The possibility of website purchases is crucial for the online gaming industry. Players from all over the world want the transactions to be simple, smooth, and inclusive regarding its payment methods. To implement these features, the merchant must think of the payment gateway as a prior solution. Today we will explain why the payment gateway is so important for online gaming industries and which benefits it brings along for both merchants and customers.
What is a payment gateway?
A payment gateway is a web-based service that enables businesses to accept payments online, such as credit and debit cards, mobile payments, and local wallets. Payment gateways connect the customer’s wallet with the merchant’s account through the secure transaction network.
Basically, any online payment gateway is responsible for creating a virtual link for transaction flow, payment security, and the final money transfer to the account of the merchant. If you would like to know in detail how exactly the online payment happens, we advise you to read the article “The basics of online payment processing”.
Why you should use the payment gateway?
There are actually a couple of reasons to use the payment gateway in the online gaming business. First of all, it is an essential technical tool in the transaction process. To accept debit and credit card methods on the website there must be a payment gateway. As the payment gateway opens the door to internal bank networks, without it the purchase is simply not going to be possible.
Another essential factor is inclusivity. No matter Visa, MasterCard, Apple Pay, or Google Pay, the payment gateway can take it all and even more. Borders are also not an obstacle in this case. It means that for example players from Tokyo, Toronto and Geneva can be on the same level regarding gaming accessibility and in-game purchases.
And the third main reason is about statistics. Isn’t it useful to know what and when your customers buy, and where are they from? Payment gateways not just assist with payments collection, but also keep track of them, letting the merchant analyze this data for marketing purposes.
What is the benefit for users?
The best benefit for gamers is to pay online. The payment gateway in the online games industry creates a secure and simple form for purchasing, which is attractive for users and helpful for business owners. Another plus is again the accessibility which we’ve mentioned above. Same as the merchant would benefit from widening payment methods, players would be satisfied with it as well.
5 features of gateway services for gaming industries
To sum up, there are five attractive features of payment gateways for the game online business.
- Currency acceptance. A good payment gateway for online gaming would let the merchant accept all currencies to include as many players as possible from all over the world. Besides that, the payment gateway should also enable accepting various payment methods, like credit and debit cards along with alternative payments.
- Security. All payment gateways must be secured to protect sensitive cardholder data, and so to be reliable. Some providers rely only on the essential steps as data encryption and security protocols. But there are payment gateway providers that can offer fraud prevention systems and chargeback alerts on top of necessary protection.
- Legality. Payment gateway providers must accomplish up-to-date certifications to be able to operate legally and securely with cardholder data. Thus, having the payment gateway implemented in the online gaming industries brings a certain level of financial responsibility to the company, which makes it more trustworthy. The procedure with gateway providers also pushes merchants to have business in order, structure the taxes system, and make invoices available for customers.
- Customer care services. All of the payment gateways offer some level of customer support. But when it comes to the actual problem, every merchant wants the solution to be fast and useful, because this is what the business is all about. The best option for customer care from the payment gateway provider is to offer each merchant a dedicated account manager that would follow the business in every step of the development.
- Ease of use. The payment gateway is not rocket science even in online gaming. It should not be complicated to implement and use afterward the payment system on the website. And as much as it should be easy for the merchant to maintain, that much it should be comfortable for the player to use it.
Speaking about easy-to-use solutions – our payment gateway service provider is just like that! Maxpay offers multiple merchant accounts opening with all the necessary services included, as well as incorporation services for foreign businesses that need payment processing in Europe. Besides that, Maxpay also can provide a fraud prevention system Covery, chargeback alert service Ethoca, and dedicated account manager for each client. To find out more about our offers, please visit the website.