Creating a payment system for your iGaming platform which allows players to deposit and withdraw funds quickly and easily is a very important part of becoming a success in the industry. No player will keep coming back to a site with a slow or faulty payment system, or one which doesn't make them confident that it is secure.
At least one good payment gateway is essential for any iGaming merchant, but it is advisable that you should go further than this.
Although you might think that one payment gateway is enough, this won't be a wise 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.
This can be essential in a number of situations, and for 5 reasons:
To help reduce cart abandonment: According to the
Baymard Institute, the average online shopping cart abandonment rate is 68.63%. This means that for every 100 potential customers, 68 of them leave without making a transaction. By having more than one payment gateway, you can create better transaction conditions for your players, and you will be able to reduce cart abandonment and failed checkout processes.
Your payment gateway may go down: From time to time, payment gateways may go down or be unresponsive, which can result in not being able to take payments from customers, and loss of revenue. Plus, if that happens then you can bet that your players will start to look elsewhere for their online games with a smoother checkout process. However, with multiple integrated gateways, you can efficiently re-route transactions through an alternative gateway, limiting disruption to the player experience.
You may have too many transactions: Another instance where multiple gateways can be beneficial is when an operator has an exceptionally high volume of transactions. By working with multiple gateways, you can easily shift your transactions to another partner, reducing the amount of traffic going through a single gateway. This will keep your payment system running smoothly, and maintain player satisfaction.
You can operate in more countries: Different payment gateways can be specialized to different markets, and so by having more than one, you can create a payment portal that is convenient for people in multiple geographies. If you are looking to increase your customer reach, having several payment gateways that offer different payment methods popular around the world will make your iGaming platform more attractive to more diverse customers.
You can test out different gateways and collect customer data: If you are just starting out in the world of online gambling you may not already have a lot of data on who your customers are and how they like to pay. By having multiple payment gateways you can easily gather lots of different sets of data that will help your strategy. This could be things like payment frequency, for example if players like to make one-off or recurring payments, or which payment methods or currencies they prefer when they want to deposit or withdraw. With more data, you can continually improve and offer a better payment system for players in the future.