There are many ways in which a payment service provider can benefit an online gaming company. Here, SafeCharge lists five key points that gaming merchants should consider when it comes to online payment processing
1. Fraud protection
Fraud protection is something that can make or break a gaming merchant’s business. As chargebacks are often a recipe for heavy fines, account closure and black-listing, effective fraud prevention is crucial for a successful gaming site. Using a sophisticated payment service provider that offers a fraud protection platform geared toward the gaming industry will definitely help reduce the amount of fraud, while at the same time maximising the approval ratio. A few examples of risk features are rule engines and behavioural purchasing patterns, which are able to identify new fraud patterns. Also, a good risk platform will be able to cross check the users with various data bases to make sure the details they give are real and thus will help a merchant to identify the fraudsters and get the best fraud protection. Every service provider gives risk support, but the best ones offer a combination of an advanced risk platform and risk analyst team. That way, both parties work together in order to reduce scrubbing and increase approval ratio at the same time.
2. First-rate technology
Smart gateway technology is very important, as is a well-developed risk technology. The combination of these two makes for better payment optimisation, raising approval ratios. Gaming merchants should be sure to work with a payment processor that has the means to optimise the transactions with a payment manager. The optimisation algorithm of such transactions should be based on an analysis of which BINs work best in which banks, so the gaming merchant will be able to route their traffic to the optimal acquiring provider, therefore lowering the cost and maximising their approval ratio.
Another benefit of a payment manager would be a redundancy of the banks, so if one bank has downtime, the payment manager can re-route the transactions automatically to the next bank in the network. Although this seems trivial, it is essential in the gaming industry where every downtime minute means a large loss of money.
3. Main challenges
With each passing year, fraudsters become more experienced and new forms of fraud are developed. SafeCharge has overcome this challenge by developing premium risk packages that combine risk expertise and technological know-how. These premium risk packages include multiple fraud prevention features, such as an interactive reporter that provides merchants with real time alerts, post processing actions and user customisation, as well as various database verifications such as AVS and age verification.
Another big challenge that merchants in the gaming industry face is the changes in regulation. SafeCharge’s solution to such regulation changes is to have a comprehensive banking portfolio with multiple banks and a smart gateway that allows us to direct our clients’ transactions to the best bank possible.
4. Globalisation of transactions
Thinking globally but acting locally is key, and therefore gaming merchants should choose a payment processor that can give them a solution in various geographies while at the same time customise the solution to each geographic. This means that merchants will have access to a payment provider that knows how to identify an end-user’s location and to adapt the language, currencies and payment methods.
5. Optimising payments
Optimising payments is crucial for increased conversion. Since gaming merchants invest a lot of money in the acquisition of players and promoting their sites, optimising payments will enable them to maximise their profits by increasing their approval ratios. Optimising transactions with a payment manager feature and reducing risk with an advanced platform is the key for a long lasting payment solution.
