The gaming industry is becoming one of the most developed and fastest-growing industries in the world, having attracted thousands of users worldwide and counting. Having attracted international customers makes it necessary for the industry and businesses to hire a payment gateway for video games, to facilitate international transactions and support their requirement of the business.
However, it’s not quite easy to find and choose the best payment gateway among all the available options in the market. This article is going to help you find and integrate the best payment service for your gaming business. Follow the rest of this blog to learn how.
A payment gateway is the first and foremost thing needed for the online gaming industry. The way a payment gateway works for gaming is pretty much the same as how it works on eCommerce platforms.
When a customer wants to pay you through a payment gateway the first thing they must do is fill in their personal data such as billing and shipping details.
On the next step, their information will be transmitted to the payment gateway and the payment gateway encrypts the received information and securely sends an authorization request to the merchant’s acquiring bank.
Finally, the card network will send an approval to both the acquirer and the payment gateway and the funds will be transferred from the customer's account and to the merchant's account.
The quarantine and pandemic have made millions of people stay at home long hours. As a result, people who had never played video games in their entire lifetime eventually became avid gamers. While the internet gaming sector is presently in its prime, it also faces increased market competition.
The competition among gamers for clients is heating up, and whoever responds to gamers' requirements first has the best chance of succeeding in the online gaming industry.
One of the primary aims and features of a payment gateway is to initiate transactions at a faster pace than all other types of payment options such as banks and ACH transfers.
So if you wanna win the competition and earn a reputation in the industry, what you must do for certain is to hire a payment gateway and help your customers by accepting multiple payment methods and currencies.
🟪Also read: Use of cryptocurrencies in online gaming
Choosing a payment gateway for online gaming might seem tricky at first sight due to the variety of options available in the market, however, there are some factors by which you can have a safer and more reasonable choice for your gaming business. Here are some of them:
Some customers may want to use their credit or debit cards, but a range of payment options is vital, especially for the gaming audience. Some merchants accept cryptocurrencies, while others use digital wallets or even conduct local bank transactions. All in all, the ability to satisfy your customer’s demands is a crucial component of an effective gateway.
The responsibility for encrypting and transferring the customer's shipping and billing information via bank networks falls on an online payment gateway. When transferring sensitive data, security is crucial.
By following the right procedure, including risk assessment and monitoring tools, identity fraud and other hostile efforts must be stopped. The best way to stop them from happening is to use a payment gateway with excellent PCI compliance.
Players usually have to make in-game purchases. High fees may have a negative effect on user traction. A straightforward payment system with reasonable transfer fees enhances the player experience and maintains them as clients. The ideal payment gateway for games must have low fees.
Environments in video games are frequently fast-paced and competitive. Users want the purchasing process to be finished quickly when they make a purchase. The last thing you want is a complex payment procedure that takes forever and has too many screens. By reducing friction in the process, faster processing speed can also have a beneficial effect on in-game sales.
To make gaming safer for users, rules and regulations have been put in place. Game publishers must collaborate with a payment processing business that complies with all applicable laws, regulations, and security standards. To ensure a secure user experience, compliance to these rules is crucial.
Gateway providers often need to comply with a variety of financial, regulatory, and security standards in order to provide payment processing to gaming enterprises. Additionally, they might need to work in the nations where users are located.
🟪Related: What are Play to Earn games?
By keeping the above factors in mind you can now easily choose the right gaming payment gateway for your business. PayPax is one of the options that will provide you with all the factors above and more.
What’s more is by choosing PayPax you will be collaborating with a partner who can handle all the difficulties associated with processing payments for online gaming.
PayPax is a multi-currency gateway with over 100 currencies covered and managed through a single merchant account.
A verified account and a single API is all you need to get started with PayPax. What’s more is, PayPax transaction fees are among the lowest and most transparent in the market so that your customers are able to make in-game purchases without a single difficulty, complex process or additional fee. Visit PayPax.io and see API to learn more about how you can adopt PayPax, and sign up for a business account today.