The gaming industry is growing and is the first to constantly adjust itself to the digital world. Did you know that it was only in 2019 that the gaming industry tried subscription-based payments/recurring billing for the first time at a rate of as low as 15 dollars per month? This move received a mixed reaction from gamers worldwide. Research done by Fisglobal and NewZoo says that 44 percent of gamers don’t like the payment methods available in the gaming platforms. So, what if these gamers are given the same option as that of an OTT platform or an e-commerce platform? Hassle-free payments is something that every gamer appreciates and that leads to a surge in the subscriber base of games with recurring billing features. In this blog, we have listed t sure shot ways to help take a decision to add and/or improve gaming platforms with recurring billing functionality.
Tips to Improve Recurring Billing
Offer Exceptional Monthly Subscriptions Plans
Put the bright minds of your organization in developing subscription plans that the users can’t reject. But, don’t be intimidated by the demands of users and put a low price on any subscription. Understand the value of your product and the average income of your users. Then, according to that, curate different subscription plans for different games. Also, keep in mind the difference between currencies and the average income as per different countries. The price that will be deemed reasonable in the US might not be reasonable in other countries like Thailand or India.
Provide Multiple Payment Gateways
As mentioned above, gamers don’t like subscription-based payments or recurring billing because of the payment options that are available. Nobody likes to go through the same struggle twice, so instead of going through ten steps every month, users choose to spend some extra amount to opt for a one-time payment. To solve this issue, multiple payment gateways are being used by other industries such as e-commerce and OTT. When a website offers multiple payment gateways, then subscribers have the option of choosing their preferred payment method. Earlier, the payment methods available for subscribers were only limited to Paypal or credit card, now because of advancement in technology, there are billing platforms that offer multiple payment gateways like Muvi Billing. Muvi Billing offers nearly 17+ payment gateways, and it also has the feature to offer coupons and vouchers to users.
Automate the Billing Process
If you want your users to enjoy the billing process, then give them the luxury of not doing the same mundane process of payment every time. Provide them with the option of automating the billing process. In the automated billing process, the users only have to give their data once; the information will be saved and used for all future transactions. Also, the users will be able to choose the desired interval in which they want the organization to bill them. This will ease their process and eventually help in increasing the revenue of the organization.
Create a Secure Payment Environment
It is important that the users know their money is safe and secure while doing online transactions. This will put their mind at ease, and they won’t be reluctant to make payments. Here is a list of security features that any website should definitely have –
- Server Side Security & Firewall
- SSL Certificate
- VPN Detection
- Multi-Layer Security Measures
- Third-Party Credit Card storage
- Address verification system (AVS)
- ISO CERTIFICATION
- PCI DSS Compliant platform
You can learn more about these security features through this blog: Top Security Features to Look for in a Subscription Billing Software.
Subscription-based billing or recurring billing is the need of today’s digitized world as it helps both the users and the organizations. So, start offering different subscription plans to your gamers along with a safe and secure environment for transactions. Explore Muvi Billing, a PCI-DSS Level 1 certified billing engine that provides optimal data security while enabling a hassle-free billing experience for subscription businesses of any size. Take the 14-Day Free Trial today!