Mark Watts, an expert and CEO of Aircash, an iGaming company, shared recently his professional insights in an interview. What can the gambling industry do to improve the payment sector without negatively impacting such a crucial aspect for end-users?
Aside from gaming content, payment processes are the most critical component of successful iGaming operations. Convenient payment systems enhance the customer experience to the maximum. However, due to financial pressure, many payment solution providers are forced to impose increasingly costly fees and restrictions on their operators, ultimately negatively affecting the entire customer service process.
But what are the key challenges operators face when dealing with leading payment service providers? How does this ultimately affect the quality of customer service?
Historically, payment service providers tend to prioritize shareholder value and stock market metrics. As a result, revenue growth becomes the primary focus for some payment companies, forcing operators to reconsider whether this aligns with their strategic development plan.
Experienced operators in the iGaming market often encounter challenges, typically related to product development and commercial pressures. In Mark Watts’ experience, some of them struggle to adapt to new and emerging issues related to the rising costs of payment services and software.
Aircash, for example, has focused on providing maximum efficiency in meeting the needs and desires of online gaming users. As Mark Watts claims, his company focuses on understanding the motivation of customers who prefer electronic wallets for payments.
Caring about the reasons for the convenience of electronic payment systems is the primary issue for Aircash. And Mark breaks them down into categories. He names as one the company’s goal is to optimize the processes of using cash for depositing and withdrawing funds online.
Also, Aircash prioritizes security while avoiding excessive fees; they offer quite a wide range of options for working with the online transaction service for MasterCard. And, notably, the company aims to facilitate the easy loading of electronic accounts from bank accounts and simplify the use of contactless payment systems like Apple Pay and Google Pay.
Additionally, Aircash had added a person-to-person money transfer feature, which is beneficial for some gamers. Since the launch of this new technology 18 months ago, the company has also implemented artificial intelligence-based verification tools.
But what practical measures can operators take to improve the quality of customer payments? Mark Watts answers this question without a shadow of a doubt.
He asserts that in the online gaming industry, operators' top priority is to create a seamless infrastructure for financial transactions that combines user convenience with strict compliance with regulatory protocols – particularly in the realm of anti-money laundering and infrastructure requirements.
These efforts, in Mark Watts’ opinion, are mandated by the payment teams within the operational hierarchy, representing a significant responsibility for making complex decisions.
An effective financial transaction structure has many aspects: the implementation of user interfaces that encourage player engagement, efficient management of deposit mechanisms, and facilitating fund withdrawals in a user-friendly manner.
Also, crucial are reasonable commercial terms, the application of favorable exchange rates for trade settlements, quality integration of services, and a strategic approach to entering various markets.
In today's demanding customer environment, payment service providers play a key role. Companies supplying payment services must be adaptable, flexible, and strive for a high level of customer service.
Due to market pressures, operators are increasingly cutting costs on providers. How has Aircash managed to restructure its operations to better align with the commercial needs of its customers?
Operators often find fault with some well-known payment providers due to their overly commercial approach, especially when dealing with the challenges faced by companies operating in iGaming.
Within the regulated markets of Europe, industry operators must carefully consider factors such as tax costs, legal obligations, and infrastructure requirements when operating in local markets.
For example, Aircash, recognizing the complexity and industry requirements, takes a pragmatic approach – when facing market constraints, they head towards customer-centricity.
New technologies emerging in the market, such as artificial intelligence, have created numerous opportunities for development and innovative solutions. The integration of AI into iGaming opens up wide-ranging possibilities.
In Mark Watts’ opinion, AI enhances user engagement through a more personalized approach; it creates a safer gaming experience by detecting fraud in real-time; it enables decision-making based on extensive data collection; it optimizes customer support through AI-based chatbots; it fosters innovation in game development; it ensures responsible gambling measures; it optimizes marketing strategies through predictive analysis and opens up opportunities for virtual reality integration.
The adoption of AI-driven initiatives positions solution developers for iGaming at the forefront of innovation. And this is the path to growth and success in the industry, as seen by the CEO of Aircash.
