Removing friction and fraud from online payments

Removing friction and fraud from online payments

Tuesday, January 30, 2018 Posted by Luke Massey
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Udo Mueller has been the CEO of paysafecard since 2014
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Finding ways to add value and facilitate frictionless payments is the key to success for online payment companies in the gaming industry, says paysafecard CEO Udo Mueller.

As the countdown to ICE London 2018 gathers pace, we’re thinking about the gaming world, and the ongoing digitisation of the way we pay to play. The move from traditional payment formats to new, digitally-enabled platforms and mechanisms continues to accelerate and this creates new business models, transforming user expectations and behaviour. 

Safety, security and speed are among the major drivers of the payments market. For operators to guarantee a seamless payments acceptance process, finding ways to add value through products and technologies and to make payments more secure, convenient, frictionless - even enjoyable - for consumers and businesses is the key to success.

Understand market needs 

Players want solutions and services that offer convenience and security. They also want an easy and fast payment solution without a lengthy payment process disturbing their enjoyment. 

On the flipside, online gaming operators look for an efficient flow of money through a secure payment system, allowing them to smoothly distribute winnings and return funds to players, which in turn helps them to attract new customers. 

At paysafecard, part of Paysafe Group, we provide services for both players and businesses which means we need to understand what the two sides want from each other to create a tailored product that adds value. It’s about building up a relevant user interface between the consumer and the business and finding ways where value can be added. 

Bridging the gap

The gaming world is no longer simply ‘online’ or ‘offline’. The lines between online and bricks and mortar are increasingly blurred. It’s the same for the retail space: the lines between consumers that want to pay in cash and consumers that want to buy goods and services online are crossed as cash remains an essential part of billions of consumers’ lives. 

As a prepaid payment method, paysafecard bridges the on- and offline worlds by providing a way for players to use cash for their online payments. It is an advantage for gaming merchants - they can offer consumers another convenient payment option and generate extra business. And it’s also invaluable for high-street shops by helping them generate new customers and increase customer satisfaction and loyalty. 

Providing payments on the go 

Paying via mobile, anywhere from in store or online, is no longer reserved for the tech-savvy - it’s the new normal for both merchants and customers. The 2.1 billion smartphone users globally are yet another driver to adopting mobile transactions and alternative payment methods. 

However, a mobile-connected world comes with expectations. Paying via a mobile device should be effortless and fast. It should start with a great browsing experience and end with a secure and frictionless checkout process using the consumer’s preferred payment method. 

Security first 

Paying safely online is of major importance to consumers as well as businesses. Our research shows that 58 percent of consumers are willing to accept any security measures needed to eradicate fraud, while two thirds (65 percent) are open to the introduction of more secure payment processes such as two-factor authentication.

The secure and efficient flow of money from player to operator and back again is strictly governed by far-reaching protocols and directives, which iGaming payments solution providers need to respond to in order to stay relevant to merchants. 

Online payment solutions need to meet the highest security standards to protect both players and businesses against fraud. It is very important to give both consumers and businesses the tools, comfort, techniques and technology to know that their transactions are safe. 

Keeping it simple and enjoyable 

Online payment solutions simply must be easy and secure for players. Consumers won’t accept anything less than a safe, simple and convenient checkout experience.

On the other side of the table, businesses need a straightforward implementation that allows the smooth flow of money and which can be activated internationally and in multiple currencies, almost at the touch of a button.  

Our aim is to provide added value services for both the consumer and the operator, and a payment experience which may even put a smile on someone’s face.

Visit Paysafe at ICE Totally Gaming, stand N9-140.

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