For around 20 years, the iGaming industry has slowly and steadily been growing. With millions of people who partake in iGaming across the globe, it is no wonder that the industry has a projected growth of 9% over the next three years.
However good that might be for the merchants who trade in this industry, it also leads iGamers to seek out the best of the best when it comes to making payments online. Besides the online gambling industry being seen as high-risk, the added pressure of offering the best payment solutions only adds to the struggles of an online gaming business.
Knowing what the end user wants from your business will help with ensuring that your payment strategy is efficient, fast, and exactly what your clients need.
These are the five things to help you ensure that your iGaming payments strategy is top of the market.
1. Players want fast payments
Instant gratification is prominent in today’s society. And it has been accelerated by the pandemic when homebound online gamblers were stuck inside with little to do but play online games.
As much as eight out of ten players have fast payment as their most important function when choosing an online gaming operator. This includes fast payouts as well as fast withdrawals.
This means that if your payment provider’s solution isn’t fast enough, end users will look to find an online gaming operator that can offer them exactly what they want.
2. Onboarding needs to be fast and frictionless
Onboarding is the step where you can either gain a new client, or ultimately lose them. No matter how much you promote your fast onboarding process, if it takes potential clients more than five minutes you will not be guaranteed a new client.
What is more important is that the onboarding process has to be integrated in your user journey. If you redirect them away from your ecosystem, you risk losing the new potential client.
That is why whitelabeling is so important for iGaming operators. It allows them to offer customised solutions to their clients. Solutions that seamlessly integrate with any business’ APIs allowing for new users to be on-boarded quickly without ever having to leave your platform.
3. Players want to pay by bank transfer
Across Europe, open banking is gaining popularity because of how easily money can be transferred to merchants. The survey showed that seven out of ten players in Europe make use of bank transfers when buying into a game.
Being an online game operator in Europe comes with its own challenges. Not only do you have to cater for many languages, but you also have to make sure that every country can make payments with their preferred payment method.
In the UK, Germany, and the Nordics, open banking is starting to become more mainstream. But in France, Italy, and Spain many still prefer to make card payments. .
That is why having an international payment processor is beneficial. Not only can you make multi-currency transactions, there are also many payment methods available that you can integrate with your API.
4. Players want to play safely
When an online gaming operator promotes safe and responsible gambling, they are more likely to receive clients. This is because they set daily caps for the amount of money a person can spend to ensure their financial safety.
It shows to the client that their well-being is at the heart of the online gaming operator and in turn makes them feel safer when gambling.
5. Reliable partners
Having a reliable partner when it comes to payment strategy is key for success in the industry. Rapid onboarding and the correct licences are all important when it comes to integrating a payment system onto your ecosystem.
Traditional banks are time-consuming and unfavourable for high risk businesses. You need a payment provider who matches the same values and goals as your business. Whether you strive for fast paced growth, exceptional user journey or increased revenue streams, everything comes down to how you and your payment provider can align these goals in a unified strategy.
Important to also take into consideration the payment provider capabilities. See what licences they have, how far they expand, what regions and services can they cover. It will benefit your business greatly if you select a payment provider who covers most of your needs, which eliminates the need for your business to search local payment companies.
If the above mention does sound a lot like what you are looking for, then be rest assured that partnering with PayPugs your goals will be heard and aligned with the payment services.