Philadelphia, PA - If we take a closer look at the gambling industry, we can see how much the latest technological innovations have reformed how it operates. More so than ever, the customer carries huge expectations when it comes to making deposits and withdrawals at online casinos. Having a wealth of choices for possible payment solutions and currencies is something every player wants to see on their favorite gambling platform.From popular Australian casino sites such as PayID, POLi and BPay to the rest of the world that favors Visa, Crypto and Paypal.
As the research presented in The Great Payments Transformation whitepaper shows, all participants who were engaged in gambling state that almost up to 25% of revenue losses are caused by faulty and not appropriately functioning payment services. So, taking these demands into account, frictionless gambling payments can become the magical key to opening doors to success for any operator out there.
In this article, we will closely examine all the nuances that hinder investments in payment performance optimization. In addition, we will also highlight the possible actions gambling providers can adopt to increase the efficiency of their payment infrastructure and what they can get from optimized payments. So, let's have a look.
Enhancing Payments Performance to Shield Revenue
Payment performance is an imperative factor that can greatly affect the organization's resilience and development. And because of poor payment optimization, the possibility of gambling operators experiencing a depletion in revenue is way too high. On top of that, the continuously changing regulatory environment, shifting new fraud threats and consumer anticipations, is setting yet more advanced expectations for gaming operators who seem to grapple with.
All in all, in order to enhance payment performance and increase profitability, there are three top aspects to have a look at. These cover:
- Giving more priority to local payment services and highlighting them in the payments section;
- Optimizing payment routing;
- Analyzing hacking and fraud data to put into practice more efficient tools and rules.
Upon implementing all these adjustments, the majority of iGaming providers can expect to see a 4-6% uplift in revenue.
As you can see, by improving payment optimization, companies can harvest quite a good revenue at the end of the year. But what's impeding payment providers in the gaming industry from "maturing" their payment strategy? Actually, there is more than one reason for this.
The most crucial ones cover cost issues and the lack of budget that can become the main blocker on your way of investing in payment optimization. This is further amplified by burdens coming from the regulatory landscape that take away time and focus as well as a good quality or shortage of data.
Changing The Payment Partner
Upgrading payment systems and bringing them close to perfection can unarguably have tangible commercial advantages for the gambling sector. However, this is not enough if you want to experience top-notch changes and get even higher revenue. There are still multiple blockers that will clog up your way and hold you back from investment.
As The Great Payments Transformation research shows, over 38% of gaming companies stated that evolving consumer payment preferences and habits are the second most common concern about payment performance. Arguably, the reason is they feel they are in need of an in-house talent that could help them power up overall performance by redefining their payments inefficiency.
Another concern correlated to payment performance decline is the lack of trustworthy payment partners that can fill in all required aspects, such as lower transaction costs, customer satisfaction, transaction simplicity, etc. When asked about their satisfaction level of cooperating with a PSP (payment service provider), almost 60% of gaming executives who participated in the interview talked about their desire to change their partner.
This proves one more time that cooperating with a payment service provider that is well aware of all the ins and outs of your organization and offers strategic support is more than necessary. It can become your rescue ship and help to widen your business adjectives.
So, How Do Gambling Operators Benefit From Payments Optimization?
Overall, payment optimization serves as a vital element in the space of online gambling. It provides a rationalized solution to the hard-to-solve challenges related to payment processing. It bridges the gap between several banking options, platforms, and processors.
In addition, it also lets gambling platforms, including PayID casinos, offer a diverse range of payment services and enhance player experience by ensuring safe and smooth transactions.