It is essential that choosing a Gaming payments solution is a part of the decision-making process when you are setting up your business platform. Working on the technology, infrastructure, and game flow is vital, in the same way, it is important to set up the best payment gateway which is suitable for your gaming platform.
According to the Newzoo reports, the revenues generated by the global games market of 2021 will be $175.8 billion. The number of players would reach the figure of 2.9 billion globally. This is how big it is! Gaming is a booming industry and the right payment gateway plays a major role to make sure that the businesses tap the revenue in the correct way.
So let us discuss what essential points you must consider when you are choosing a payment gateway for your platform.
Choosing a Gaming Payment Gateway
Having the best gaming payments solution is part and parcel of your gaming website or mobile application. The below points would help you to get one.
Integration and Technical Part
The technical aspect is a prime matter to acknowledge when you are considering setting up the payments facility on your platform. The payments solution that you are choosing must be supporting the technology that you are using.
It needs to be tech-savvy and fast to integrate. The technical segment should be hassle-free with no constraints and effects on the gaming experience. Before going through the setup process for the live payments access the test mode and experience the checkout process, to know if it is fast, smooth, easy, and simple to integrate.
As per the Statista report, ‘Games market revenue worldwide in 2021, by device’, the biggest gaming segment globally with the estimated annual revenues of 90.7 billion U.S. dollars was ‘Mobile’. The second was the ‘Console’ with 49.2 billion U.S. dollars and ‘PC’ with around 35.9 billion U.S. dollars was the last in 2020.
Based on the facts, consider the mobile-centric user interface of your gaming platform not only from the point of view of the game-play but from the angle of the payments solution too. The Payment process and the UI of the payment gateway to be integrated with the mobile application must be presentable and smooth. Also, the payment gateway technology should be supporting your application platform.
As a matter of fact, your payment process and user interface must be suitable for all kinds of devices including desktop, mobile, or tablet for an overall experience. However, do not forget the expected major revenue generation from mobile gamers.
The gamers are on the edge and expect a smooth experience in every expect. An uninterrupted gaming experience is what they want and it gets ruined when they face a disturbance or hiccups in the payments. Just like the game-playing must be fast and smooth, the same needs to be with their purchases and the payments.
For this, a smooth, fast and easy checkout process should be enabled on your gaming platform. A lengthy and complex payment process might be a big interruption. Thus, purchasing the in-game products, points, coins, characters, levels, weapons, upgrades, subscriptions, etc must be hassle-free and effortless. Enable the excellent user experience with an ideal gaming payments solution.
Not only the gamer satisfaction but the merchant experience with the payment gateway is also a matter to consider. There are various points that you should take into account from a merchant point of view. These include the following:
- Affordable and customized pricing plans as per your transaction volume.
- Smart merchant dashboard with various features and functions for analytics of the transactions, its records, refunds, settlements, reports, etc. This is for easy and timely service delivery and customer relations.
- Personalized Customer Support services from the Payments service provider.
- The easy and fast assisted onboarding process
Read below the further points with the PayKun Payment Gateway features that include the essence to render the best possible services to the gaming platforms.
Also, know about the types of games that exist and the increasing popularity of the Gaming Industry.
Protection and Security
The chargebacks, threats, frauds, and high volume of transactions are on the higher side in the gaming business and so it is categorized as high-risk. Thus, you need to check if the payment gateway for your online gaming supports the high-risk business segments and provides the best services for the same.
The gamers may file a chargeback as part of the friendly fraud or for recovering the recurring subscription amount deducted without their realization or when not recognizing the transaction in their bank statement.
For these, they directly approach the bank and file the chargeback instead of requesting the refund from the merchant. The chargebacks exploit the reputation of the gaming merchant.
All in all, this is found on the higher side of the gaming business. There can also be other types of fraud that can result in the chargebacks such as payment with a stolen card.
Apart from this the data breach and the thefts are other important security segments to keep in mind. These are major points of concern as the loss of the data or funds might be a serious image breaker.
The ability to handle the gaming traffic, PCI DSS compliance, encryption methods, SSL, cybersecurity, fraud prevention measures, curbing risk and dispute resolution are the essential points to consider when you are looking for a payment processor for a gaming platform.
You should choose a gaming payments solution that can provide the best merchant and gamer experience along with security features. Consider the ease of integration and the pricing aspects. Also, you must remember that an uninterrupted gaming experience also includes fast and uninterrupted payments processing. The gaming and payments must go hand-in-hand.