The Online Gaming Industry is growing exponentially and it could very well shape the future of entertainment, thanks to technological advancements. The industry is predicted to hit a massive $80bn mark by the end of 2020. In fact, a significant 11% of the total internet traffic comes from online gamers.
If you happen be a gaming merchant, you would be well aware of the industry trends and its potential. And in order to capitalize on this growth and compete with your fellow competitors in the industry, one of the most important trends to follow is to obtain a gaming merchant account to offer variety of payment options.
But, obtaining a gaming merchant account and payment solution is only job half done. A solid payment solution can boost your business and increase revenue significantly whereas, a weak one could cause more harm than good.
Lack of payment options, a complex and lengthy check-out process, transaction failures, etc can be damaging to business and cause hindrance to your business growth.
Here are some gaming merchant account & payment essentials to keep in mind while securing an Online Gaming Merchant Account Solutions from a merchant account provider:
- Payment Flexibility
Customers demand variety. Give your customers options. Since you are in the gaming business with a young demographic for an audience, you should know that providing variety of payment options appeals massively to the millennial generation.
Alternative payment methods account for 51% of all online gaming transactions. While cards are still widely used, new payment options such as e-wallets, mobile billing and direct debits are gaining steady popularity with the modern gamers.
- Simple and Quick Payment Process
The online gaming world moves at a rapid pace and to match that you need to provide a payment system that is equally fast and smooth. A lengthy and disruptive payment process can be frustrating and a major turn-off for the gamer.
Players require a simple and easy check out process that does not interrupt their gaming experience. Integrate a payment system that offers simple, flexible recurring billing and quick-click payments for better user-experience.
- Stable & Secure Payment System
As an online gaming platform, your business is live 24 hours and 7days. Players from all around the world will use your services and play all the time. As a gaming merchant, you cannot afford your payment services to stop abruptly, even for a minute, especially during peak gaming hours.
A stable and secure payment system that works seamlessly, round-the-clock with zero glitches is an essential requirement for online gaming merchants.
- Consumer Behavior Insights
Industry growth brings in increased competition. In order to tackle competitors and stay ahead in the game, you need to stay updated on consumer trends and behavior. Analyzing consumer data can give you a better idea of what your customer wants and expects helping you in the long run to attract customers.
Ensure that your merchant account provider has the tokenization option along with providing a comprehensive report that includes proper consumer insights.
Be sure to demand the above given key requirements when approaching a merchant account provider while looking an Online Gaming Merchant Account.