Shooting up towards $1 trillion in total value, the global online gaming and gambling industry has continued to show strong growth. Gambling activities are becoming more popular, with significant growth coming from mobile platforms. Over the last number of years, the mobile sector of the global gambling markets has grown significantly. Plus, it is forecasted to grow at a compound annual growth rate of 19% from 2017 to 2021. This is despite the many obstacles thrown their way, many of which come from constantly changing regulations.
Industry must also keep pace with rapid changes and evolutions of online gaming services, both mobile and otherwise. Innovation has continued, and it has been rapid. When it comes to online gaming payments, faster deposits, faster withdrawals, one-click features, and built-in biometrics are essential.
Knowing Your Demographic
Some of the changes that have been seen include changes in the way people gamble, the demographics of gambling online, and others. People who fall into the younger millennial category and the older representatives of Generation Z, ages 18 to 21, are expected to make up almost half of consumers by the year 2020. This demographic is more focused on digital technology, including mobile devices.
Surveys have shown that people’s mobile devices are among the most prominent and well-loved items they own. People play games in an expanding number of ways, and the baby boomers are also in on gaming virtually. People over the age of 60 are spending more than twice the amount they did on gambling versus ten years ago.
The Challenges Of Gaming Payment Processing
Among the changes that the gaming industry is seeing are changing market trends, regulations, laws, increasing fraud, increasing chargebacks, and many other challenges are facing the industry as well. Where does payment processing fit into the equation? How can the right payment provider improve both efficiency and profits? It has been estimated that the global gaming market will continue to see massive growth, surpassing $200 billion by 2023. The lockdowns caused by Covid 19 have also prompted increased interest in gaming. The result has been higher revenue, and gaming companies have many opportunities to take advantage of.
These opportunities do not come without concern, however. Concerns about fraud make people less likely to spend money when playing games online, for example. People share their sensitive personal data when making purchases, so they need to feel confident that this data will stay safe and secure. With a good payment solution, people feel more comfortable, and gaming businesses benefit. As a gaming company, you want people to feel confident in the payments that they are making. Centrobill has a top team to assist you with improving consumer confidence.
Which Challenges Are Most Common For Online Gaming Companies
One of the largest challenges for the gaming industry is adapting to the constantly changing regulations. With ever-changing regulations, having a payment processor that is on top of their game is essential. The industry is highly regulated, and it is important to note that the European online gaming market has no specific policy that regulates all countries across the continent. Rather, every merchant needs to pay attention to each country they operate in, following licenses, regulations, and changes within each of these markets. This creates a lot of complexity, so having the best payment processing team behind you is essential. Centrobill knows the current regulations and adapts to changes that are coming.
There are several requirements that gaming companies need to pay attention to, and working with a top payment platform makes it easy to identify every player for potential risk. The gaming industry has strict know your customer requirements, and strict anti-money laundering requirements are also in place. Centrobill assists in guiding you through these challenges, always staying up to date on the latest regulatory changes that pass.
Many challenges and obstacles are faced by online gaming companies, with some of the biggest challenges including speed, fraud, chargebacks, being a high-risk business, global coverage, and keeping up with innovation.
An Increase In Fraud
Online gaming has seen rapid growth, which has led to an increased amount of cybercriminal activity. According to some studies and reports, up to one out of every 20 new online gaming accounts is fraudulent. Due to this, online operators need to monitor suspicious behavior and support a smooth user journey without surprises. One of the most common problems found when it comes to fraud is account takeovers.
Choosing a gaming merchant account is an essential part of reducing the risk of fraud. Make sure to ask payment processors whether they offer a set of fraud prevention tools with their services. These are needed to enhance your business security, detect customers’ data, and increase consumer confidence. These tools and solutions need to go beyond flagging suspicious transactions. Cybercriminals are learning, adapting, and getting more creative with how they attack. Your payment processor should have multiple steps in the process of reducing the fraud your business gets hit with.
The tools your processor uses to reduce fraud helps reduce the number of potential chargebacks that need to be handled. Chargebacks are another challenge that merchants need to be aware of.
Chargebacks Can Damage Your Businesses Reputation
With online gaming, players may take huge losses. When it comes to online gambling and gaming, this is a natural risk. Online gaming companies need to be prepared for frustrated customers who issue chargebacks, as these chargebacks can have a large impact on a gaming company’s bottom line. Look for a payment processor who understands your industry’s needs, offering services to help reduce your chargeback rate while also providing the right tools, support, and advice to help you successfully win as many chargeback disputes as possible.
In addition to frustrated customers who may issue chargebacks, friendly fraud needs to be monitored. Friendly fraud occurs when a cardholder wrongly requests a chargeback, even though the purchase was legitimate. Online surveys have found that the two biggest issues companies face when dealing with chargebacks are identifying friendly fraud and disputing chargebacks. Centrobill has top tools for assisting with both of these challenges, plus additional related services.
One reason that friendly fraud occurs is that a family member uses a person’s card without their knowledge. At times, it is children who are charging purchases to their parent’s credit cards without permission, as an example. While it is not possible to stop chargebacks completely, businesses can effectively reduce the number by working with a reliable payment processor.
Industry must also keep pace with rapid changes and evolutions of online gaming services, both mobile and otherwise. Innovation has continued, and it has been rapid. When it comes to online gaming payments, faster deposits, faster withdrawals, one-click features, and built-in biometrics are essential.
Knowing Your Demographic
Some of the changes that have been seen include changes in the way people gamble, the demographics of gambling online, and others. People who fall into the younger millennial category and the older representatives of Generation Z, ages 18 to 21, are expected to make up almost half of consumers by the year 2020. This demographic is more focused on digital technology, including mobile devices.
Surveys have shown that people’s mobile devices are among the most prominent and well-loved items they own. People play games in an expanding number of ways, and the baby boomers are also in on gaming virtually. People over the age of 60 are spending more than twice the amount they did on gambling versus ten years ago.
The Challenges Of Gaming Payment Processing
Among the changes that the gaming industry is seeing are changing market trends, regulations, laws, increasing fraud, increasing chargebacks, and many other challenges are facing the industry as well. Where does payment processing fit into the equation? How can the right payment provider improve both efficiency and profits? It has been estimated that the global gaming market will continue to see massive growth, surpassing $200 billion by 2023. The lockdowns caused by Covid 19 have also prompted increased interest in gaming. The result has been higher revenue, and gaming companies have many opportunities to take advantage of.
These opportunities do not come without concern, however. Concerns about fraud make people less likely to spend money when playing games online, for example. People share their sensitive personal data when making purchases, so they need to feel confident that this data will stay safe and secure. With a good payment solution, people feel more comfortable, and gaming businesses benefit. As a gaming company, you want people to feel confident in the payments that they are making. Centrobill has a top team to assist you with improving consumer confidence.
Which Challenges Are Most Common For Online Gaming Companies
One of the largest challenges for the gaming industry is adapting to the constantly changing regulations. With ever-changing regulations, having a payment processor that is on top of their game is essential. The industry is highly regulated, and it is important to note that the European online gaming market has no specific policy that regulates all countries across the continent. Rather, every merchant needs to pay attention to each country they operate in, following licenses, regulations, and changes within each of these markets. This creates a lot of complexity, so having the best payment processing team behind you is essential. Centrobill knows the current regulations and adapts to changes that are coming.
There are several requirements that gaming companies need to pay attention to, and working with a top payment platform makes it easy to identify every player for potential risk. The gaming industry has strict know your customer requirements, and strict anti-money laundering requirements are also in place. Centrobill assists in guiding you through these challenges, always staying up to date on the latest regulatory changes that pass.
Many challenges and obstacles are faced by online gaming companies, with some of the biggest challenges including speed, fraud, chargebacks, being a high-risk business, global coverage, and keeping up with innovation.
An Increase In Fraud
Online gaming has seen rapid growth, which has led to an increased amount of cybercriminal activity. According to some studies and reports, up to one out of every 20 new online gaming accounts is fraudulent. Due to this, online operators need to monitor suspicious behavior and support a smooth user journey without surprises. One of the most common problems found when it comes to fraud is account takeovers.
Choosing a gaming merchant account is an essential part of reducing the risk of fraud. Make sure to ask payment processors whether they offer a set of fraud prevention tools with their services. These are needed to enhance your business security, detect customers’ data, and increase consumer confidence. These tools and solutions need to go beyond flagging suspicious transactions. Cybercriminals are learning, adapting, and getting more creative with how they attack. Your payment processor should have multiple steps in the process of reducing the fraud your business gets hit with.
The tools your processor uses to reduce fraud helps reduce the number of potential chargebacks that need to be handled. Chargebacks are another challenge that merchants need to be aware of.
Chargebacks Can Damage Your Businesses Reputation
With online gaming, players may take huge losses. When it comes to online gambling and gaming, this is a natural risk. Online gaming companies need to be prepared for frustrated customers who issue chargebacks, as these chargebacks can have a large impact on a gaming company’s bottom line. Look for a payment processor who understands your industry’s needs, offering services to help reduce your chargeback rate while also providing the right tools, support, and advice to help you successfully win as many chargeback disputes as possible.
In addition to frustrated customers who may issue chargebacks, friendly fraud needs to be monitored. Friendly fraud occurs when a cardholder wrongly requests a chargeback, even though the purchase was legitimate. Online surveys have found that the two biggest issues companies face when dealing with chargebacks are identifying friendly fraud and disputing chargebacks. Centrobill has top tools for assisting with both of these challenges, plus additional related services.
One reason that friendly fraud occurs is that a family member uses a person’s card without their knowledge. At times, it is children who are charging purchases to their parent’s credit cards without permission, as an example. While it is not possible to stop chargebacks completely, businesses can effectively reduce the number by working with a reliable payment processor.
Being A High-Risk Business
Gaming merchants are considered to be high-risk. There are diverse global laws, a high volume of turnover, age restrictions that need to be dealt with, and the potential for chargebacks is high. Due to all of these things, payment processors identify many gaming merchants as high-risk businesses. When seeking a merchant account, look at payment providers that serve high-risk industries. Centrobill services the online gaming industry.
Payment providers that serve high-risk industries are better suited for companies who want to avoid their accounts being frozen or terminated, which prevents the company from running its business.
Dealing With Language Barriers
One of the major benefits of the online gaming industry is the ability to operate in a wide range of countries. In addition to seeking out payment processors that accept a large variety of currencies, providing a seamless gaming experience is essential. Centrobill can help you set up a simple-to-use registration process while also catering to many languages.
Reports and studies have found that around 40% of gamers have had a negative experience when trying to pay online. Even more users than this believe that the experience can be and should be improved. One of the benefits of dealing with Centrobill is its continued dedication to improving the registration process and payment processes. This highlights the importance of using a reputable payment processor.
Final Notes
The speed that payments are made is also an essential part of the process. Gamers want to experience their favorite games without any interruptions, and they would like to get started playing their favorite games quickly. Delivering a seamless experience through the payment process is essential.
This includes authenticating customers without distractions while also determining that they are legitimate. With many advanced gaming credit card processing features, like faster withdrawals, faster deposits, and one-click payments, Centrobill is leading the way on innovation. Companies also need to offer online mobile payment options that do not interrupt the gaming experience. User convenience is essential, as is security. Talk to the Centrobill team about one-click payment options that allow gamers to save their payment information for added convenience without sacrificing security.
For gamers, frustrations can come if they run into payment failures, slow payment systems, confusing processes, redirections, and distractions. Keep your online gaming business on track with Centrobill. The industry is growing at a fast pace, which is not expected to slow down anytime soon. Take advantage of monetization opportunities, conquer the industry’s unique set of challenges, and provide fast performance and convenience for your customers using Centrobill. If you are looking for a reliable and flexible gaming merchant account, contact the sales team at Centrobill for more details.
Gaming merchants are considered to be high-risk. There are diverse global laws, a high volume of turnover, age restrictions that need to be dealt with, and the potential for chargebacks is high. Due to all of these things, payment processors identify many gaming merchants as high-risk businesses. When seeking a merchant account, look at payment providers that serve high-risk industries. Centrobill services the online gaming industry.
Payment providers that serve high-risk industries are better suited for companies who want to avoid their accounts being frozen or terminated, which prevents the company from running its business.
Dealing With Language Barriers
One of the major benefits of the online gaming industry is the ability to operate in a wide range of countries. In addition to seeking out payment processors that accept a large variety of currencies, providing a seamless gaming experience is essential. Centrobill can help you set up a simple-to-use registration process while also catering to many languages.
Reports and studies have found that around 40% of gamers have had a negative experience when trying to pay online. Even more users than this believe that the experience can be and should be improved. One of the benefits of dealing with Centrobill is its continued dedication to improving the registration process and payment processes. This highlights the importance of using a reputable payment processor.
Final Notes
The speed that payments are made is also an essential part of the process. Gamers want to experience their favorite games without any interruptions, and they would like to get started playing their favorite games quickly. Delivering a seamless experience through the payment process is essential.
This includes authenticating customers without distractions while also determining that they are legitimate. With many advanced gaming credit card processing features, like faster withdrawals, faster deposits, and one-click payments, Centrobill is leading the way on innovation. Companies also need to offer online mobile payment options that do not interrupt the gaming experience. User convenience is essential, as is security. Talk to the Centrobill team about one-click payment options that allow gamers to save their payment information for added convenience without sacrificing security.
For gamers, frustrations can come if they run into payment failures, slow payment systems, confusing processes, redirections, and distractions. Keep your online gaming business on track with Centrobill. The industry is growing at a fast pace, which is not expected to slow down anytime soon. Take advantage of monetization opportunities, conquer the industry’s unique set of challenges, and provide fast performance and convenience for your customers using Centrobill. If you are looking for a reliable and flexible gaming merchant account, contact the sales team at Centrobill for more details.
