From time to time, the international gaming industry keeps publishing precious insight into the industry, which serves as a guide. In many ways, the payment gateways for a high-risk merchant account business in the gambling industry use the data to help gaming merchants attain productivity in business. It will be interesting to know how they do it. If you are also a gaming merchant, pay attention to the points below, and you will be able to make some good suggestions for your businesses. With your payment gateway, you can implement several relatable ways to take your gaming company to the heights of success.
Effective chargeback management is possible through big data
Data is generated on two platforms. One is the piece of information that a gaming payment gateway generates for a merchant through daily transaction details it transfers. Second is the information available in the industry in the form of research reports and survey results. In both cases, the data plays an extremely important role in making an efficient chargeback management scheme. A payment gateway must create a new and customized plan for every gaming merchant separately because the processing history and business conditions can differ.
- Analytical data gives an insight into the actual reasons for chargebacks. Usually, it is considered that there are more than 100 reasons for chargebacks. The high-risk gateway providers can scrutinize the reason behind a chargeback and then can suggest to the merchants how to fix it.
- Payment gateways can collect and organize the dispute data to study deeply and find out relatable solutions to help merchants overcome this problem. For gaming merchants, it is essential to delve into the details of the causes of money-back demands made by the customers. Big data and analytics are necessary to deal with the chargebacks and refund the money to the customers accurately without inviting any legal action against the business.
- As we all know, a considerable number of incidents among total money-back demands happen due to friendly fraud. Many customers use a service and demand their money back to use it for free. In such a situation, the merchants may face a significant loss, and the biggest loss is the goodwill of a business in the market. But, as today we have transaction descriptors, a high-risk merchant account provider can back its gaming payment gateway that the customer made the payment for the mentioned service or the product.
Make revenue prediction easy
Gaming platforms are booming, and every merchant wants to earn a considerable profit; revenue prediction with the help of data is helpful for this purpose. Gaming payment solution providers keep absorbing market data and the latest information to work more efficiently with their merchant clients. The duo works effectively on transaction management to strengthen the business.
- Big data helps to study customer behavior in the market and also in your own business. How many gamers registered for your gaming platform, and how many subscribed or unsubscribed from your gaming platform? Understand the patterns of change in customer behavior. For example – the gaming industry earned billions of dollars during the lockdown period during the pandemic in the past three years.
- Data-driven decisions improve the performance of a business and can attract more customers. When a merchant makes realistic decisions, faster growth is an effortless result. Along with the high-risk payment processors, the merchants can work on many aspects to improve the payment experience.
- Fraud management becomes better with the help of data, and the payment gateways can help merchants save a lot of money. Today hackers and tricky minds have less control over gaming platforms. Their efforts for data infringement can be tackled immediately, which means the merchant is safe from a loss of millions and billions of dollars.
Attain customer retention goals
When you know your customers well with the help of data, you can work better on the ways that can make them stay longer with you. Customer retention is the first step towards gaining customer loyalty; no doubt, the data is the prime sponsor of a merchant’s achievement in this aspect. In many ways, analysis of the existing information is significant in making predictions. Facts, details, and market research reports help to know the gamers based on age, geography, gender, time spent on the game or website, etc. If a gaming business owner wants to keep his gamers for a lifetime, it is a must to know consumer behavior.
- Develop the best troubleshooting tools and ways for the common issues that customers experience when they visit your website to buy anything. For example – if your customers receive their transaction descriptor late after making the purchase due to any technical glitch, your payment gateway can work immediately on an effective solution.
- Create better customer loyalty programs through an insight into customer behavior using data. Offer vouchers, bonuses, or additional points after every purchase the existing customers make. Every gaming merchant knows that acquiring new customers is more complex than retaining existing ones. The majority of businesses work vigorously on customer retention.
- A high-risk merchant account provider can work more effectively with a gaming merchant if it has the correct information and data about the existing gamers. Track the payment methods that your users prefer; it helps get the attention of gamers, which in turn immediately improves customer loyalty. When the end-user is satisfied, business operations become simpler for a merchant.
Be prepared for an upcoming data privacy threat
Data infringement and malware in the system are among the common but dangerous issues that gaming businesses deal with. Daily gaming transactions happen in millions of dollars; thus, hackers are always greedy and find ways to enter the security system. But thanks to the strict rules and FinTech, businesses are protected against such issues.
- Whenever any security issue starts taking shape in the industry, the news spreads fast, and the payment gateways are among the first companies to act. They always contact the merchants and acquiring banks to work on preventive measures, and the safety plan works most of the time.
- Like any other payment solution-providing company, the gaming payment gateways are PCI-DSS compliant, which stands for Payment Card Industry Data Security Standard. If the fraudsters try any new bug or trick, the payment gateways are ready to handle the situation. It is only due to any unprecedented threat that sometimes the payment solution companies struggle a little, but most of the time, merchants can relax as a complete system is working for them.
- The payment gateways have a vast network with other gateway providers in the industry, which is why they are always informed. Through their network, they get to know what new safety threat of malware may hit the businesses in the market. According to the available information, timely precautions can be taken. Here again, you see the importance of data and can understand how strongly the data can act as a safety shield against the whole industry. The safety measures developed based on the information available in the market can protect millions of merchants in an industry. Besides, the details about suspicious customer accounts delivered by the payment gateways to a merchant can also help a lot. The modern human world is more about using data in the most innovative manner. Business owners spend millions of dollars on the purchase and processing of data because they know its value and power.
After goodwill, data is the most precious asset for a gaming business because it helps a merchant troubleshoot in bad times and grows faster in good times. The payment gateways ensure the regular delivery of in-house transaction data, which gives a rich insight into existing and new customers. On the other hand, the information available in various reports and research papers in the market helps make a better strategy for the future. Yesterday, today, and tomorrow, the power of data has always been undeniable, and whether it is a start-up gaming platform or an established brand, everyone needs data. Don’t you agree?