As the pioneers of Payment Orchestration, over the years we’ve gained a unique insight into the challenges faced by gaming retailers. While each business is unique, some of these challenges are common to all our gaming clients. These are the top five pain points in gaming payments today, and why Payment Orchestration is a fast-acting remedy to them all.
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How Payment Orchestration takes the pain out of payments for gaming merchants
1. Finding a processor
Gaming is – from a processing point of view at least – a risky business. This it because there’s the potential for high levels of chargebacks and refunds, which increases the liability the processor could incur. For this reason, finding a willing processor can be challenging.
A Payment Orchestration Platform allows merchants to add multiple payment processors, which minimises the risk of a single payment processor and simplifies the complex payment process.
Through intelligent routing and built-in fail-over options, payments are routed to the processor most likely to approve a transaction or provide the lowest cost. It also ensures that, if a processor goes down, there is an alternative. It means every payment is processed, every time.
2. Adding APMs and currencies
While pricing in local currency is important, allowing customers to pay in local currency is essential.
Offering alternative payment methods (APMs) is also a necessity for every merchant seeking to grow their business. Along with providing more choice for customers, these measures also help reduce payment friction and localise in new markets.
But integrating new currencies and APMs manually is complicated and time-consuming, and waiting for a payment processor to add them means lost revenue.
Using Payment Orchestration, gaming retailers can easily adapt the checkout process to integrate new payment methods, display amounts in local currencies, remove irrelevant fields and even direct transactions to payment partners who specialise in the gamer’s geographic region.
Multi-Currency Pricing (MCP) capabilities allow consumers to reprice the product or service into their preferred payment currency, while Dynamic Currency Conversion (DCC) gives gamers the choice of paying in the original pricing currency, or the currency of their credit or debit card where different.
3. Managing subscription payments
Setting up subscription billing across multiple acquirers is notoriously complex and costly. But the digital subscription economy - currently a USD 650 billion market - is set to more than double by 2025, reaching a market size of USD 1.5 trillion. So, despite the challenges it presents, it’s simply too lucrative to ignore.
The subscription economy is a way for companies to build stronger and longer-lasting relationships with customers, which is why we now offer an industry-leading subscription management service. It enables merchants to create, view, or cancel customer subscriptions, plus manage, and modify customer billing frequencies, billing dates, payment methods and products.
4. Tackling fraud
More than £2 billion was lost to fraud in the UK in 2021, with 80% of reported fraud cyber enabled. Unfortunately, the payment systems within online games create easy pathways for bad actors to commit fraud.
Without Payments Orchestration, transactional data is spread over multiple gateways and payment providers, which makes it significantly harder to detect fraud. But with it, you get real-time visibility and analytics, which can flag potentially fraudulent payments before they are processed.
5. Alleviating chargeback misery
Chargebacks and a culture of friendly fraud is growing in the gaming community, with friendly fraud now reportedly the number one fraud attack source that merchants have to deal with.
Our platform simplifies the chargeback process and avoids chargebacks by replying in real-time with additional transaction information or refund confirmation. It also identifies and responds to illegitimate disputes and can reverse chargebacks to recover revenue lost to friendly fraud. All this results in a reduction in chargebacks of up to 40%.
As more people continue to play freemium games with in-app purchases and buying games online, the need for new methods of moving money easily and securely grows. While long-standing payment methods such as debit cards have not disappeared, the same ways of paying don’t suit everyone. This means the selection must grow, to give everyone the chance to fund their accounts and play.
Find out how Payment Orchestration can help streamline and optimise your gaming business
By plugging directly into existing systems, our Payment Orchestration Platform allows gaming merchants to build a dynamic payment ecosystem where the best-suited partners are easily picked and added.
In this way they can create opportunities for gamers to pay however and wherever they want, while scaling their business and optimising their operation.
For gaming merchants, the importance of allowing gamers to pay using their preferred methods and currencies cannot be underestimated. Thankfully, for every technical challenge this creates, there’s a single, powerful solution in the form of Payment Orchestration.
Get in touch with our team of experts today.