Learn how to choose the right payment partner for your game.
Finding a suitable payment partner
You’ve created a video game, and you’re excited to share it with the world. Before you do, however, you need to think through your payments strategy. After all, that’s your revenue on the line. So how do you begin accepting payments, whether it be for the game itself or for in-game add-ons? Unless you go through the trouble of becoming certified, regulated, and integrated into banks, your best bet is finding a reliable payment service provider.
Finding a suitable partner with whom to collaborate on online gaming projects should be a priority for any video game developer or distributor. But how do you ascertain that the payment processor you’ve chosen can deliver on their promises to inflate your business to unimaginable heights?
Licensed, certified, reliable
Though unlicensed payment providers try to tempt merchants with low prices, video game specialists should be wary of collaborating with companies who do not hold the relevant certification. Depending on the specifics of your product offering, you need to ensure that your partner meets regulatory requirements.
For example, if you’re looking to accept payments from customers via payment cards without a limit on the number of transactions, you should engage the services of a PCI DSS 3.2 compliant Level 1 Service Provider. If you’re promoting your video game in the United Kingdom or the European Union, your prospective payments partner should be certified by the financial authorities within these jurisdictions.
Customised, tailored, bespoke
Not all payments strategies were created equal. Though many payment providers offer uniform solutions across all industry types, what works for one merchant might not work for another. A partnership, therefore, must come with the understanding that each business is different, meaning each payment solution should be individually crafted to address the client’s requirements.
The selection of payment methods, the design of the payment page, and the balance between conversion and security will all depend heavily on the audiences you target. Video game enthusiasts in the United Kingdom rely on credit/debit cards (32%), whereas German gamers prefer to pay via bank transfers (39%).
Safe, secure, risk-averse
Targeting increased conversion by facilitating a quick, convenient customer journey, inexperienced merchants may ask their payment partners to remove security features. Even worse, inexperienced payment service providers may agree. What neither party understands is that sacrificing security for simplicity can lead to greater financial losses, not to mention reputational damage.
Video game designers, developers, and distributors running their own business must be able to trust the judgment of their payment service provider. Does their partner offer personalised risk management to ensure transaction security? Depending on the client’s business model, payment companies configure individual fraud filters and can offer both automated and manual monitoring.
Next steps..
There are many variables to consider when selecting a payments partner. Depending on your priorities, you may choose to focus on price or value, product or service, but the most important, universal criteria are detailed above. Ensuring that your prospective payment service provider holds the relevant licenses, takes an individual approach to clients, and strives for synergy between conversion and security could vastly improve your payment performance, leaving you in an ideal position to keep creating the video games we know and love!
For more information please contact Ukie member Ecommpay.