Practical advice on how to set up payment infrastructure for iGaming business
Launching a new iGaming project or entering a new market is always a challenge, and a significant part of that challenge falls on the payment team. The quality of payment processing will influence many aspects, including customer acquisition and retention. Despite the popular belief that connecting payment systems in today’s iGaming industry is simple, and that there’s no need to search through a flood of new providers or that setup is straightforward, we respectfully disagree and will examine this issue in more detail.
While the current payment market is indeed overflowing with offers, not all of them are equally suitable or will effectively complement your product. Many nuances can be overlooked during the integration process or intentionally downplayed by sales managers. Your task is to spot these nuances and assess the risks in advance. Beyond connection and integration, don’t forget about the subsequent steps that will become part of the operational work with your Payment Service Provider (PSP).
How can you ensure your website is ready to accept payments before inviting users? Let’s break it down using the example of a gaming product, though this will be relevant for almost all online websites.
Analyzing Payment Systems Market and Building the Structure
Before you start connecting payment providers, it’s essential to analyze the market where you plan to operate. Overloading payment pages with every available option, based on the “just in case” approach, isn’t the best strategy.
Analyze the market and provide customers with what they’re looking for. Consider geolocation (of course), as well as the age and preferences of your clients. A comprehensive profile of a buyer (or player) includes more than just their place of residence. It’s known that Gen Z and Millennials have different payment habits, and if you’re targeting Baby Boomers, the situation can differ even more. Some may prefer popular e-wallets, while others might find bank transfers more convenient.
In payment systems, more isn’t always better — often, it’s the opposite. Excessive options create noise, distract users, and add unnecessary steps to the target action — in this case, making a payment. This leads to lower conversion rates, which is especially undesirable when introducing a new project. For example, Interac is only needed in Canada and nowhere else. Users from other countries don’t need to know that you have it connected; this information is irrelevant to them. Therefore, besides connecting relevant methods and solutions, it’s crucial to set up the correct display of payment methods for different countries and user segments. Show only what’s necessary to keep their attention focused.
Also, pay attention to the workflows that will directly affect payment processing. Think through the financial structure of your product: which accounts you’ll open, what fees and providers you’ll use, and how all your fintech and banking partners will interact. It’s not just about the “picture” on the website but also about the well-coordinated processes behind the scenes. It’s important that users have a pleasant payment experience that meets their needs, while the business enjoys efficient cash flow and profit — not headaches. That’s why a chaotic and spontaneous approach to connecting payment solutions to your website isn’t a suitable strategy. You need to understand in advance what you’re doing and how.
Testing Payments Before Launch
Once the foundation is laid, integrations are complete, and accounts are opened, it’s time for testing. Try doing what you expect from your target user. Was it easy? This kind of check is absolutely necessary. To avoid the trap of your own biases, consider involving third-party partners for testing. This includes not only basic testing to see if the payment method works but also evaluating the entire user experience: impressions of the product, logical placement of all methods, and whether user paths are well-designed.
You can order this service from us. An independent expert from Monoup will assess your website for compliance with the market and industry you operate in, check all necessary payment functions, and provide professional feedback. In the report, you’ll receive detailed explanations of all comments or hypotheses from professional product managers and payment specialists, along with a plan for further action.
Additionally, we provide support in implementing all our recommendations and assist with payment analytics. Working with us will help you figure out payments once and for all and make them work for you, not hinder your development. Order payment analytics through the form below or via email, and we’ll contact you to discuss the project details.
The importance of testing cannot be overstated when considering dozens of unexplored cases that might occur. Learning from your own mistakes is possible, but it’s much more profitable to immediately gain insights from professional experience and create a working process from day one. Our clients’ cases prove that losses from poor payment solutions, which lead to low approval rates, can be significant. Every user error that could have been avoided represents lost profit simply because you didn’t pay enough attention to your payment infrastructure.
Technical and Operational Aspects of Payment Processing
Most new businesses often conduct only one test before launch (to ensure the payment is successful), but experience shows that this is often insufficient. It’s worth checking as many real-world scenarios as possible to avoid unexpected outcomes. If the method is P2P, test how the system behaves when an incorrect amount is paid or incorrect details are provided. If it’s acquiring on the hosted payment page, check whether the payment amount can be altered on a third-party checkout. These and other user cases will help you understand whether you’re ready for real customers and their support. After all, it’s easy to work when everything is perfect, but in the gaming industry payments, this rarely happens.
Check deposit crediting, currency consistency, transaction history, and the accuracy of displayed information. Cross-reference with your accounting system to ensure no extra fees are being deducted from your users, and address other important points in advance. This primarily relates to the technical aspects of the platform and the quality of integration, as these processes are automated and may contain bugs or inaccuracies.
Imagine if such a bug surfaces after you’ve launched your marketing campaign and your platform is receiving hundreds of active users daily. Resolving the issue could take time, and users who encounter it will immediately feel negatively about your site. You’ll have to offer them bonuses or other incentives, which means additional expenses.
Monitoring Payment Metrics and Improvement
Setup is the first and crucial step, but maintaining the payment system on your website is equally important for achieving results. Naturally, monitoring approval rates is one of the most important tasks, but it’s also essential to stay informed about internal and external processes and continuously seek optimization opportunities.
If you know the most common problems your users face, you’re one step closer to fixing them. In an industry like gaming, issues can arise constantly, so there’s no room for complacency. It’s also important to keep up with market updates and offer popular new payment options. Markets change, grow, or decline, and all of this affects payment dynamics. Staying informed means having the opportunity to outpace competitors and anticipate potential risks.
In conclusion, Monoup recommends starting the launch of a new online project with an analysis and planning of payment flows. After that, responsibly implement payment structure and not forget to test the results. There are critical tasks in payments that, if not completed on time and with quality, can significantly reduce user satisfaction with your resource.
The payment experience determines whether a new user will return or leave, so it should be considered in conjunction with your core service. This is critical for startups and equally important for established businesses. That’s why we focus on both launching and maintaining payment infrastructure and are equally committed to achieving results for both cases. If you don’t know where to start, drop us a line. If you’ve been operating for a while and wonder if you’ve missed anything important, or if you’re no longer satisfied with the quality of payment processing on your website, let’s discuss how we can change that.
