The video game industry is a booming sector, and it has established landmarks in the past few years, especially during pandemics. The sector's revenue is expected to reach US$175.10bn by the end of 2022. It is already doing good and will make a more significant profit in the coming years. We cannot miss mentioning that a considerable part of this income comes from subscription-based customers. Is it not an exaggeration to say that the video gaming sector earns a lot on subscription-based games? Certainly no.

The subscription facility makes online payments more convenient because both the customer and the merchant work in a predictable atmosphere. Are you also a gaming business owner? If yes, this blog will reveal how online payment providers process subscription-based payments for the merchants. Many business owners do not understand the technicalities of this payment method, but it is good to stay informed because payment methods get them paid.

What is Subscription-Based Gaming?

In subscription-based gaming, users pay a decided monthly or annual fee in exchange for a catalog of games. The customers usually get reasonable offers and discounts on subscriptions because they buy something in bulk. Otherwise, they have to pay individually for every game, which increases their overall cost if they buy four to five games.

Online Payment Providers Helped Subscription Gaming Grow

Subscription-based gaming is a usual preference for players because it saves time and money. The users do not need to search for new games and pay for them repeatedly. It should not sound odd that it is only payment solutions that made subscription gaming possible in the world today. If you have made people pay for a bunch of games, they are willing to subscribe to your service. Due to more innovative payment solutions today, every video gaming business holds the capacity to grow despite tough competition. Today, gaming is not only about entertainment; it has also become a platform to give messages and spread social awareness. People are willing to pay through their desired payment methods to play and spread the good message. Whether it is environmental protection or several safety rules, gaming entertainingly teaches many things.

Role of online payment providers in subscription-based gaming

The role of online payment gateway service providers is quite critical because the gaming industry is high-risk. For transaction safety, a complete network between the merchant and the merchant account is vital, and the payment gateway works as a bridge between these two. Money cannot travel without a payment gateway.

Gaming online payment providers, first of all, scrutinize the payment priorities of the customers in the area targeted by the merchant. According to global research, alternative payment methods and digital wallets are the most preferred ways for gaming players. According to these choices, the payment gateways customize and design payment solutions for the merchants. The regulations and laws in varied countries may cause variance in the payment solutions. For example – some countries charge heavy taxes from high-risk gaming merchants compared to other nations.

The account updater tool is an added facility provided by online card payment providers for customers who use credit or debit cards. The updater sends timely notifications about the expired credit cards of the customers. This tool supports in smooth implementation of subscription-based gaming offers. It helps the merchant stay updated and send related notifications to the customers. The updater tool reduces the chances of payment delay because the players get reminders about their credit card expiry date. Also, it is possible to maintain cash flow which in turn gives stability to the business.

The PCI-DSS shield is another factor that creates a strong and secure network for daily bulk transactions subscribed by the customers. Players do not want to waste even a second in making micro-transactions, so they need speedy payments. Subscribed games not only give them a month-long time to play hassle-free but also ensure smooth payments when the subscription ends.

As you can see, the role of a payment gateway company is quite important; you should make an intelligent selection. Do the due research before you finalize the best online payment provider for your gaming business. The monthly transaction fee, setup fee, and transaction speed should be confirmed. EskayPay free setup for gaming merchants is well-known due to its uncompromised services. Online gaming payment gateways have enhanced a lot according to the industry needs, and today merchants have all sorts of payment options.

Merchants should not forget that the payment system provided by a gaming business can influence the consumer experience. To attract more players, a company should align the payment demand of the players. Different billing models and in-game purchases give rise to subscriptions and, in turn, profit for the merchants. But to make all this happen, it is essential to have an efficient payment gateway. Whether gaming or any business, a merchant should always seek ways to provide the best consumer experience. However, it is different that people have varied priorities in various industries. In fashion, people may not want durability, but they want things to be trendy. But payment experience is common in every sector.

Facts that Reveal How Fast the Video Gaming Industry is Growing

Although we all know that the gaming industry has the caliber and is destined to grow, a glance at data-based growth can help you get a precise idea about its future.

Between 2022-2026 the expected annual growth of video gaming is 8.17%.
User penetration will increase from 35% in 2022 to 40.6%. in 2026.
By 2026, there can be 3,197.7m video game users.
Mobile gaming is the largest sector in 2022, with a market share of US$124.90bn.
US$62.97 is the expected average revenue per user in 2022.

Conclusion

Online payment gateway providers are saviors because they provide a flourishing atmosphere for high-risk gaming merchants through payment solutions. A merchant gets everything from giving a free gateway setup to offering protection from fraud. EskayPay gaming payment gateway with a global presence helps connect merchants to international customers through efficient subscription-based gaming. Contact Now to get paid by your customers with industry-based security standards. The coming years are quite profitable for the gaming industry, and it is high time to choose the right online payment provider for your business.