When it comes to online gaming, the user payment experience can be fraught with difficulties: registration processes, customer data, choice of payment methods, etc. To optimize conversion rates, increase sales and enhance brand image, players in the online gaming sector are catching on to the major payment trends!
1. Faciliate customer registration
The onboarding process is the customer's first contact with the brand's online service. From that point on, it’s the company's duty to make sure the player's registration process is as uneventful as possible, thus making their first user experience smooth and enjoyable.
However, current security issues make this task more difficult than it used to be. Between compliance with Know Your Customer (KYC) regulations and the strong customer authentication (SCA) requirement made mandatory in the online gambling sector, satisfying customers can be a real challenge.
In addition to being highly responsive during the player registration process, companies must now make a genuine effort to communicate with and educate the player. Indeed, the player's understanding of security issues will help reduce their fears and frustrations, and in the long term avoid a drop in conversion rates.
2. Allow instant deposits and withdrawals
Traditionally, in-person customers have always been accustomed to having their money available in real time and on demand. The pandemic has changed consumer habits and some gamblers have turned to online gambling without having to lower their expectations.
Therein lies the real challenge for the online gaming industry: to allow the player to access their money instantly—whether it be withdrawals or deposits—just as they would in-person, to provide a smooth payment experience smooth, and in turn maintain customer satisfaction.
3. Adapt the payment method to the player
While simplifying the user journey is an important aspect of the payment experience, it alone is not enough to ensure a high conversion rate. In addition, a wide range of options should be provided to the player so they can choose the most convenient payment method.
Credit card, direct bank transfer, Paypal, prepaid card... When it comes to the last step in the payment process, it’s essential that the customer does not get hung up because the payment choices offered are limited.
In addition, even if the player has one of the available payment methods, just the thought of having to go through the long purchasing process can prematurely derail the act of buying.
Searching for a login that’s been lost for years, forgetting a password, receiving a confidential code by e-mail requiring you to authenticate using an old cell phone number... All these obstacles can quickly discourage a customer from buying!
Offering a sufficiently wide range of payment methods means providing the customer with as many payment options as possible to help them find the solution that suits them best.
4. Build a consumer profile for better conversion
Because players’ expectations are constantly changing, the gaming industry has done well to grasp the importance of offering an expansive payment model. Building a customer profile of each player in order to tailor and personalize services is what makes the payment experience a loyalty driver.
For this reason, investing in machine learning technology is worthwhile as it helps continuously learn from the player's behaviors and consumption habits, and in turn propose relevant products and services. It also further accelerates the payment process.
Preferred types of products and services, preferred payment methods, average purchase amount - everything is set up to facilitate conversion and even generate additional sales after purchase. Payment technology is no longer about meeting a need, but about anticipating it.
5. Adapt to a range of regulations
Although the online gaming industry allows its players to reach a target audience anywhere in the world, the flip side of the coin is that each country has its own regulatory standards with which the company must comply.
The enormous array of regulations quickly leads to certain constraints regarding payment methods. In France, for example, withdrawals of capital can only be made by bank transfer (except in special cases).
Thus, one of the major challenges for the online gaming industry is to adapt to each region’s legislation while building long-lasting, trusting relationships with that region’s payment providers.
The online gaming industry understands that nowadays it’s necessary to follow the new payment trends in order to find an ideal compromise between internal organizational requirements, legal constraints and player expectations.
With this in mind, your HiPay team offers customized solutions to meet your needs, from customer registration to the end of the conversion process.