- The global eGaming market can reach up to US$ 343.6 Billion by 2028
- The expected growth rate between 2023-2028 is 9.08%.
- In preference, consoles, mobile/tablets, and computers are used for gaming.
eGaming is one of the fastest-growing businesses, and there is no downfall even in the coming years. Even during the time of lockdown due to covid-19, gaming was one of the most flourishing businesses. But the hidden hero behind this growth is the online gaming merchant account provider that facilitates safe and speedy online payments between customers and merchants. However, it is the experience and expertise of a merchant to choose the best gaming payment provider. For every business owner, the meaning and parameters of the best provider can be different. But some general features can be considered while searching for a payment solution company.
Security is a must and the first feature
As gaming businesses belong to a high-risk industry, the security of transactions is a must. A merchant must find a solution-providing company that confidently commits to providing uncompromised protection.
The top 7 security measures used by eGaming payment providers are –
- Data encryption
- Tokenization
- PCI-DSS compliance
- 3D secure 2.0
- Secure socket layer (SSL)
- Secure electronic transaction (SET)
- Employee training
Every payment provider needs to have the above-mentioned safety measures. They are not only essential but also legally vital. A payment provider cannot operate transaction management services without safety measures, especially PCI-DSS.
Currency acceptance is vital
You need to ensure that your customers can pay in their preferred currencies. Online gaming businesses flourish across borders quite easily. It is why the merchant needs to find a global payment gateway that can facilitate multi-currency payments.
- Search online for a multi-currency payment provider
- Take suggestions from the other established merchants in your industry
- Initially, go for a short-term contract to be sure about the provider’s services
With currency acceptance, your payment provider should also be able to facilitate multiple payment methods. Look at the world around you; it is an era of innovation, and things change every second. There are many payment methods in trend, such as mobile wallets, crypto payments, bank transfers, credit/debit card payments, etc. Now voice commerce and IoT are also giving shape to new payment methods.
Dedicated customer care service
Timely support by your payment gateway provider in case of any issue is an important feature to search for. In simple words, look for the payment provider with the best customer care service. For high-risk merchant account providers, the timely response of the customer support team is essential.
- Timely customer support is vital to solving technical issues
- Customer support should have last-minute troubleshooting skill
- For speedy and safe transactions, an alert customer support team is vital
No business in the world can survive for long without customer care service. The payment providers that serve the merchants understand their responsibility on this part. It is why they can serve high-risk industry businesses.
Easy-to-use for merchants
Yes, this feature is not directly for the customers of an e-gaming business but for the merchant. A company can facilitate speedy transactions for its customers only when the merchant can manage everything easily. An idol gaming payment provider always gives comfort and ease to use.
- The dashboard should be user-friendly for the merchant
- The merchant should get timely notifications of monthly transaction reports
- All information should be easy to reach for the merchant.
Easy to use is a significant feature that a merchant should look for in the payment provider. There are questions you can ask a payment provider to be more explicit about this feature. However, some payment solution companies are already known for their best services, like Webpays.
Legally reliable
Risky industries cannot take the chance to play with the law; they are already under the sharp eyes of legal institutions. Online gaming businesses have international customers, and their international merchant account services can get terminated immediately in case of any doubt. The merchants must find a legally reliable payment gateway.
- A legally unreliable payment provider may steal a merchant’s money.
- Customer data is always at stake if your solution provider is legally weak
- Always check the authentication certificate before finalizing a payment provider
It is not an exaggeration to say that legal is the most crucial aspect. If a merchant hires a payment provider that is not legally sound, the blame will be on the merchant only. No matter how ignorant was the business owner about it. Compromising legal duties can make a merchant close his business.
Conclusion
You can understand from the above features that selecting a payment provider for an eGaming business is a work of responsibility. It is important to notice all factors before choosing a payment provider. However, with experience, a merchant attains expertise. If you also run such a business, you will be able to understand the nook and cranny of finding the features of a payment provider. Look for famous and reliable names; webpays.com can be a worthy choice.
Egaming payment providers are becoming increasingly popular as more people turn to online gaming for entertainment. These providers offer secure and convenient payment solutions for gamers, allowing them to purchase items or services within games without having to worry about their financial security. They also provide gamers with faster transactions and better customer service than traditional banking methods. In addition, egaming payment providers can help game developers reach a larger audience by enabling them to accept payments from a variety of sources. With the increasing popularity of online gaming, egaming payment providers are becoming an essential part of the gaming industry.
