Traditionally, the growth and development of online payments were linked to developments in e-commerce. Maybe saying this would be too bold, but in five years from now the term ‘online payments’ may be obsolete. E-wallets and payment platforms become increasingly accessible from smartphones, and slowly starting to dominate offline payments too. While e-commerce still plays an important role in innovation in payments, in the past several years, online gaming and gambling are driving the innovation in online payments.
International Expansion of iGaming Operators and Software Providers
Global expansion used to be reserved for big companies. But iGaming operators and software providers have changed the rules of the game. Now, thanks to global payment technology it is very easy to expand to new markets quickly. A great testament to the power and reach of online gambling are the numerous eSports tournaments with prize pots of several millions of dollars, and stretching across all continents. The industry’s worldwide reach presents obvious and enticing opportunities for businesses, giving them access to millions of customers across the planet.
But in order to truly maximize the potential of international expansion, iGaming software providers and online gambling operators need to ensure they have the right payment methods for each region. And for that, they need to make the right partnership with payment processing companies. When choosing or diversifying payment options, iGaming operators need to make sure their payment provider(s) is able to meet their international needs. And there are few key services their payment provider should have, such as cross-border payments, accepting multiple currencies, etc.
Understanding Local Payment Needs and Possibilities
Usually, most online gaming and online gambling operators offer their services internationally. People from around the globe can open their website, create an account and play. But accepting payments in multiple currencies in order to reach international players is no longer enough. Every market and every region is different. Aside from having different currencies, different regions have their own payment needs, possibilities or preferences. In Europe, and parts of North America, players prefer to use debit and credit cards. While in Asia, digital wallets, such as NETELLER and Skrill, are the first choice of consumers and players driving the eCommerce growth. But digital wallets also have an audience among online gamers in Europe, along with online cash replacement systems.
That’s why when expanding to new markets, operators need to be aware of the local payment requirements, and partner with a provider that has in-depth knowledge of the region they are targeting and the technical capability to support their operation in those markets. Fortunately, there are several payment providers that recognize these needs and provides services in numerous markets around the world. They process credit card payments and offer alternative payment methods such as digital wallets and cash replacement systems.
Enabling Cross-Border Payments
If your online gaming platform is available to players overseas, it is imperative that your payment provider can enable secure and effective cross-border eCommerce. The best practice for online gaming operators is to team up with a provider that offers a broad range of global payment solutions with the scope to process payments in multiple currencies. Ideally, the payment provider should be able to process card and alternative payments in GBP, EUR and USD and as many additional currencies as possible. This will make it much easier for your business to operate overseas. Some providers also have specialist fraud and risk management tools that are helpful in taking the stress out of processing international payments, and ensuring all finances are safe.
Safeguarding Users from Problem Gambling
One key thing to keep in mind when deciding to grow your business is that with the rise of online gaming and gambling, is the industry’s duty to protect players from problem gambling. In fact, operators in the US and EU must take steps to identify risky behavior and stop users from gambling when it’s not permitted or before it turns into a problem. So when choosing a payment provider, online gambling operators should partner with one that is experienced and able to support them in safeguarding their users.
The world of iGaming and advancements in payment tech have influenced one another, driving growth in both fields. But with the ability to expand internationally comes the need to offer players stable and safe payment methods suitable to their needs and preferences. Partnering with the right payment service provider and integrating a comprehensive payment processing solution that can meet any specific customer payment need and preference can be the key to international success and staying ahead of the competition.