Which Payment Method to Choose While Opening a Small Business in a Gaming Tech Niche?
By Space Coast Daily // December 29, 2021
The development of online businesses has intrigued many looking for an alternative to traditional employment. From those establishing their own Visa casino, to creative souls selling handmade goods on Etsy, online businesses are all the rage.
A special niche and the one that proved to be quite lucrative is gaming tech, but many are still puzzled about it. To help us understand this particular sector, we asked Gilfred Helmonsen to provide a few additional explanations, as well as insider advice.
“Gaming tech is, in its very essence, technology that supports the development of more advanced and detailed games than before. It is definitely something that has been incredibly important for many industries: from hardware suppliers to casino content companies”, explains this Norwegian gaming specialist (read his bio here).
Why are Transactions Important in Gaming Tech?
After the definition Helmonsen provided, it is only natural to think of games, equipment, and software that can help speed up the production process, yet very few would think of payment methods. However, Helmonsen considers them to be an incredibly significant element in the whole story.
According to him, most people who want to start working in this niche choose to start either content gaming studios or some sort of support system, and maybe even entire platform concepts for online casinos, such as SoftSwiss. iGaming is not only diverse but also more penetrable than most other gaming markets. “Not everyone has the creativity or capacity to become the next Blizzard, but luckily, the online gaming industry is far more welcoming than what most giants want you to think.
Thanks to content aggregating platforms, like the one provided by Microgaming, even smaller studios can succeed”, claims he, and adds that a variety of payment methods is a must: “It is not about which method to choose, but how many.”
The Most Popular Payment Methods for Gaming Tech
To help complete beginners grasp and fully comprehend what is waiting for them, Helmonsen revealed some universal suggestions that will work for most companies and small businesses out there. As the most important payment method, he lists credit cards but also warns they are something to be careful with.
“People are extremely sensitive about their credit card security, but businesses should also know that, depending on their categorization, they might not even be allowed to add them to their platforms”, he warns. Luckily, Helmonsen immediately informed us about a solid replacement: e-wallets. He finds them affordable, accessible, and safe, with a decent level of privacy.
“PayPal used to be the go-to e-wallet, but nowadays, they are more than that. Compared to modern and hip companies out there, they feel more like a traditional bank, than a modern payment method”, Gilfred is being honest and suggests you rather add a couple of alternatives like Neteller, Skrill and EcoPayz. “Most customers won’t mind you don’t offer PayPal, as long as you have other big names on the list”, he advises.
In the end, there are, of course, cryptocurrencies. Helmonsen understands they, despite all big financial forecasts, still haven’t and won’t become mainstream: “Yet, if you focus on the crypto niche within gaming tech, they are more important than any methods I mentioned beforehand. Techies are crazy about their cryptos, so you better buckle up and face them”, says the expert, who didn’t miss the opportunity to remind you how cryptos might be popular, but they also tend to be prohibited in certain countries: “Get a legal advisor and take it step by step. It is usually cheaper than paying a fine.”