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5 Features Of The Perfect Online Gaming Payment Gateway
A dependable payment system is required for the online gaming industry. A merchant should look for a payment gateway to implement one. In this article, we will define a payment gateway, why merchants require it for their online gaming business, and which factors you should consider when selecting one.
What is a payment gateway?
A payment gateway is a web-based tool that collects electronic payments for any online business or eCommerce platform. The payment gateway is integrated into the selling website's system and is activated each time the customer proceeds to the checkout.
An online payment gateway serves an important role in the payment process by connecting customers' wallets with gaming merchant accounts to create a transaction space. And sensitive data is secured, encrypted, and transmitted through banking networks during this connection.
How does a payment gateway work?
A payment gateway for games is a critical component of the electronic transaction flow. To understand how the payment gateway for online gaming works, we must first examine how transactions take place on eCommerce platforms.
... • The first step is the checkout, where the customer enters personal information required for payment and delivery, such as billing and shipping information. Order confirmation triggers an automatic request for online payment processing.
• The sensitive customer data is then encrypted and sent to the payment gateway.
• The online payment gateway sends the encrypted data to the payment processor, who acts as a middleman between gaming merchant accounts and the various financial institutions involved in the transaction.
• The payment processor sends payment data to the acquiring bank. This is the bank that provides gaming merchant accounts.
• The acquiring bank contacts the card association, such as Visa, MasterCard, American Express, or any other payment method.
• The card association connects with the issuing bank of the customer's card via their inner networks to verify a customer's identity, fund availability, purchase limits, and general security and fraud checks.
• Following the verification, the information about the transaction's approval or denial is returned to the payment processor, who forwards it to the online payment gateway.
• The online payment gateway then sends a transaction status notification to both the merchant and the customer.
• Payment is received on the gaming merchant account by the merchant.
Do I have to use an online payment gateway?
Any merchant who wants to collect payments legally and securely over the internet must set up a payment gateway on their website, especially if they are in the online gaming business.
In 2020, the global online gaming market generated approximately $21.1 billion in revenue, representing a nearly 22 percent increase over the previous year. This increase was caused in part by the global pandemic, which forced many people to isolate themselves at home, choosing digital platforms for entertainment, and discovering new online networks to connect with others.
There are currently 1 billion online gamers worldwide. This figure is expected to exceed 1.3 billion by 2025.
This data demonstrates the market's significant potential. To generate revenue from the online gaming business, a method for collecting payments from customers within the platform should be implemented. This is where the best online payment gateway comes in.
How to get an online payment gateway?
A payment gateway can be obtained from a payment gateway service provider, an acquiring bank, or a payment service provider.
The primary function of any acquiring bank is to provide merchant accounts. A merchant account is a special account used to collect funds from electronic payments.
Credit card processing can be provided by an acquiring bank for both offline and online businesses. However, the merchant must carefully read the agreement to determine whether the online payment gateway is included in the offer. Furthermore, establishing only the online gaming payment gateway with an acquiring bank can be prohibitively expensive due to the high fees.
Payment service providers
Payment service providers are usually preferable partners, especially for eCommerce and online businesses. PSPs typically include a payment processor, payment gateway, and, in some cases, merchant account setup. The fees are reasonable, there are no long-term contracts, and the entire process is much simpler. The only thing to remember is to select a payment service provider that adheres to international standards such as PCI DSS and GDPR.
Payment gateway service providers
A payment gateway service provider is an excellent choice for merchants who only require an online payment gateway and do not require a merchant account or payment processor.
How to pick a payment gateway
There are five major factors to consider when selecting an online payment gateway. It is critical to remember that a good payment gateway is something that the customer is unaware of. However, a buggy or uncomfortable one ruins the smooth checkout experience.
Ascertain that your customer can pay in the most convenient manner for them. This includes not only multi-currency options, but also mobile payments through Apple Pay and Google Pay, as well as local payments. Aside from that, we recommend double-checking payment location parameters before committing to a service.
An online payment gateway is in charge of encrypting and transmitting the customer's shipping and billing information over bank networks. When working with sensitive data, security is critical.
PCI DSS and GDPR compliance are required for the payment gateway. The first standard is a set of data protection regulations, while the second is the world's most powerful data protection law. Compliance with both ensures that the payment gateway service treats cardholder data responsibly, safeguarding it against potential hacker attacks, leaks, and fraud.
Customer care services
This may not seem as important as security or international compliance, but when it comes to using the payment gateway on a daily basis, customer care and service become critical. Look for full support, preferably with a personal manager who will oversee your online gaming business from the start of the partnership.
Ease of use
After all, an online payment gateway India for the gaming industry should be simple to operate. This tool was designed for merchants rather than IT professionals. We recommend that you find a service that is easy to work with.
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