First featured exclusively in Gaming International Online.
iGaming operators face a number of challenges to recruit and retain customers, with many of the pain points arriving at the payment stage. So how can they overcome this? And are there sectors experiencing similar challenges that they could learn from the igaming market?
Challenges in the payment space in igaming
There are numerous payment challenges for operators in the competitive igaming market.
A primary hurdle is overcoming barriers to entry for players at the crucial payment stage – often the crucial conversion moment in the user journey – which include fraud and compliance checks, the need to support diverse local payment methods, data protection, and ensuring the speed of payments.
The iGaming landscape is becoming more complex due to increasing and fragmented global regulations, such as potential new taxes and affordability checks in markets like the UK. Operators must also manage currency fluctuations and economic pressures while catering to evolving player preferences for specific payment options.
Customer preferences and segmentation are increasingly important to operators. They need to protect and retain their VIP players while ensuring new players are safe and secure on their platform. This is why capturing comprehensive, real-time data and building highly personalised experiences is a growing area of focus for igaming operators.
Challenges in other sectors
In other sectors, such as FOREX trading, there are similar challenges. Know-your-customer (KYC) and anti-money laundering (AML) checks are separate processes to payments, adding layers of complexity between the end-user and a successful transaction.
Retailers and ecommerce firms have different challenges, but ones that have faced igaming too. Despite natural differences in the user journey, there are many similarities between ecommerce and iGaming and lessons to be learned on both sides, especially as users increasingly expect a more immersive, frictionless and instant payments experience. Examples in retail include the adoption of tokenisation to give users a seamless way to use wallets such as Apple Pay, while iGaming operators are increasingly embracing the use of crypto as an alternative payment method.
Understanding the customer journey at the payment stage, including why payments fail or what encourages people to complete a transaction, is identical to what igaming operators want to understand at the cashier stage. The solution in iGaming has been found in orchestration.
Value of orchestration
Payment orchestration solutions are at the center of the igaming payment ecosystem, serving to centralise and automate complex payment workflows. This streamlines processes, reduces costs, and optimises Payment Service Provider (PSP) and acquirer routing to improve the customer experience.
Paysecure’s orchestration platform connects over 500 PSPs, acquirers and more than 200 APMs globally, enabling merchants to optimise their payment workflow through smart routing, and enhance the customer experience through a dynamic and fully customisable cashier.
A comprehensive orchestration solution provides rich, real-time data insights across sectors, other cashiers, empowering operators to make smarter decisions and highly tailored user experiences.
By enabling personalised player journeys, mitigating fraud, and reducing friction, these solutions help improve customer retention. For operators, this translates into tangible results; Paysecure’s solutions, which include features like a customisable cashier and deep analytics, can increase transaction approval rates by up to 7%. This technology levels the playing field by giving mid-sized operators access to powerful data and tools previously reserved for market giants.
How Paysecure is democratising the orchestration market
Despite all the benefits, orchestration has historically been out of reach for mid-sized and challenger operators in the igaming sector. The complex network of solutions, products, and technology can come with related costs which third-party offerings have passed on to operators.
The alternative is to build it yourself. Historically, building powerful, in-house orchestration solutions required significant financial investment, creating another barrier for mid-sized and scaling firms to access the benefits of orchestrations and compete with the market leaders.
Paysecure is democratising the payment orchestration space by making top-tier technology accessible to all iGaming operators, not just market giants. The technology allows for mid-sized operators to access deep analytics and tools previously available only to the largest firms.
Paysecure levels the playing field by offering scalable, and modular solutions that provide the same advanced capabilities as those used by the industry’s largest players with no upfront costs. Operators can now access best-in-class infrastructure, deep analytics, and customisable tools to compete effectively, enhance the player experience, and increase transaction success without the prohibitive cost and risk of in-house development.
For the first time, operators of all sizes can access orchestration solutions, removing the barriers to entry. In the near future, it would not be a surprise to see other sectors using the insights and expertise from the igaming sector to improve the customer experience and payment journey across other sectors.
