4 Essential Payments ‘Must Haves’ For Online Gaming Operators
Online gaming is booming in the US. From Fantasy Sports, through eSports to advanced deposit wagering, players want to deposit funds and get straight to the action. It is therefore essential that gaming operators pick the right payment solutions for their players and markets.
Failing to provide enough payment options both on and out of their platforms, or slowing down gameplay, are two ways operators can let players down and ultimately lose business. The wrong solution causes friction and will ultimately cost you money.
Make sure your payment provider has the tools you need to make it seamless and secure for players to move funds without interrupting the gaming experience.
Want to find out more? Download our whitepaper – Unlock the Unknown for eSports – click ‘whitepapers’ in the menu bar.
No Nice To Haves, All Online Gaming Essentials
Here are four essential payments ‘must haves’ for online gaming operators.
#1: Alternative Payment Options
Cards are still the primary payment option for most gamers in the US. However, around the world, alternative solutions are preferred by over 51% of players. Make sure to offer alternative payment methods (APMs) like PayPal and other e-wallets, as these are popular payment methods with players; helping them manage their gaming accounts and spending.
From where we’re standing, it looks like e-wallets are on a course to overtake online credit and debit card payments in the US within in the next five years. They also offer key advantages to online gaming operators. E-wallets generally have higher deposit acceptance rates than payment cards, so give your players the tools to move funds securely, using their preferred payment methods.
Overall, alternative payment methods have gained a lot of traction with players in the last decade, especially because the credit card issuers have become more cautious about allowing cardholders to make gaming deposits. Players and operators have been forced to find alternatives, and have embraced different ways to pay.
If you’re going global, international reach and growth into new markets – especially China, South East Asia, Latin America and Russia – depend on an adequate level of secure payment option flexibility. Just don’t overload players at every touch point. Payment providers with expert market knowledge can customize checkout options so that they provide the right options in each country and region.
#2: One-Click Solutions
Once a promotional bonus offer has been taken up, players want to forget about the cost. Make it easy for them to complete the deposit / payment process. Limit the number of options and form filling, but keep enough to ensure security and compliance boxes are ticked and the payment is taken securely, with the relevant third-party authentication.
In-game purchases need to be seamless. No one wants to pause to fill in payment card details. One-click solutions are ideal in this scenario. Repeat purchases are easy to implement. The game experience is uninterrupted.
Online gamers are ‘always on’ across the US: Pacific, Mountain, Central, Eastern and global time zones. Through multi-player experiences and online games, it can be a truly international gaming experience. Make sure your payment solutions provider can keep pace with the action. You need uninterrupted service, with 24/7/365 backup and support.
#4: Local Knowledge and Solutions
Local knowledge includes aligning payment options with your markets and ensuring you work with specialist payment providers with compliance expertise. Gaming operators who want to crack new markets, whether domestic or overseas should look to partner with a provider who understands the challenges faced by operators in each market, and have the right solutions.
Gaining traction in local markets means catering to local needs and regulations. Gaming is a consumer-led market that is tightly regulated, so make sure your payment provider can adapt to new trends, deliver the most effective solutions and give players what they need to pay and keep playing without interruptions; while ensuring your business meets industry regulations.
There are two important factors that US operators in eSports need to focus on – payments and regulation. Download our whitepaper exploring the regulatory challenges operators face, and how payment processing can help operators navigate the regulatory landscape. Click on the ‘whitepapers’ on the menu to get your free copy.