Monetising the gaming industry: Payment strategy tips
In recent years, the way you can monetise the gaming industry has opened up so many opportunities, particularly within the world of crypto and with the switch from one-time payments to recurring transactions. Mobile games initiated this trend with its ‘freemium’ model enticing more in-game payments. But as this sector evolves, so should your strategy.
The gaming industry has its own unique experience and needs for a successfully optimised checkout flow. Whether you’re a developer, a publisher or just a passionate gamer, understanding and enhancing the payment experience can make all the difference.
So, grab your controller, and let’s power up your payment strategy!
Reducing payment friction for gamers
When it comes to gaming, one thing is for sure: time is precious. Gamers don’t want to waste it fumbling through complicated payment processes. So, first things first, you need to understand what the pain points are and how to reduce this friction to keep gamers happy.
Here are your quick wins to do just that:
- Streamlined checkout: Simplify the payment process by limiting the amount of information needed and avoiding redirects. Gamers just want to play, so by reducing the amount of time at the checkout, you can avoid drop-off due to long and complicated forms.
- One-click checkout: The fewer clicks, the better. By utilising tokenisation for recurring transactions, gamers can make the purchase quickly and easily with limited disruption to their game time.
- Multiple payment options: Gamers are a diverse group. Provide various payment methods, from credit cards to digital wallets, to cater to different preferences.
- Transparent pricing: Nobody likes hidden fees. Be upfront about costs and ensure the final price is crystal clear.
- Reduce downtime: There’s nothing more annoying for a gamer than downtime. It offers a poor experience and can result in a loss of players as well as payments. Find a payment provider that can reduce this issue by using multiple acquirers to reroute the payment during any outage and can handle large transaction volumes at speed.
User-friendly payment experiences for gamers
A seamless user experience is essential in the gaming industry. Your customer’s just want to get on with playing their favourite games, so the less time possible dealing with the payment side of things, the more time they get to spend doing what they love.
Here’s how to ensure gamers have a smooth ride from selection to payment:
- Mobile optimisation: Gamers are mobile-savvy. Make sure your payment interface is mobile-friendly for gamers on the go.
- Guest checkout: Offer the option to pay as a guest. Not everyone wants to create an account.
- In-game purchases: Keep in-game purchases simple and straightforward. Avoid pop-ups that disrupt gameplay.
- Localisation: Being able to change the language used is the bare minimum. You should also allow your gamers to choose the preferred payment method and currency from their region.
Payment security and fraud prevention in gaming
Security is a top concern for gamers, and rightfully so. To protect both your customers and your business, consider these security and fraud prevention measures:
- Two-Factor Authentication (2FA): 2FA has become a natural part of digital payments these days, so it should come as no surprise to your customers. So, encourage gamers to enable 2FA to add an extra layer of protection to their account.
- Fraud detection tools: Utilise advanced AI and machine learning tools to identify suspicious activities and potential fraud. Having these tools in place to recognise behaviour trends will improve accuracy and decrease the amount of time and resources needed to keep everyone safe.
- Regular updates: As technology develops, so do fraudulent tools and tactics. Keep your payment systems and software up-to-date to stay ahead of security threats.
Payment innovation trends in the gaming sector
The gaming industry is dynamic, and payment methods are evolving rapidly. Here are some exciting trends to keep an eye on:
- Cryptocurrency payments: Some online gaming websites and platforms are now accepting cryptocurrencies like Bitcoin, adding a new level of convenience for gamers.
- Subscription models: Game Passes and in-game subscriptions are gaining popularity, offering flexible payment structures.
- Mobile games: You can game anywhere and on any device these days. There’s even the opportunity for gamers to make money while playing games!
How can Total Processing optimise your payment strategy?
Total Processing focuses on delivering tailored payment solutions for high-risk merchants, including those in the gaming industry. With the connections we’ve made over the years, the payment gateway will grant you access to over 300 acquirers to keep any processing downtime at an absolute minimum. With more than 198 alternative payment options, we can help you customise a solution with flexible pricing that aligns perfectly with your business model.
Simplify your payment solutions, consolidate detailed transaction data and access a comprehensive fraud prevention suite, all within our unified platform: Total Control. This seamless integration empowers you to effortlessly optimise your payment strategy to keep your gamers gaming, and most importantly, paying.
Optimising the payment experience for gamers is vital in the ever-evolving gaming industry. By reducing payment friction, providing user-friendly experiences, enhancing security and staying up to date with payment trends, you can create a payment strategy that truly levels up your gaming business.
Need a hand implementing these strategies? Speak to one of our specialists and we’ll have your payments as smooth as your gaming skills in no time!
