Frictionless Payments Solutions for Gaming & Entertainment
Andre Ledoux, Principal Strategy Analyst
Time is money, even in gaming and entertainment.
For every ticking second a prospective player is entangled in a registration and deposit process, money and consumer potential drift elsewhere. Payments cannot get in the way of the gaming experience – they need to be intuitive and seamless.
In social and digital entertainment, intuitive registration and deposit processes are needed to get customers through the door and keep them engaged. By minimizing barriers to entry up-front and throughout a gaming experience, a player will normally make numerous deposits.
According to Eilers & Krejcik Gaming1, approximately 3 percent of all social casino players pay to play. For further context, that means only three of every 100 players are generating revenue. This doesn’t include the large amount of players who visit the site/app where a game is played but choose to not create an account. With the large amount of time spent and investment made on staff and product enhancements to acquire customers, a tight conversion process is crucial in optimizing their sales funnel.
Merchants need to know their payers’ preferences well. According to SuperData Research2, fewer payment options equates to more convenience, so long as spenders see their preferred method. Not catering payment options to player preferences can cost merchants to lose 50 percent of their spenders. Considering the already low conversion rates, it is crucial that payments solutions meet the demand of players.
“Consumers will complete transactions more frequently the less friction they face, which is why eWallets are so popular… they are able to store all their preferred payment methods in one place without having to type it in each time they want to make a purchase,” said Stephanie Llamas, Director of Research and Insights at SuperData Research. “Vertical payments offer this convenience, especially if it's a site where consumers will make frequent purchases like a game's checkout page.”
Typically, there are in-house associates focused on product, user experience (UX) and/or user interface (UI) who run various tests to see if there are different ways to convert users from a visitor to a customer. Once a site/app/desktop client is either up and running or optimized for the initial deposit, it doesn’t end there. Periodic end-to-end reviews are necessary to optimize any site processes or to work out any existing issues.
Outside of the digital offering itself, any and all vehicles pertaining to the platform need to complement the experience. This can include customer service and feedback mechanisms – ensuring that customers are getting the right answers to the questions that may arise. Additionally, operators are constantly exploring and testing offers to get players through the door through various promotions.
Worldpay Gaming provides comprehensive end-to-end review of its clients’ specific conversion processes to ensure payments solutions aren’t creating unnecessary barriers.
Growing Success for ZitoBox.com
One of the companies that turned to Worldpay Gaming for optimizing and maximizing its payments process is Joy Media Works, the parent company of ZitoBox.com.
ZitoBox is a social gaming platform that allows users to play casino, action and arcade games across a variety of platforms, including web apps, a Facebook app and other mobile devices. Players can earn points by playing gaming games and then can redeem their points for a variety of rewards, such as airline tickets, hotel stays, gift cards and watches.
Critical to ZitoBox’s success is a seamless process that begins with minimal barriers to entry and carries throughout its entire experience.
“After signing up, playing our games and earning rewards, the last thing a player wants is to endure a complicated redemption process,” said Peter Palexas, CEO of Joy Media Works. “Thanks to Vantiv, our players – current and future – can enjoy an intuitive and uniform payments experience that doesn’t distract from the pure enjoyment of our games.”
In addition to retaining customers, ZitoBox is now devoting its creative energy to taking its offerings to the next level.
“We're running our Facebook app, web app, and we're developing mobile,” said Palexas. “As we add more value and more products, we'll just keep growing. Our retention rate has been great. Customers are happy. They're getting more value than other social gaming, and we just feel that it's got an excellent future.”
Renowned entertainment brands lean on Worldpay Gaming well beyond the initial launch of a singular product. Whether it’s product releases or an update, they leverage Vantiv to review new features as they relate to payments and the process of converting every website visitor into a revenue generating player.
- Eilers & Krejcik Research, April 2016
- Source: SuperData Research, Spring 2016