Richard Cooper, Equals Money CFO (former CFO Entain PLC)

When it comes to payments, a game of risk is the last thing you want to put your business through. For an industry that has been typically seen as high-risk by traditional finance institutions, the gaming and gambling industries remain a huge and underserviced market. Revenue in the Online Games market is projected to reach US$26.14bn in 2023, so why is this booming industry still being ignored and provided poor service?

Alongside overcoming the low appetite from banks, these industries face unique challenges. With the customer base continuing to grow, users have certain expectations including a seamless and instant payments experience. Here we’ll look at some of these challenges and how gaming companies can overcome them.

Cross-border conversion

Gaming is global. Any one company will operate in a number of territories, meaning a whole host of currencies. A gaming wallet will usually be a specific currency, but especially in the world of poker where USD is standard. Customers will deposit, lose, and win in their local currency, which will be converted into USD for play, then converted back for any winnings taken out.

Each of these conversions at a traditional institution means one of two things for gaming companies: either being hit with poor exchange rates in both directions or setting up accounts in every locality that has a different currency. Even within Europe, the big gambling nations of UK, Sweden, and Denmark each have their own currencies outside of the Euro, adding complexity for companies who want to be making seamless payments in all three. Each of these accounts requires its own logistics and fees, so it’s a lose-lose scenario for these businesses.

A simple solution for these businesses is multi-currency accounts. By implementing these accounts to work with a customer’s digital wallet, customers can send and receive funds in a range of currencies (38 for Equals Money customers) into a single account, eliminating the need for conversions or multiple accounts. By making the payments process pain-free for both the customer and the business, it allows both to move money seamlessly. The added benefit from an operational side of things is that it also helps companies pay their staff and suppliers across borders easily and quickly.

Slow spend stops spend

Nothing slows the streamlined gaming process more than waiting for a payment to clear. Companies see speed and security as a balancing act, but there’s no reason for this to be the case. Working with a payments partner that has integrations with SWIFT, UK Faster Payments, SEPA, and SEPA Instant means payments can be consolidated rapidly – without sacrificing security. These transactions help to keep users engaged and worry free, boosting reviews and business bottom lines.

The personal touch

In a digital world, it’s easy to forget about the importance of human understanding and interaction. Dealing with a bank or other institution as a gaming company, you’ll see how little these institutions have had to invest in customer service. When you do get through to someone, they will likely have little to no experience of the challenges you face.

Gaming businesses should look for providers that offer personal account managers and market specialism. These industry experts act as a single point of contact, compared to often faceless experience with banks. They will take you through a dedicated compliance resource to ensure the onboarding process goes as smoothly as possible and any of your concerns are addressed as early as possible.

The gaming industry is an exciting space to operate in. By connecting customers and businesses with faster, secure payments, gaming companies should feel empowered to tackle growth opportunities, rather than be stuck behind payment barriers.