As technology evolves and people continually adapt to the digital world where gratification is instant and everything you want is at your fingertips, peoples demands can become unreasonable and expectations from businesses and customer service is at an all time high.
To keep customers satisfied, iGaming operators do their best to adapt to the newest technologies and incorporate multiple options to appeal to a wide range of people. But this proves to be difficult when older technology such as credit card verification and transactions are forced into a fast moving, instant credit situation.
To prevent fraud, credit cards are continually implementing multiple layers of security which delay payment approvals. They also often reject high risk payment codes such as iGaming transactions. This causes frustration to the customer in the form of failed or delayed deposits. And when the customer is reluctant to use other payment options, they become disgruntled and take out their frustration on the gaming operator rather than understand why their payment was rejected. To top it off, these customers refuse to use alternative options such as crypto, E-Wallet or bank transfer which are the faster and more reliable methods.
Recent studies show almost two-thirds of players are more likely to trust a gaming service that offers instant withdrawals and deposits, while more than half say they are likely to switch to an online gaming service that offered instant withdrawals.
Its this type of experience players expect while not realizing they are contributing to their own dissatisfaction. So how does an iGaming operator convince players to transition to an alternative method of payment? This has proven to be more difficult than you think!
Educating the player on the benefits of other options helps those who are willing to listen and are adaptable to new technologies. If a player can understand the limitations of using credit cards, they will be more inclined to utilize other options. And once they learn to use other methods, they realize these other methods are just as easy and convenient to use as their trusty credit card. But with a higher conversion rate and faster, almost instant deposits and withdrawals, player satisfaction is increased leaving the player wishing they had adapted sooner!
There are other unexpected benefits players realize once they begin using methods such as crypto, instant bank transfer;
- Transaction fees are cheaper which saves the player and iGaming provider money. The player sees this directly when they deposit or withdraw.
- iGaming providers can reward players using these methods with better offers and promotions!
- Geographical restrictions are removed with methods such as crypto. Crypto is anonymous and not restricted, therefore countries that limit or restrict credit card transactions will not fail when making a deposit or withdrawal with crypto.
- Account creation, verification and deposits can be done in minutes! Players can begin playing much quicker when using instant bank transfer, crypto or E-Wallets.
While there is a small learning curve to set up and begin using a crypto account, instant bank transfer or E-Wallets, the benefits far outweigh the troubles and the process is seamless once you are set up. And with new technologies being implemented, the process to use Crypto is becoming more streamlined.
Soon you will be able to use your credit card or ApplePay to buy Crypto right on an iGaming site and use the Crypto purchase as your deposit with services such as OnRamper, Moon Pay and Wyre. It all happens in one seamless process giving players the convenience of using a credit card while having the benefits of crypto! Mad Money Casino is one of the first sites I have found using this payment technology and have some of the best customer service I have seen from any iGaming site!
Credit cards have had there time and are still a viable option for traditional transactions. But in the digital, online world it is time to adapt to digital payment options such as crypto, E-Wallets and instant bank transfers!