The online gaming business is one of the fastest growing businesses all over the masses. There are millions of people around the masses who like to play online games and are regularly playing. But, online gaming businesses need the best gaming payment gateway to support their business needs.
You might get surprised to know, that during COVID-19, where every business was badly affected, some business was booming. This business was non-other than online gaming. According to the EY (Ernst & Young global limited) report, in 2020 the market size of online gaming was ₹79 billion which grew by 28% (₹101 billion) in 2021.
This industry is expecting more profit in the coming time. So, online gaming is the best platform to make the money. But, for this, it is essential to have the best gaming payment gateway.
What is a gaming payment gateway?
A payment gateway is a technology that connects the merchant and the customer to make the transaction successful. You can also say that a payment gateway is a web-based tool that allows the merchant to accept electronic payments. In the same way, a gaming payment gateway also works.
The merchant has to implement the payment gateway on their websites to accept digital payment. It allows the customer to connect their account to the websites to make the payment successfully. The whole process is completely secure.
Why does a traditional payment gateway not work with gaming industries?
As you know that nowadays the trend of online gaming is increasing rapidly. Many traders want to set up their business in this sector as it gives a chance to make a lot of money. But it is not possible unless and until you integrate a payment gateway.
For any gaming platform, it is not possible to integrate a traditional payment gateway. This is because online gaming comes under a high-risk business. Now, most of you have the query “Why it is a high-risk business”? So, let’s check.
There are many reasons which make it a high-risk business. Some of them are:
- It has a high volume turnover.
• The possibility of money laundering and fraud making is too high.
• Most gaming business offers high-risk products.
• Chargeback and refunds.
Due to the above reason, a merchant can’t integrate a traditional payment gateway. So, for the gaming business, it’s essential to have a gaming payment gateway.
Best way to choose the gaming payment gateways
Today, there are lots of payment gateway available that support high-risk businesses. It’s a challenging task to choose the best gaming payment gateway. Before making any decision, make sure that your selected payment gateway fulfills all the below requirements.
Security –
You know that gaming industries have a high risk of fraud and data breaches, so it’s essential to have a payment gateway that offers tech-savvy security. The selected payment gateway must have level 1 PCI standard, fraud-prevention tools, chargeback tools, and many more.
Low transaction fees –
Customers need to frequently make in-game payments. High transaction fees make a negative impact on business. Simple and low payment fees are best for the customers. So, select the best gaming payment gateway which has low fees.
Fast processing –
You know that gaming is often high-paced and competitive. Whenever customers what to purchase game equipment, they look for the process to be completed fast. They can’t wait for a long time. Fast processing can make a positive impact on your business.
Multiple payment methods –
The merchant needs to offer their players varieties of payment methods. Not every customer prefers to make the payment via card. Nowadays, many customers prefer bank transfers, any other alternate payment method, and even crypto-currencies also.
Multi-currency accept –
Most online gaming business runs globally. So, the merchant must offer their customer to make the payment in their currency. It means that your selected payment gateway can accept multi-currency.
Regulation requirements –
Make sure that, your selected payment gateway has legal license, regulatory, and security requirements.
Why Choose PayCly?
Today, varieties of payment gateway are available that support the gaming business. But we suggest you go with paycly as it is one of the flourishing payment gateways which support the online gaming business.
These are many reasons which make it best for the gaming industry. Some of them are
- Ability to accept multi-currency from all over the world.
• Offers various modes of payment including alternate payment methods.
• It is completely compatible with high-risk businesses.
• It provides white-label solutions.
• Offers tech-savvy security.
• Provide excellent customer service.
Final thoughts –
Paycly is one of the flourishing payment gateways. With Paycly, an individual can experience a reasonable price structure, 24/7 customer support, high tech-savvy, multiple currency acceptance, and varieties of payment modes. It is one of the best payment gateways for the gaming process as it fulfills all the essential factors of choosing the right gaming payment gateway.
