The online gambling industry has always been quick to embrace new technologies. Whether it’s game designs, marketing or payment systems, online casinos don’t easily shy away from emerging tech. This has been one of the driving forces behind the industry’s incredible growth, leading to the rapid evolution of digital offerings that bring seamless online and mobile experiences to millions of players around the globe. So, what will give gambling operators a winning edge in 2019? As in many industries, a strong payment strategy presents a great opportunity for growth. We delve further into some of the payment solutions that are shaping the world of online gambling.
Flexible Global Payments
As gambling operators increase their online presence, their ability to transact in global markets becomes a vital key to success. Payment providers that can meet the preferences of international players can be valuable business partners in the gambling industry.
To maximise global revenue, gambling operators should implement payment systems that are flexible enough to accept payments in each regional market. Allowing players to make deposits in their home currency increases confidence and helps improve acceptance rates.
Card Remains King
These days, there is a wide range of different ways players can deposit and withdraw funds. Despite the rise of alternative payment methods like cryptocurrencies and e-wallets, card transactions still dominate this space. Credit and debit cards are the most popular online payment method in the world, so it is only natural they are accepted at a huge number of online casinos as well. The two most widespread card brands that dominate the cashiers of gambling operators are Visa and Mastercard.
For players, there are considerable advantages when paying by credit or debit card. Firstly, they’ll be able to start playing right away since payments from Visa and Mastercard are processed immediately. Paying by card also allows casinos to more easily identify a player as a valid user. One other major advantage of bank cards over different types of online currencies and e-wallets is that when a player wins, funds can be paid to his/her card much faster. This can be an important factor to consider in an era where instant gratification is not just a desire, but an expectation.
Original Credit Transfers (OCT)
OCT payments allow gambling operators to conveniently send pay-outs directly to a player’s credit or debit card. This payment method is fast, cost-effective, and available in 140 different currencies. Payments are facilitated using the push payment capabilities of Visa and Mastercard’s established global networks, enabling the efficient transfer of funds to over a billion eligible Visa, Mastercard and Maestro cards in over 200 countries around the world. What’s more, it is very easy to trace payments done through OCT, providing all parties with extra peace of mind.
Get Mobile Right
Within the last ten years, the mobile gaming sector has gone from being the smallest segment to the biggest. Online, in-app and mobile players should all enjoy a frictionless payment experience.
Your payments page must be able to adapt to any device so players can flow easily through the deposits process, on desktop, mobile, or tablet. If your platform isn’t fully mobile-friendly by 2019, you’re missing out on significant revenue streams from mobile users.
Simple one-click checkouts enable fast and secure card payments that pose minimal interruption to the gaming experience. This solution is perfect for returning players, as they will only have to enter their card details during registration, or during their first deposit. After that, payments can be completed at the click of a button, enabling faster deposits and higher acceptance rates.
Combat Fraud with Dynamic 3D Secure
3D Secure is an authentication system designed to add an additional layer of security to online card transactions. During online payments where 3D Secure is enabled, cardholders are prompted to provide a password to authenticate the payment. This extra layer of authentication provides merchants with additional protection from liability for fraudulent card payments.
One of the drawbacks of the first iteration of 3D Secure was that customers viewed this additional authentication step as an obstacle, which resulted in a substantial increase in transaction abandonment and lost revenue. Dynamic 3D Secure provides more flexibility for the merchant to control when 3D Secure authentication would be required. Real-time transaction evaluation based on a set of security rules helps to identify transactions with a high degree of risk. For safe transactions, 3D Secure can be disabled on selected customer journeys.
By utilising Dynamic 3D Secure, gambling operators can create a seamless payment experience for low-risk players, increasing conversion rates whilst remaining protected against losses resulting from fraudulent transactions and chargebacks.
The world of online gambling is constantly changing to meet new challenges. Similarly, payment systems keep evolving to make transacting online safer and easier for everyone involved.
If you’d like to apply for any of the above payment solutions, visit truevo.com and follow the easy online application process.