Modern payment methods are among the primary reasons why the iGaming industry has blossomed during the past couple of decades. The reasons for this are many, given how technology has evolved. Different devices are popular today, as well as different online casino features.
Take online payment methods, for example. Players can use sophisticated payment methods to make deposits in a matter of minutes. The long list of online casinos at easyoutcasinos.com also includes operators that offer these types of payment methods. Let’s explore how supporting a simple payment method in iGaming payment processing can help with conversion rates and the number of deposits per player.
Payment Processing & Conversions
In the iGaming context, payment processing conversion refers to several crucial things.
- New player sign-up conversions.
- Rates of first deposit conversions.
- Speed of payouts.
Operators that offer modern payment processing methods are more likely to have a higher number of signups and first depositors. Plus, a reliable deposit method means almost instant money transfer to users’ online casino accounts.
Another type of payment processing in iGaming refers to payout speeds. Every casino has an internal payment processing method that is independent of the payment methods supported. The operator must verify that all transactions are for a specific account before sending money to the player. If this process is quick, it will be reflected in online user reviews, resulting in higher conversion rates.
Barriers That Hurt Payments
Generally speaking, several barriers can hinder the deposit and withdrawal process at an online casino. They are:
- Unnecessary payment pages – The payment process should take users through a single page where the payment is made. Navigating multiple payment pages may cause some people to abandon the process in search of an operator with a more straightforward approach.
- Slow KYC process – ‘Know Your Customer’ has become a standard at online casinos. It goes hand in hand with international laws regarding money laundering, and many casinos support this. The issue arises before a user makes their first withdrawal. This process can take an unnecessarily long time, leading to bad online reviews for the difficult withdrawal process. A good idea is to have the user go through this process immediately after making their first deposit, so the first withdrawal is completed more quickly.
- Poor internal processing speed – Set up internal systems for quick payment processing before money is sent to a player during withdrawal. Numerous casinos struggle with this, prolonging payout periods to days in some cases.
- Low number of supported methods – Players want variety, as they might rely on different payment methods at some point in the future. The more payment methods are available, the better.
- No modern payment methods – Explore the latest trends and implement the latest payment methods. They are usually the quickest option.
Each of these can significantly impact the conversion rates among gambling operators. Worth of mouth is alive online, and once negative reviews start coming in, it becomes much harder to convince people that a particular brand is good.
Speed & Security Matter
Essentially, players are looking for both speed and security. They want their private data to be secure when they send and receive money. That’s why you can find a $1 deposit casino with Paypal at every corner, because these types of brands offer a low minimum deposit and a trustworthy method of payment that’s also quick. Offering a widely recognized method of payment globally instills trust in people, resulting in more sign-ups. Payment methods that provide this right from the start are:
- PayPal
- Apple and Google Pay
- Crypto
- Local payment methods
- Various e-wallet services
All these methods of payment are secure and quick. They offer a seamless payment process without any risk of losing private data, given you’re on a secure Wi-Fi. Users who see that these payment processing options are available are more likely to sign up and make a deposit. That positively affects conversion rates.
Local Methods Boost Signups
Although some payment methods are globally popular, there are countries where people prefer local options that are secure and quick. While this doesn’t align with all the latest payment trends, all iGaming operators should keep in mind when expanding into other markets. Offering a locally popular option can help boost signups and result in higher conversions than in different markets.
A perfect example is Interac, a payment method that is extremely popular in Canada. Brands that expand into this market usually always offer this method of payment. They’re aware that the majority of Canadians use Interac often.
Smooth Payments Cut Drop-Off
Similar to e-commerce and B2B markets, implementing seamless payments in iGaming platforms is essential to reduce drop-off rates. The more complicated it is to deposit and withdraw funds, the lower the chance that a player will go through this process. Therefore, keep track of the latest strategies in the industry to keep the drop-off rates low. Always stay focused on the user and making their journey as simple as possible. If you do this successfully, the other results will follow.
Track Payment Impact
We’re living in a data-driven world where processing data has become simplified with the help of AI. Track all the changes you make and follow analytics to find how these changes are affecting your overall conversion rates. It’s the best way to stay on the growth path as more people will sign up for a platform that offers quick, secure, and reliable methods of payment.
