The gaming industry has a global annual turnover of $50 billion USD. Following the covid pandemic, a new path has emerged. Every physical casino has been converted into an online casino. People prefer to play online casinos from the comfort of their own homes in the digital age. In the year 2021, online casinos are exploding. It’s entertaining to play, and people can earn real money while doing so.
Aside from that, many companies have begun their business in casino game development as a result of the enormous growth in the casino game sector. The thrill of winning and the feeling of gambling are two of the most intense sensations. When starting an online casino business, there are numerous factors to consider.
To begin with, every player expects safe and credible gaming. They do not tolerate technical difficulties; they expect to feel secure when they use their personal information and conduct online transactions.
Furthermore, as a professional business, you should look for popular top games, top-level support, accurate monitoring, and reporting, leading marketing actions, and products that can be customized for different regions and languages.
With such fierce market competition, providing players with a variety of payment options becomes a requirement rather than a choice. Because online transactions involve private information, you should set aside some time to find a reputable payment system provider. This is also a long-term partnership that provides gamers with security and a smooth payment process – which is significant.
You should also consider another factor. The number of providers is influenced by the market’s growth rate. It may now be necessary to expend considerable effort to locate a reputable professional payment system provider.
EskayPay is a well-known payment gateway provider in the UK. It offers the most payment options, including debit and credit cards, net banking options, popular wallets. Our Online Gaming Merchant Account will help you set up your online gaming business transaction with flexibility and ease.
Challenges facing Online Gaming Merchants
- Need for speed
According to research, more than a quarter of online gamblers have given up on registering a new account with a gambling website due to the complicated sign-up processes.
Online gamblers expect the same fast, seamless, and easy experience they have with Amazon when depositing funds, placing wagers, or withdrawing winnings.
Online operators must facilitate a smooth user journey while minimizing fraud.
Because of the need for speed in online gaming, platforms cannot rely on manual security checks or other inherited validation processes.
Payments at High-Risk Processors view gambling merchant accounts as high risk for a variety of reasons, including age restrictions, a variety of global laws, high-volume turnover, higher-than-average chargebacks, money laundering, and fraud.
Save time when looking for a merchant account for your gambling business by looking for companies that explicitly support gambling.
The right payments provider can help you reduce risk and improve data security by utilizing cutting-edge data protection technology and fraud prevention mechanisms such as 3D Secure, address verification, and CVV.
A chargeback is a Visa, MasterCard, or Discover transaction that a cardholder disputes. Non-receipt of services, dissatisfaction, or fraud are some of the reasons. As an example, suppose a player at an online games table suffers a large loss and then calls his credit card company to dispute the charge.
It’s a he-said, the she-said debate that online gaming retailers frequently lose. When a consumer does this and gets away with it, whether it was a genuine mistake or not, they are 50% more likely to do it again within 90 days.
Chargebacks are exacerbated by buyer’s remorse, the ease of calling the bank and disputing a charge, and merchant policies.
Increasing Fraud activities has made merchants more aware
The rapid expansion of online gaming comes at a cost: increased cybercrime. The most serious threat is still identity theft or spoofing.
When fraudsters used stolen identity credentials to make 110 fraudulent transactions at an online gambling website, one man in England lost nearly 12,000 pounds.
One out of every twenty new account creations is fraudulent, according to a survey.
Meanwhile, during peak attack periods, automated boat attacks can account for roughly half of daily gaming and gambling traffic.
While account creation is the most vulnerable stage of a customer’s journey, the operator, in collaboration with its payment provider, must provide:
- Identification verification
- Politically exposed individuals are being watched.
- Regulators of Anti-Money Laundering (AML)
- Sign up for tracking
- Monitoring of logins
- Monitoring of withdrawals and deposits
- Monitoring of actual games and tables
Whether you’re looking to expand into online gaming markets, increase conversion rates, or run a subscription-based business, EskayPay can assist you in navigating the complexities of global digital commerce. Our Online Gaming Payment Gateway will help you discover your business in an essence that is favorable to make good business payments. The modular design of our platform was created to meet these changing requirements:
- Payments Around the World
- Subscription Billing in Digital Commerce
- Risk Management & Compliance
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