The growth of the gaming industry created a demand for efficient and reliable payment processing options for gaming businesses that allow customers to purchase more with multiple payment options.
Alternative payments, such as cryptocurrencies, are also great for business because they attract more customers to your e-commerce platform.
A big part of this recent growth is due to the variety and flexibility of the gaming industry:
- Mobile gaming alone has become the biggest segment of the gaming industry in 2019, with $68.5 billion of profit.
- Research shows that 60% of adult gamers use a mobile phone to play.
- In-app purchases are also increasing: in 2019, global consumer expenditure on mobile apps amounted to $120 billion.
- In-app purchases are items, additional content or services that gamers buy through an app in the gamer’s device.
There are four types of in-app purchases:
- Consumable: items that are bought at any time the gamer wants to have them, which cannot be downloaded for free. Examples of consumable items: virtual game currency, extra health or extra life.
- Non-consumable: items bought once and can be transferred to other devices associated with the gamer’s account. Examples of non-consumable items include unlimited game hints, extra game characters, bonus game levels.
- Non-renewing subscriptions: game contents that can be used for a fixed period and bought after the subscription ends, such as sports season pass and subscription for a set time.
- Auto-renewable subscriptions: services or contents bought for a specific subscription period that automatically renews. This period may vary.
How to provide the best experience for your gaming customers
Online gamers have one thing in common: the desire to be immersed in the gameplay. These gamers are willing to pay for that experience if it is worthy and rewarding. Statistics show that the average amount spent buying games, downloading content, or live streams is $229.
Gaming merchants need to be aware of these opportunities to profit and expand; however, the gaming business must provide a secure and simple experience for the client. Transactions that are hard to complete cause significant losses for gaming merchants.
That is why simplifying online gaming payments are essential. It is also vital that the gaming merchant finds the right gaming merchant account provider to make such processes easy for the merchant and the client, such as iPayTotal.
Here is what iPayTotal can provide for gaming merchants:
Variety of payment methods
Flexible payment methods are excellent help for gaming businesses. Credit cards are still very popular; however, there are alternative ways to pay for online purchases, such as e-wallet, additional billing through mobile carriers and more. It is also essential to be able to process international currencies to cater to the global market.
iPayTotal helps you optimise your online gaming payments and to grow your business.
Simple checkout process
Long transaction processing is bad for any online business, but it is worse for gaming businesses. Gamers do not want to waste their time waiting to finish a purchase if they could be playing a game. The processor must provide the merchant with a simple and secure payment solution to help the checkout process.
Secure payment gateway
Gamers are very concerned about online security. More than half of customers will not continue a purchase if they know about a security breach. The merchant must make sure that the payment processor is at least PCI-DSS level 1 compliant. The processor must allow credit card authorisation directly from the online gaming merchant’s website and have built-in fraud prevention tools.
At iPayTotal, you have everything you need to expand your gaming business. We understand the challenges of the gaming industry, and we specialise in high-risk businesses.