By Fernanda Mathias
Payment processing in the gaming industry has rapidly changed. The fast-changing regulatory environment, various technological innovations, and the payment industry’s shifts have contributed to this scenery.
Therefore, gaming merchants must understand the industry’s new challenges and prepare themselves for whatever challenges may come their way.
This article will help gaming merchants understand payment processing challenges for the gaming industry and overcome them.
An overview of the gaming industry
The online gaming market is one of the fastest-growing businesses nowadays. It has always been a thriving industry, but 2020 has proven its potential to expand. Research shows that the global gaming market is expected to surpass $200 billion in profit by 2023.
A great deal of the success of the gaming industry is due to its variety and flexibility. In the past, gamers would play using gaming consoles or the PC; now, they can also play with a mobile phone.
In total, mobile games will create profits of $77.2 billion this year, 41% of the total gaming revenue.
Common challenges of online gaming businesses
Security breaches and fraud actions have been an enormous issue for gaming merchants lately. Merchants are concerned about cybercrime, and gamers are worried about online security.
More than half of gamers will not continue a purchase if they know about a security breach. It is a real challenge for merchants to find a gaming merchant account option that provides fraud prevention tools to enhance security and protect their customer’s data.
- Global coverage
The gaming industry has a global nature. When gamers play online, they can connect with people from all over the world. As a gaming merchant, you must accept multiple currency payments and alternative payment methods to reach a broader public and expand the business.
A high volume of chargebacks is one of the main reasons why the gaming business is considered high risk. The gaming industry’s most common chargeback claims are lost or stolen cards, the absence of return policies and fraud actions.
As a gaming merchant, you need to control and organise your transactions, reduce claims of wrong purchases and friendly fraud, and avoid security breaches.
Keep your online gaming business on top with the right solution
With iPayTotal, you will find customised solutions for online gaming businesses that help you expand your business and increase profitability. We offer a flexible payment processing platform that is integrated with all major merchants.
We can provide multi-currency support, advanced risk management and fraud detection systems. You will overcome the main challenges of the industry and partner with a reliable company.
We understand the gaming industry’s challenges, especially for online gambling businesses, so we offer the best and most suitable solution for each merchant.
The process to open your gaming merchant account is easy and fast, with quick approval.
Contact us today at iPayTotal to find out more about our options.