The internationalization of payments in eSports
How optimizing cross-border payment systems and offering regional payment preference is key to success for the eGaming sector.
There’s less than a month to go now until the starting gun is fired on The International on the 20thAugust. This is the largest eSports tournament in history, with a prize pot of $23 million up for grabs, drawing gamers from countries from the US, East Asia and Europe.
Attracting so many competitors from so many nations, The International is a clear example of just how global the eSports and gaming industry actually is. The sector’s worldwide reach presents obvious and enticing opportunities for businesses, giving them access to millions of customers across the planet.
To maximize their bottom line, gaming businesses need to ensure they can tap into the truly international nature of the growing gaming market by ensuring they have the right payments infrastructure in place. For that, they need to secure the right partnership.
So what do gaming businesses need to bear in mind to ensure their payments provider is able to meet their international needs? Here are a few key things to consider:
Can they offer cross-border payments?
If your gaming business wants to access customers overseas, it is imperative for you to find a payment partner that specializes in enabling secure and effective cross-border eCommerce.
You should look for a provider that offers a broad range of global payment solutions with the scope to process payments in multiple currencies. Paysafe, for instance, can process card and alternative payments in over 17 settlement currencies, including GBP, EUR and USD, making it easy for your business to operate overseas.
Further, our specialist fraud and risk management tools can help take the stress out of processing international payments, giving you the peace of mind that your finances are safe.
Do they understand local payments needs?
It takes more than being able to accept payments in multiple currencies to reach international customers, though. Every market is different – in addition to having its own currency, each territory has its own local payment needs. In some countries in Europe and North America, for example, it may be that consumer preference is debit or credit card payments, but in Asia, it’s the digital wallet that is driving eCommerce growth. Digital wallets such as Skrill and NETELLER are also popular with online gamers in Europe, as are online cash replacement systems, such as paysafecard.
With this in mind, you need to be sure you’re able to meet local payment requirements, so be sure to partner with a provider that has in-depth knowledge of the markets you are targeting, as well as the capability to support your operations in them. Paysafe, for example, has experts in major markets around the world, and is able to not only process card payments, but offers a host of alternative technologies, including digital wallets and cash replacement systems, enabling your business to meet your customers’ specific payment preferences.
One of the strongest ties Paysafe has fostered with the global eSports industry has come through paysafecard’s sponsorship of the ESL, the largest eSports network globally. As a major sponsor and global ESL payment platform partner worldwide, paysafecard has been integral to the growth of eSports as its popularity has expanded internationally and is now seen as a cornerstone of payments in the industry.
Are they able to help with promoting responsible gaming?
As eSports continues to rise in popularity, one factors that operators need to maintain awareness of is the opportunity for gambling to occur through skin betting or other similar methods.
All companies in the gaming sector need to have a duty of care to protect their users from problem gambling, in line with legislation in the US and EU. eSports companies operating in these markets must take steps to identify risky behavior in order to stop users gambling when not permitted to do so or before their gambling becomes a problem.
With this in mind, eGaming businesses should partner with payment providers that are experienced and able to support them in safeguarding their users.
A world of possibilities
Given the sector’s incredible international growth in recent years, the world truly is your oyster if you’re a gaming or eSports business.
To benefit and to reach all of these potential customers around the globe though, your business needs comprehensive cross-border capabilities, and for that you need a payment provider that specializes in international payments. Partner with the right PSP, and you can be sure your business has all the tools at its disposal to expand and stay ahead of the competition.
If you want to know how we can support your gaming business in internationalizing its payment options, then take a look at our expertise page: www.paysafe.com/us/online/an-end-to-end-solution-for-the-igaming-industry/.
You can also contact a member of our dedicated gaming team here.