Over 1.1 billion people worldwide enjoy online gaming. Many of these players enjoy skills-baed games, which offer payouts for completing challenges or winning competitions.
Facilitating payouts for winners is challenging for skills-based gaming companies. Fortunately, there is a solution that can help these companies organize payment processes and promptly distribute rewards to customers.
The Problem of Payouts for Skills-Based Gaming
Skills-based gaming companies face numerous challenges when paying their players. Here are the biggest issues that MassPay can resolve:
Skills-based players expect a fast payment turnaround when they win. In an industry that celebrates instant gratification, players will quickly move on to competitors if a company doesn't provide a quick turnaround with their winnings.
Slow payouts for players erode trust in the organization and reduce player satisfaction and engagement. That means fewer players on the platform and reduced participation.
Players expect companies to transfer their winnings to their preferred accounts. That means skills-based gaming organizations need a streamlined payment process that integrates with all types of payment methods. Players also prefer clear instructions on how to set up an account with the company. If the process is overly complex, it adversely impacts their experience and increases payment turnaround time.
Gaming platforms must provide players with easy-to-follow instructions for setting up an account, minimizing the number of steps in the process. No one should need to jump through hoops to get paid.
Player retention rates are highest in the first few days a new player starts playing a game and decline over time. On average, the one-day gaming retention rate is 29.46%. That number drops to 8.7% after seven days and 3.21% after 30 days. One reason why players stop playing a game is a lack of confidence they'll receive their winnings.
Gaming platforms that delay payments or submit inaccurate payouts will most likely see big customer retention drops. In addition to losing existing players, they may find it harder to attract new ones due to reputational damage. Players are more likely to stick around if they feel they can trust the gaming company to pay them on time, offer straightforward payment processes, and implement security measures to protect winnings.
User experience is important to all players, especially those playing skills-based games for money. No one wants to leave the gaming platform to claim their winnings or — even worse — face an uphill battle trying to connect their payment account with the platform. The payment experience should occur entirely within the gaming platform without messy transitions or disruptions.
By setting up payments directly through the platform, gaming companies can expedite payouts, offer a user-friendly gaming experience, and improve client retention. This is a win-win for both companies and their clients.
Instant Payment Solutions That Meet the Needs of Skills-Based Gaming Organizations
How can gaming companies overcome common payment problems and improve the customer experience? By implementing the right skills-based and esports payment solutions.
Here's what to look for in a skills-based gaming payment provider:
Proper gaming financial management starts by offering a practical and trustworthy payout experience. Any organization offering instant or online gaming tournament payouts must live up to its claims. Providing clients with seamless and prompt payouts boosts the likelihood of customer retention and all-around satisfaction.
With MassPay, gaming platforms can provide players with what they want. MassPay guarantees instant payouts, improving user experience and trust.
When expanding into new markets, gaming platforms must adapt to country- and location-specific regulations concerning payment practices. This can be tricky if the organization lacks qualified local experts to advise on payment laws and regulations.
MassPay addresses the needs of gaming companies by offering global payout capabilities that connect with local payment options and compliance assistance, paving the road for streamlined international expansion.
Gaming platforms often serve clients worldwide. However, regulations and rules concerning gaming payouts vary by country. Compliance in gaming payments is essential to avoid fraud or legal issues resulting in unnecessary fines and penalties.
With MassPay, gaming platforms can rest assured that our robust security features and extensive compliance solutions prevent bad actors from engaging in fraudulent payment activities on the platform. Our solutions give gaming platforms peace of mind and allow them to focus on what they do best — creating exciting games that clients love.
The right payment solution integrates easily into gaming platforms. It provides comprehensive payment orchestration for esports, action, casino, puzzle, and other types of skills-based games. It won't hinder business growth as a gaming organization scales and transaction volumes increase.
MassPay offers ideal scalable payout solutions for rapidly growing gaming platforms. It can support high transaction volumes without impacting platform performance, regardless of how large the company becomes.
When integrating a new payment solution into a skills-based gaming platform, it's helpful to have a support team available to answer any questions that arise. That way, you can reach out to a knowledgeable expert who understands your business and payout needs.
With MassPay, gaming platforms receive a dedicated support team to expedite the implementation process and player onboarding. We can tailor our solutions to meet the gaming platform's specific payout needs so they can guarantee optimal experiences.
A streamlined and efficient payout process is essential for any organization, but it's paramount in the skills-based gaming industry. Gaming platforms can lean on MassPay's seamless payment orchestration to offer an excellent user experience, increase payout speeds, and meet regulation and compliance requirements.
Schedule an exploratory call with our team to see why MassPay is the ideal fit for companies seeking to improve customer retention and provide instant payouts for skills-based gaming platforms.