Game Developer Struggles: £90K Earnings Blocked By Banks

James's Banking Dilemma

James, a 31-year-old game developer from Stow, has found himself in a financial bind after earning a substantial £90,000 from his adult video games on Steam. Despite being legally earned, James's cash is stuck in limbo as he faces rejection after rejection from UK banks unwilling to open business accounts for him.

After trying with 11 different banks – from traditional high street names to modern challenger banks – James remains unable to access his hard-earned money, all due to the X-rated nature of his creations. Seeking advice, he turned to Metro consumer advocate Sarah Davidson for help.

“I just want to be paid for the products I've sold,” James lamented, expressing his frustration at the banking system's unwillingness to accommodate his legitimate business.

The High-Risk Business Barrier

In James's case, the banking industry's reluctance stems from a broader categorization of certain sectors as "high-risk," which includes adult entertainment, gambling, cryptocurrency, and more. These industries are seen as fraught with potential financial and reputational risks, making traditional banks hesitant to engage.

Despite this, numerous businesses thrive in these sectors, and there are ways around the obstacles James faces. Opening a specialized high-risk business account could be the solution James needs, albeit with additional costs.

Finding the Right Solution

Specialist banks and financial institutions that cater to high-risk industries are available, but they often come with higher fees. James needs to research and apply to a bank that understands his industry to increase his chances of acceptance. Firms like Modern World Business Solutions, Epico Finance, and Wirewand can assist in finding the right fit.

James should be prepared for set-up fees, transaction charges, and maintenance costs, all of which can vary significantly. As Stripe advises, ensuring that any provider has robust security measures is crucial to protecting both business and customers from fraud.

With careful consideration and the right guidance, James could have his account up and running in a matter of weeks, finally unlocking access to his earnings.