ACH Agreement: Provided upon account approval.
4. Monthly Gateway Fee: $99.99 per month.
5. Transaction Fees: As outlined in your agreement.
6. Compliance Documents: Submit policies for KYC (Know Your Customer), age verification, geo-location, and AML (Anti-Money Laundering).
7. Legal Opinion Letter: A professional letter ensuring legal compliance for high-risk industries.

How Paynote Works 

Paynote integrates seamlessly into your game or site with personalized support. Watch our gaming app demo here here. 

Here's how our key features work for you:

1. Plaid Bank Connection:
   • Customers securely connect their accounts by logging in with their online banking credentials.
   • Plaid verifies ownership, checks the bank balance to confirm sufficient funds. 
   • If Plaid balance check returns ‘insufficient funds’, the transaction is blocked to prevent a failed payment. 
2. Same-day ACH
   • Quickly withdraw funds from your customers.
   • Funds are deposited into your Paynote balance within two business days.
3. Real-Time Payments (RTP)
   • Payouts clear instantly into recipient accounts.
   • Note: The connected receiving bank must be part of the RTP network.
4. Paynote Balance 
   • Use our internal wallet to manage transactions;
     • Pay-ins via same-day ACH are deposited directly into your Paynote balance.
     • Easily move funds from your Paynote balance to your connected bank account.
5. Plaid Signal
   
   • Tailor risk settings to instantly approve, decline, or flag transactions based on an automatically determined risk score.
   • Ensure player payment security and protect your platform from fraudulent activity.
   • Reduce returns to safeguard your account and meet compliance standards, ensuring long-term operational success.
   • Ask us to activate Plaid Signal during onboarding! Check out the one-pager here.
6. Block Null Balance Checks 
   • Enabled by default, this feature prevents transactions from being processed if we cannot successfully check the bank balance.
   • This reduces risk of returns and ensures smoother operations.

Best Practices for Smooth Payment Processing

To keep things running effortlessly and avoid payment disruptions, follow these simple tips:

1. Limit Overnight Transactions: Allow only one transaction per account overnight to keep balances accurate and prevent failed payments.
2. Handle Failed Payments Efficiently: Provide clear communication about potential fees at checkout and automate fee charges for failed payments to promote responsible payment practices.
3. Freeze Withdrawals Until Funds Clear: Prevent withdrawals until deposits are fully processed to avoid negative balances.
4. Set a Minimum Purchase Limit: Implement thresholds to reduce low-value transactions and optimize processing efficiency, minimizing unnecessary delays.
5. Maintain a Healthy Paynote Balance: Maintain a balance in the internal wallet sufficient to cover all payouts and ensure uninterrupted transactions.

These best practices help make your payment process fast, reliable, and easy to manage, letting you focus on growing your business.

If you haven't already, contact us or sign up to get started today!