The power of multi-currency wallets: Streamlining player payments
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The challenge doesn’t sit entirely with operators as players face the complexities of conversions, unpredictable exchange rates and delayed transactions. Boon has seen this time and time again in the igaming industry. “Customers will deposit, lose, and win in their local currency, which will be converted into US dollars for play, then converted back for any winnings taken out leading to a poor player experience.”
Varying exchange rate fees can prove costly from back-and-forth conversions, and the decision as to who foots this bill can be a sticking point for operators aiming to balance happy customers and profitability.
For Boon, this means one of two things for operators, “With this challenge, operators will either be hit with poor exchange rates in both directions or find themselves having to set up accounts in every locality that has a different currency.
“Even within Europe, the big gambling nations of UK, Sweden, and Denmark each have their own currencies outside of the euro, adding complexity for companies who want to be making seamless payments in all three.”
Ultimately, this presents a complex situation that Boon calls a “lose-lose” scenario for operators supporting a single currency platform.
Single vs. multicurrency solutions
Operators supporting a single currency solution may find their transactions lost in a web of exchange rate fees, transaction fees, and time wasted waiting for banks to convert currencies. Not only is this a cost issue, it can be a frustrating experience for players waiting to withdraw funds from their account, or deposit with their chosen currency.
For Boon, a multicurrency account solves these issues and provides a host of advantages, even from the start of a customer journey.
“By making the payments process pain-free for both the customer and the business, it allows both to move money seamlessly. The added benefit from an operational side of things is that it also helps companies pay their staff and suppliers across borders easily and quickly.”
Ensuring a smooth registration and customer satisfaction
Starting a customer journey on a positive trajectory begins at the point of registration. For operators, this is imperative for encouraging player trust and ultimately retention. New players facing currency issues can easily head over to a competitor who does offer the currency they want. With player acquisition costs sky-high, this isn’t something that operators can afford to be left behind on.
At present, the industry has been focused on frictionless onboarding. Providing players an efficient KYC process and ensuring a simple way to submit a chosen payment preference is key to immediate customer satisfaction. But for players using a different currency, there may be an element of confusion for each transaction. Fluctuating exchange rates may dictate a higher or lower deposit or withdrawal amount, and there may be unexpected transaction and exchange fees enforced by a local bank.
But the issues aren’t all one way. Operators’ profit margins may take a hit from every currency exchange. Relying on local banks to complete transactions can be a financial and timely burden, particularly when including administrational charges.
Boon explains that it is situations like this that make it imperative that an operator partners with a reliable onboarding verification specialist to ensure players feel confident in the process. He adds that by including features that stand out to a customer base, such as a multi-currency account “will significantly reduce the onboarding time as there is no need to open accounts in every part of the world you operate in.”
Safe transactions and avoiding fraud
“Operators must work proactively to ensure early fraud prevention.”
Trusting a site goes much further than onboarding, however. The complexities around hosting a range of currencies can mean fraudsters are less likely to be visible and as such, a platform may be susceptible to higher levels of fraudulent transactions. The constant to-ing and fro-ing of money between currencies may even mean that transactions are missed.
Boon explains, “The complex web of cross-border transactions and multiple currency conversions in the gaming industry can create blind spots that fraudsters exploit. Without robust monitoring systems and advanced analytics, identifying suspicious patterns becomes a daunting task, allowing bad actors to slip through the cracks undetected.”
The industry is seeing new technologies developing all the time that can support the processing of data at an increasing pace with Boon recognising the importance of technology that interprets current threats as well as future causes for concern.
“In the ever-evolving battle against fraud, operators must arm themselves with cutting-edge tools and technologies. By leveraging advanced data analytics, machine learning algorithms and real-time monitoring capabilities, companies can proactively detect anomalies, adapt to new threats, and fortify their defences.”
International licensing regulations
Alongside the need for vigilance against threats to security, operators supporting multiple global currencies need to be mindful of differing legislative expectations. Those risking mis-compliance may face financial penalties and even lose their regulated status.
The impact of which could be catastrophic. The list of global financial regulators is vast, with each unique set of rules and regulations varying and regularly evolving over time.
This complexity could be prove difficult for operators attempting to navigate international legislation without the support of an expert multicurrency expert.
“Multicurrency account solutions are crucial for operators to navigate the complexities of international licensing and regulation. By embracing advanced technologies, like those offered by Equals Money, companies can streamline their payment processes, ensure compliance across jurisdictions, and unlock new markets with confidence.”
Localising a product for new market familiarity
Successfully unlocking new markets requires a familiarity and confidence in a region. For Boon, providing a multicurrency wallet solution operating on a global scale should go further than merely a transaction service. In fact, localising to ensure an audience feels familiarity and inevitably trust with a product, is likely to foster a deeper sense of customer engagement, and ultimately brand loyalty.
“Multicurrency wallets are a game-changer for operators looking to monetise their products on a global scale. By allowing players to transact in their preferred currency without the hassle of conversions or multiple accounts, they remove a significant barrier to engagement and satisfaction.
“Real-time transactions further enhance the player experience, fostering deeper engagement and loyalty. With Equals Money’s cutting-edge multicurrency offerings, operators can tap into new revenue streams, expand their customer base, and deliver the seamless, localised experiences that today’s players demand.”
A multicurrency account solution for the future
By hosting through a single system, a multicurrency solution mitigates a host of concerns and removes the need to open multiple accounts across multiple..
Despite its many years of experience, Equals Money remains close to partners in order to understand their evolving pain points and provide support when suspicions arise.
“Multicurrency solutions, like those offered by Equals Money, simplify the transaction landscape by eliminating the need for multiple currency conversions and reducing the overall complexity of cross-border payments.
“This streamlined approach enhances transparency, making it easier for operators to identify and flag suspicious activities, ultimately curtailing fraudulent behaviour.”
Boon believes that operators will achieve the best customer success by partnering with a multicurrency solution specialist, like Equals Money, that can ensure accurate and streamlined transactions.
“Not only can we support with frictionless data acquisition, but with the assurance of a strong and knowledgeable financial service that has been built on more than 18 years in the industry.”