In casino gambling, the thrill of spinning reels, flipping cards and chasing jackpots often takes centre stage. But behind that excitement lies a powerful element that can make or break a platform’s success: payment methods.
🤔 Think about it: every wager often begins with a deposit, and if the experience is not smooth, it could cause players to turn to competitors.
And this comes at a point in time when the online gaming market becomes highly competitive. Yahoo Finance puts the market at $103 billion and forecasts $169.22 billion in 2030.
That implies more operators are coming into the equation, so you must take advantage of small things in order to differentiate yourself. A good point at which to start with such things would be making your payments efficient and secure.
A slow and laborious payment process irritates, whereas seamless processes can keep gamblers more interested.
This is where PayPal casino sites stand out as an example.
PayPal, one of the most trusted e-wallets globally, has become synonymous with security and speed. Many players actively seek casinos accepting PayPal because they know their deposits and withdrawals will be quick, often in hours rather than days.
But casinos aren’t only competing on speed. To learn more about how they are using transaction methods to improve competitiveness, keep reading.
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Building player trust and loyalty through seamless transactions
Did you also know that customer acquisition costs have increased by 222% according to BusinessDasher?
Like that wasn't bad enough, actual businesses are actually losing up to $29 per newly acquired customer.
Since the customer in the modern day has become more picky, you need to get resourceful so that you can affordably appeal to them. That's where establishing brand trust comes in.
If you take too long processing withdrawal requests, the players are likely to view you as incompetent or dishonest.
You can't have your brand viewed in such a manner, though, with all the well-known scam casinos operating amok.
👉🏻 On the other hand, if the transactions at your site are swift and smooth, the players are likely to view your brand in a more reliable light.
Doing so consistently with the passage of time engenders loyalty, and the occasional visitor becomes the regular customer.
Testlio recently released a report arguing that businesses providing fast transaction processing stand the chance of meeting up to 70% of customers demanding payments in less than two seconds. The report also lists payment latency as the reason conversion rates are reduced by 20%.
In light of such facts, you shouldn't be surprised at operators including fast payments in an effort to maximise retention and acquisition rates.
Expanding market through localisation
All gamblers do not conduct business in the same manner, so a mode of payment which happens to be popular in one area becomes inconsequential in the other.
For example:
- In Germany, the player prefers Sofort and Giropay.
- In Asia, the player prefers the likes of WeChat Pay and Alipay.
How frustrating must it be to lose such clients simply because you only accepted payments in the generic modes, such as credit and debit cards? This indicates a lack of dedication to targeting regional tastes, something which can harm your reputation.
In transacting, consumers are accustomed to preferring the familiar. And if they can find it on your site, then they are likely to buy from there.
Interestingly, three-quarters of online transactions are made with local payments, according to Payermax, which is the reason why operators are localising the way they conduct payments.
👍 Localisation can also be a very good instrument in order to diversify payments. You wouldn't want to miss out on up to 76% of consumers, who, in Business Money's words, reject online purchases due to insufficient payment methods.
Diverse payments also have the advantage that even if one does not work, gamblers are left with numerous others with which they can experiment.
Therefore, they won't have to go elsewhere in order to interact, providing your site with a competitive advantage whilst making the players loyal and more likely to spend more.
Never ignore payment security
One industry that Yahoo Finance forecasts to increase at over 10% CAGR is certainly tempting for threat actors.
The latter are always searching for gaps in the law with which they can take advantage, whether it be via phishing attacks or insecure authentication procedures.
📊 Indeed, in the recent past, Sumsub reported a 64% iGaming-related fraud attack surge. Because the cybercriminals are continually improving, such assaults might keep growing at an unprecedented scale in the coming days.
And, naturally, players are growing more aware of these stats too.
If they get the feeling that their banking info is compromised, they'll have no second thoughts in jumping ship and joining competitors with enhanced security promises. That's why you need payment security at the forefront.
By implementing two-factor authentication (2FA), you can exclude up to 99.9% of potential targeted assaults from ever reaching the player.
Tokenisation and AI-driven fraud detection systems are also useful add-ons that can put the player at ease with the security of their transaction. With the market growing very competitive, you must deliver player-centric experiences in a bid to stand out from the crowd.
🎯 That's more than convenience in online gaming. Focusing on local, secure and frictionless payments, for instance, can reinforce confidence and drive maximum player retention in the short term.
In the longer term, it gives a keener edge, and with transactions functioning as a competitiveness driver with real punch
