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Explained: What are the Best Gaming Payment Options?

Gaming
March 21, 2024
Rachel Ludwig

The gaming industry is trending upward as more players get in the game and more companies enter the competitive market.

Operating an online gaming business means making the right decisions to attract, convert, and retain players. But one of the most important choices is how you’ll enable your players to add and withdraw money from their accounts. 


This post explains the types of gaming payments and the most popular payment processing options in the industry. 

Types of gaming payments

There are several different ways for gaming players to add funds to and withdraw from their accounts. Successful gaming companies offer players flexibility, accessibility, and transparency in their money—keep that in mind when you’re reviewing payment types.

Below are the most common types of gaming payments: 

Online bank transfers

Online bank transfers allow players to directly transfer money from their bank account to their in-game account and vice versa. Real-time payment networks enable instant funding and withdrawal, so players can get in the game and cash out winnings whenever they like.

Pros:

  • Very secure: Customers log into their bank directly, guaranteeing bank-level encryption. There are also the highest levels of fraud detection, prevention, and real-time risk assessment. 
  • Convenient: Players can link their bank account quickly to start playing faster. 
  • Instant pay-in/payout: Players can add money and cash out winnings instantly.

Cons:

  • Generation gap: Older generations can be hesitant to try new or unfamiliar payment methods.
  • Bank info required: These transfers require players to log into their bank account. If they do not have that information handy, they will be out of luck. 


Credit/Debit cards

Credit and debit cards, such as Visa and Mastercard, are among the most popular payment methods globally. They allow instant deposits into gaming accounts.

Pros:

  • Convenience: Widely used and accepted, offering an easy way for players to make payments.
  • Speed: Instant deposits, enabling players to start gaming immediately.
  • Security features: Equipped with fraud protection and security measures.


Cons:

  • Withdrawal issues: Not all gaming sites offer withdrawals back to cards.
  • Fees: Some cards may have associated fees for transactions.
  • Security concerns: Directly exposes card details to the gaming site, which may be a risk if the site’s security is compromised.


Digital wallets

Digital wallets like Apple Pay, Google Pay, PayPal, Skrill, and Neteller, provide a secure and convenient way to store and use funds online without exposing bank or card details to third parties.

Pros:

  • Enhanced security: E-wallets do not require sharing sensitive financial information with gaming sites.
  • Fast transactions: Offers instant deposits and quick withdrawals.
  • Flexibility: Supports a wide range of currencies and can be used for both deposits and withdrawals.

Cons:

  • Fees: May have fees for transactions or currency conversion.
  • Account setup: Requires setting up and funding an account, which may be inconvenient for some users.
  • Limited acceptance: Not all gaming sites accept every type of digital wallet.


Cryptocurrencies

Cryptocurrencies like Bitcoin, Ethereum, and Litecoin offer a decentralized payment method. Transactions are recorded on a blockchain, ensuring transparency and security.

Pros:

  • Anonymity: Offers more privacy compared to traditional payment methods.
  • Low fees: Typically has lower transaction fees than traditional banking.
  • Global use: Not restricted by national borders, making it ideal for players in regions with strict gaming regulations.


Cons:

  • Volatility: Cryptocurrency prices can fluctuate widely, affecting the value of deposits and withdrawals.
  • Complexity: May be challenging to use for those unfamiliar with cryptocurrency.
  • Limited acceptance: While growing, cryptocurrency is not yet widely accepted across all gaming platforms.


Takeaway: Bank transfer payment systems are the fastest and easiest way for gamers to fund and withdraw money from their accounts. They’re also reliable and more affordable for gaming operators than other payment methods. Every online gaming company should offer online bank transfers.  


Gaming payment processors

The gaming industry is more highly regulated than traditional businesses. Because of these regulations, not every payment processor will work for your gaming business.

Before you choose a gaming payment platform, keep these tips in mind:

  • Work with a processor that specializes in gaming payments.
  • Don’t fall for terms like “guaranteed ACH” as this language is often misleading.
  • Choose a partner that offers instant pay in and pay out to gain a competitive edge and delight customers.
  • Consider your budget and avoid processors charging high percentage-based fees. 

Below are the most common gaming payment processors:


Aeropay
 

Aeropay offers online bank transfer solutions for the gaming industry, partnering with notable companies like PrizePicks

Aeropay’s secure payment solutions are easy for gaming companies to implement. And they help businesses stand out from the competition by offering instant pay-in and payout options for players—creating the ultimate gaming experience.

Other notable Aeropay benefits for gaming include:

  • Convenience: Players link their bank account in just a few moments without entering card numbers or sharing personal data. For all future payments, gamers immediately add or withdraw funds in a single click. 
  • Compliance: Aeropay has total regulatory approval, fully compliant financial partners, verified license holders, and exclusively vetted clients—guaranteeing gaming compliance at every level. 
  • Easier player acquisition: Overcome any last-minute objections at checkout and streamline the deposit process so more players can join the game, faster. 
  • Security: Customers log into their bank directly, guaranteeing bank-level encryption. There are also the highest levels of fraud detection, prevention, and real-time risk assessment to protect gamers and fantasy sports merchant accounts. 
  • Customizable payment experiences: Aeropay’s flexible and customizable solution gives merchants the freedom to meet and exceed their audience’s expectations – ensuring a positive user experience every time. 


Trustly

Trustly bank transfers help gaming players fund and deposit their accounts directly from their bank. Essentially, money is moved between merchants and gamers via Trustly online banking payments (as long as it’s via Trustly supported banks).

Trustly is known for handling ACH return fees by offering “guaranteed” ACH payments. Some providers offer guaranteed ACH payment methods to protect against ACH returns (chargebacks for bank transfers), essentially “guaranteeing” a customer’s ACH payment. 

Comparison: Aeropay vs. Trustly 

Aeropay takes a different approach than most when it comes to gaming payments, particularly as it relates to risk precision and fraud prevention. Instead of the broad concept of Trustly’s “guaranteed” payments, Aeropay’s AI/ML risk model is designed in-house using dozens of evolving influencing parameters, taking advantage of the billions of transactions on our platform, user-specific risk, historic decline patterns, and merchant/industry behaviors to maximize acceptance rates and highly target returns. 

Aeropay also leverages an integrated fraud prevention approach that eliminates gaps, preventing bad actors. We ensure swift detection and immediate action, minimizing any potential costly play time.


Mazooma, a Nuvei company

Mazooma (now acquired by Nuvei) is an online payment method in the US that processes payments and withdrawals via the US-based ACH (automated clearing house) network.

Nuvei offers various alternative payment methods for industries like gaming. 

Comparison: Aeropay vs. Mazooma

When comparing Aeropay and Mazooma, it’s important to note Aeropay’s enhanced user experience and customizable features through seamless direct bank connections via Aerosync. 

Aeropay also boasts an in-house risk and return ML model. Our dedicated risk and payment operations team partners directly with merchants to resolve issues and prevent fraud.


Paysafe

Paysafe is another payment solution in the gaming space. It offers a variety of payment solutions, including cards, wallets, eCash, APMs, Crypto, and more. 


Why Aeropay for online gaming?
 

Aeropay is more than a payment processor; we’re a partner. Our customizable and tailor-made online banking payment solutions help gaming businesses step into the future and drive higher player acquisition and retention. 

Learn why Aeropay is the trusted solution for online gaming giants like PrizePicks by booking a demo with our team today.

Author

Rachel Ludwig

Marketing & PR Lead
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