The last seven years have ushered in several breakthroughs in the global video gaming industry with an increase in revenue from $57 billion to 108.9 billion yearly. Experts believe that the industry will experience great growth and by 2020, the amount will exceed $128 billion. The dramatic increase in the revenue generated by the video gaming industry is linked to the increased level of popularity that the gaming apps receive coupled with the internet technologies permitting gamers to purchase or play games online. To effectively see to the administration of these payments online gaming merchant accounts are created. With these high-risk merchant accounts, online game players can compete, with other users across the globe and also obtain financial support through crowdfunding programs. These and many more reasons brought about the need for good online merchant account providers. At the time of writing this article, about 80% of the revenues generated in the entertainment industries come from online video games such as browser, mobile-based, or PC/console downloads.
Most entrepreneurs are looking forward to utilizing this huge advantage presented by the growth in online video gaming to move their industries forward. Entrepreneurship is all about taking chances of market trends, and video games seem to provide the best environment for businesses to thrive. The continual introduction of new games, technologies, and services are factors that make the market increasingly competitive and highly lucrative. For these business owners to make the most use of this growing market, they have resulted in contacting high-risk merchant account providers to assist them with the technical know-how to improve their payment performance.
These payment procedures serve as a unique solution, by offering the industries specific features and technologies to power their market. To ensure maximum conversion and retention, there is a need for each step of the payment process to be engineered and strictly monitored for customer convenience and maximum security.
HOW DO ONLINE MERCHANT ACCOUNT PROVIDERS AIM TO ACHIEVE THIS?
A strong design
There are several stages involved in the implementation of these online video games merchant account providers in your business. It starts from the pre-approval to the payment page which gives you time to set up your customer journey. To guarantee a successful transaction, the payment page must reflect your brand identity while facilitating a smooth, streamlined payment experience, whereas the User Interface must be simple, intuitive and any excess redirects, which could cause customers to abandon their purchase.
To obtain maximum efficiency, the payment page should be adapted to all possible devices including mobile. An experienced payment provider, there is a need to be capable of running A/B testing on your behalf, selecting the best possible combinations depending on audience specifications.
BUILDING A STRONG BRIDGE BETWEEN MERCHANT AND CUSTOMERS
For most online video gaming businesses, payments methods seem to be the only direct connection existing between the merchant account providers and the ever-increasing customers. When this connection is established it means one thing for the entrepreneur; more profit. For this reason, establishing a strong payment strategy is important for brand success.
Creating a convergence between security and conversion:
The ability to understand the technical features related to the increasing payment methods and payment features is integral to improving the conversion rate of any business. For instance, although a single click transaction is known to significantly increase conversion rates, this feature can offer a limited security measure thus exposing your business to the risk of possible fraud in the future. Other features such as cascading and smart routing may strive for higher payment acceptance rates; they do not carry the same level of risks. They can boost your conversion re-attempting failed transactions or efficiently routing card payments.
Creating a strong security measure is believed to harm the conversion rates; the lack of proper security can attract a higher cost by increasing the likelihood of fraud and chargebacks. There is no need to try to choose between one of the lesser evils; you can attain a balance between security and conversion.
Card validation allows you to validate new customers thus mitigating the possible risks posed by inaccurate user details or insufficient funds. By investing in a security risk management system and setting the intuitive filters based on the payment behavior and location increases the chances of recognizing a potential fraud.
HOW TO CHOOSE THE RIGHT PAYMENT METHODS
Choosing the right payment methods will be strictly based on the following criteria:
- Geography: This has to deal with the location of the payment methods and their accessibility. To meet your target audience, you will need to ensure that you have all the relevant local and international systems in place.
- Timing: Business is all about timing. Some payment methods such as mobile carrier billing or e-Wallets can offer instant deposits whereas virtual banking in cryptocurrencies may take up to several days before it reflects. Always ensure your set of payment instruments suits your business models.
- Security: Fraudulent activities can lead to huge financial losses. Always identify the potential risks of particular payment systems to negate them before they even arise.
- Value: After maintaining a diversified global payment landscape, the price is the next important payment instrument. Always settle for the best options in terms of price/relevance and make sure to account for the costs of integration and the IT expertise required.
- Relevance: Determine the level of importance of your payment method in your region before engaging it. There are instances where even the most popular payment methods may not be relevant to your model or industry. Know the requirements of your target audience and pattern your payment options and portfolio accordingly.
The opportunity to grow in the video game industry is quite great when you can understand the basic requirements of the market and act towards it accordingly. Kindly contact us if you have questions concerning online merchant accounts and the video game industry, we will love to hear from you.
Paypound is expert in handling high-risk merchant payment processing for a variety of high-risk industries, both big and small. Where low-risk providers turn their back, we welcome you with open arms, ready to help high-risk businesses get approved and stay approved.
If you would like to know more about our solutions, get in touch today.
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