Today’s online players expect fast, secure, and affordable deposit options. Fast and secure are more than just a ‘nice to have’, but a requirement when players choose where and what to play.
Nearly 100% of players say that they want a fast, secure, and affordable method of funding.
Yet, as online gaming operators work to make deposit options easier and more convenient for their players, they are limited by the inherent challenges of the available payment methods. Traditional credit card and bank-based processing can be time consuming, frustrating and sometimes expensive. In fact, amount limits or delayed deposits can be a significant reason why players leave or choose one website over another.
More payment options equal more sales.
Without question, card funding is a large and popular choice for online players. In fact, card payments consistently rank as the largest method of funding for online gaming operators and gaming platforms. No online business can survive without offering this method of funding. That said, just because card deposits are the most popular way to pay for goods and services online, that doesn't mean you can sit back and relax just because you're already accepting them.
If you're serious about maximizing your sales, you've got to think about offering other online funding methods. It's all about giving your customers choices--and about capturing every sale you can.
It is time to consider accepting bitcoin and other cryptocurrencies as a method of funding.
Experts suggest that websites providing four or more payment methods other than credit cards have a sales conversion rate that's 12 percent higher than those offering just one payment option in addition to credit cards.
- Bank Accounts: Players are required to enter sensitive data, await account verification, and wait (again!) for collected funds to become available.
- Card Payments: Players need to share sensitive card and personal data which is authorized, stored, and then processed. Access to customer funds is fast … but card limits often prevent big dollar transactions.
Introducing BitPay Deposit, BitPay’s Blockchain Payment Solution
We’re proud to introduce BitPay Deposit, a fast, safe, and secure account funding alternative for online players and online gaming operators.
BitPay Deposit allows online gaming operators to accept Bitcoin and cryptocurrencies deposits, fund user accounts in minutes, and receive next day irreversible bank account settlement in EUR, USD, or other local currency. Because blockchain payments are push payments versus pull payments, BitPay Deposit eliminates the risk of chargebacks and shields against any risk of Bitcoin or other cryptocurrencies price volatility. BitPay Payout allows players to immediately withdraw funds instantly and BitPay handles sending Bitcoin or other cryptocurrencies to any number of recipients worldwide, for a flat 1% fee.
BitPay provides online gaming operators:
- Potential to expand user base. Tap into a large and growing number of BitPay and cryptocurrency users who may be delighted to learn that you are now accepting Bitcoin or other cryptocurrencies.
- Lower costs. BitPay charges a flat 1% transaction fee paid either by online gaming operators or passed on to their users.
- Elimination of chargebacks. Bitcoin transactions are pushed by the sender rather than pulled by the receiver (like a merchant pulls money out of your bank account to settle a purchase), eliminating the risk of the payer claiming a payment was unauthorized.
- Global operations. Accounts can be funded with cryptocurrency from anywhere in the world, without banks or any other third party.
and their clients / players:
- Speed: Bitcoin transactions are confirmed by the network and settled, on average in ten minutes, allowing players to get started within minutes of funding an account.
- Lower costs: No wire transfer fees, credit card fees, or interest.
- Large deposit options: BitPay-funded accounts aren’t subject to limits.
- Borderless: Bitcoin and cryptocurrencies can be sent anywhere in the world in minutes.