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Richard Cooper, Equals Money CFO (former CFO Entain PLC)
A game of risk when it comes to payments is not something you want your business to experience. The gaming and gambling industry is a large and underserved market, despite being viewed as high-risk. The Online Games Market is expected to generate US$26.14bn by 2023. So why are these booming industries still ignored and underserved?
These industries also face challenges unique to them, such as overcoming banks’ low appetite. Users have high expectations, including instant and seamless payments. We’ll examine some of these issues and discuss how gaming companies can overcome the challenges.
Cross border conversion
Global gaming is a reality. A single company may operate in multiple territories and use different currencies. In the poker world, a gaming wallet is usually a particular currency. Customers deposit, play and withdraw in their own currency. This is then converted to USD.
For gaming companies, each of these conversions in a traditional institution can mean one of two things: being hit with poor rates of exchange in both directions, or having to set up accounts in all the localities that have a different currency. Even in Europe, the three major gambling nations, UK, Sweden and Denmark, each have their own currency outside the Euro. This adds complexity to companies that want to make payments seamlessly across all three. These businesses are losing money because each of these accounts has its own fees and logistics.
Multi-currency Accounts are a simple solution for such businesses. These accounts can be integrated with the digital wallet of a customer, allowing them to send and receive money in multiple currencies (38 for equals Money users) from a single account. This eliminates the need for conversions, or for multiple accounts. Both the customer and business can move money smoothly by making the payment process easy. It also has a benefit on the operational side, as it allows companies to pay their employees and suppliers quickly and easily across borders.
Spending stops when spending slows down
Waiting for payments to clear is the biggest slowdown in a streamlined gaming experience. There’s no need for companies to see security and speed as an balancing act. Payments can be quickly consolidated by working with a partner who has integrated with SWIFT UK Faster Payments SEPA and SEPA Instant. These transactions keep users happy and stress-free, which boosts reviews and the bottom line of businesses.
Personal touch
In the digital age, it is easy to overlook the importance of human interaction and understanding. You’ll be surprised at how little money these institutions invest in their customer service when you deal with them as a gaming firm. You will find that the person you speak to has little or no experience with your challenges.
Look for gaming providers who offer market expertise and personal account managers. They are a one-stop shop for all your gaming needs, unlike banks that can be faceless. You will be guided through a dedicated resource for compliance to ensure that the onboarding process is as smooth as possible. Any concerns you may have are addressed early.
Gaming is a very exciting industry to be in. Gaming companies can take advantage of growth opportunities by connecting with customers and businesses through faster, more secure payments.
