By 2025, the projected volume of the online gaming market is expected to reach $32 million, with a total number of users around 1.3 million.
With the growth of the market, online gaming providers have the chance to increase their user base. But to remain relevant and competitive, they must focus on continuously improving all aspects of their services. Choosing a gaming payment gateway that offers seamless and fast payments, and does not interrupt the gaming experience, is a central part of this process.
At the same time, picking the right payment gateway presents a challenge. This is due to the various risks associated with offering payment services to online gaming platforms, such as fraud, chargebacks, differences in regulations, and so on. For this reason, online gaming merchants need to pick a provider that is willing to meet their needs and capable of providing a secure and reliable service.
Are you looking for an online gaming payment processing solution? Here is what Skrill's online payment system can offer you!
Why It Can Be Difficult to Find a Payment Gateway for Your Online Gaming Business
Online gaming websites may find it difficult to find a payment gateway provider willing to provide them with services. This is due to some of the risks associated with offering payment processing to such businesses. These include:
- Risk of fraud and know your customer (KYC) issues: Fraudulent accounts and identity/card theft are serious issues that gaming websites face daily.
- Excessive chargeback rates: Impersonation, as well as friendly fraud, will often lead to inordinate rates of chargebacks for gaming businesses.
- Increased website traffic: Heavier website traffic means that monitoring transactions and spotting instances of fraud becomes increasingly difficult. And in some instances, payment gateways may even become overwhelmed by the volume of transactions.
- Regulatory barriers: Online gaming and online payments are both heavily regulated, with requirements for gateway providers varying from country to country. This can have a deterring effect.
Due to these risks associated with gaming businesses, gateway providers may be hesitant to offer their services.
What to Keep in Mind When Choosing a Gaming Payment Gateway
On top of the difficulties that gaming businesses face when looking for a payment processing solution, they must also make sure that the provider of their choice meets several criteria. The payment gateway of your choice needs to offer:
- Quick transfers and low fees: Players are frequently required to make in-game payments. Slow payment processing, high fees, and payment screens that take them away from the game are sure to drive players away. A quick and simple payment option is needed to improve their experience and retain them as customers.
- Different payment methods: Some users may opt to use their credit or debit cards but especially with the gaming audience, a variety of payment methods is a must. Many users have digital wallets, some use cryptocurrencies, and yet others may even want to make local bank transfers. Being able to meet their needs is a key feature of a good gateway.
- High security: Due to the risk of fraud and identity theft, players’ personal information and funds need to be protected at all times. A payment gateway for online gaming must provide effective tools for risk and fraud management, and have the highest level of PCI compliance.
- Regulatory compliance: To provide payment processing to gaming businesses, gateway providers usually need to comply with a host of financial, legal, and security requirements. They may also be required to operate in the countries where users are located.
These are some of the criteria that a payment gateway needs to meet in order to be suitable for a gaming website. It must offer easy and secure payments in order to keep user experience up, while at the same time being fully compliant with all legal and financial requirements.
Why Skrill Is the Right Gaming Payment Gateway for You
By opting for Skrill as your preferred payment gateway, you will be working with a partner who can meet all the challenges that come with processing payments from online gaming. Moreover, Skrill can also provide you with all of the above benefits, and more.
Here’s how your customers will benefit from using Skrill as a gateway:
- “Remember me” feature allowing instant repeat payments with Skrill 1-Tap
- No redirection, payments only via authentication
- Over 100 payment methods – starting with credit and debit cards, local bank transfers, as well as digital wallets by Skrill and Neteller, cryptocurrencies, Paysafecard, Klarna, and many more
- High level of security protecting all financial and personal data
- Access to loyalty programmes for all users
- Improved customer experience and satisfaction
Moreover, if you make Skrill your website’s payment gateway, you will reap the following benefits:
- Complete chargeback protection
- 185 markets (countries) covered by the service
- Multi-currency support with over 40 currencies covered and managed through a single merchant account
- One contract and a single API to get started with Skrill
- Improved customer acquisition and retention, and increases in ROI