The payment process is vitally important for any online gambling operator, because that's how you can turn your players into profits
Without making your players want to pay for their games and giving them the tools to do so, your iGaming platform is just a free service for people to use as they please. Although it would be nice to live in a world where everything is free, this is not the best strategy for your business!
However, getting people to part with their money is not as easy as you might think - even if you think you've already got a top notch platform with exciting games that attract lots of players. This is because you need an excellent payment platform that makes it simple for payments to be made. Probably the most important element of your payment system will be your payment gateway
. What is a payment gateway?
A payment gateway is a technology used by merchants to accept debit card, credit card, digital wallet and alternative payment method (APM) transactions from customers. The term includes not only the physical card-reading devices found in brick-and-mortar retail stores but also the payment processing portals found in online stores and platforms.
If you are building an iGaming platform and you want to receive purchases from customers, deciding on your payment gateway is a big part of the decision process. Here are 10 things to consider when you are choosing an iGaming payment gateway: How many payment gateways should you have?
Although you might think that one payment gateway is enough, this will probably be an unwise move. Often, fast-growth companies connect their applications to multiple gateways to allow both business and technical innovation. If your iGaming platform is supported by more than one payment gateway, your payment platform is able to introduce new and dynamic business models and integrations. Can you offer a seamless user experience?
The best payment systems feature payment gateways which are smooth, fast and hassle-free, with no technical glitches or overly complicated data entry systems. Your UX at the checkout should be as perfectly crafted and seamless as the games on your platform, so that the players don't waste lots of time at the checkout, and you can keep them where you want them - engaged in your games. Which payment methods should you choose?
If you understand who your audience is, you can then tailor your payment approach to make the payment process fast and convenient for your customers. Different payment gateways will have integrations with different payment methods, and so you should choose payment gateways that will help you to accept a number of different payment methods. This will increase conversion at the checkout, and keep players paying and playing again and again. Is your payment gateway secure?
Now that more and more commerce is going online, and iGaming is continuing to blossom, the tactics of hackers and fraudsters are becoming increasingly effective and innovative. It has never been more important to fortify your payment systems with high-tech anti-fraud technology that keeps cyber criminals out, and keeps your customers safe. What countries / currencies do you operate in?
Some payment gateways are specialized for certain markets, and can give you the best possible experience for your customers if you are specifically targeting that market by offering the right payment methods and favourable FX rates. In addition, payment gateways may only be able to settle your funds to your bank account in certain currencies, so you should also be aware of this.