The Best Gaming Payments Options for 2024

The gaming industry is trending up as more players get in the game and more companies enter the competitive market.

Operating an online gaming business means making the right decisions to attract, convert, and retain players.

One of the most important choices is how you enable players to add and withdraw money from their account. 

This post explains common types of gaming payments and the most popular payment processing options in the industry.

Types of gaming payments

There are several ways for gaming players to add and withdraw funds from their account.

Successful gaming companies offer players flexibility, accessibility, and transparency in their money—keep that in mind when you’re reviewing payment types.

Below are the most common types of gaming payments:

Online bank transfers (Pay-by-bank)

Online bank transfers, also called account-to-account (A2A) payments or pay-by-bank, allow players to transfer money directly from their bank account to their in-game account and vice versa.

For deposits, funds are transferred via ACH rails.

For withdrawals, funds can be paid out instantly via FedNow or RTP rails, as well as ACH rails.

Online bank transfers offer gaming companies simple, secure payment technology for their players to add/withdraw funds. They’re used by the largest, most successful gaming companies, like Prizepicks and Dabble, to increase player payment experience and lower operating costs. 

Learn how Dabble enabled Instant Payouts using Aeropay's bank transfer solution.

Benefits of online bank transfers for gaming companies:  

Lower cost

When players pay by bank, gaming merchants are charged much lower transaction fees compared to traditional credit/debit cards or even digital wallets. 

In 2023, U.S. merchants paid $101 billion in Visa and MasterCard credit card processing fees, including $72 billion in interchange fees. Most merchants are paying a hefty 2-5% fee for each credit card transaction — and that number’s been increasing.

A2A pricing is much lower. See a full cost comparison here.

Better control

Open banking ensures transparent data control between financial institutions, merchants, and third-parties. Merchants can access real-time data directly from players’ banks, which streamlines the authentication process and enhances fraud detection. 

Gaming merchants are also able to easily verify account information, such as account balance, which ensures funds availability. 

At the same time, merchants can set up more effective processes to limit fraudulent transactions, alongside typical processor risk mitigation practices like bank-level authentication and multi-factor authentication (MFA).

Durable payment information 

Cards expire every three years on average. Plus, many consumers lose or replace them even sooner.

On the other hand, U.S. adults use the same primary checking account for more than 17 years on average.

For gaming companies, there’s immense value in account-to-account payments. They reduce payment churn and minimize chargebacks/returns. 

Consumers don’t have to add new card details every time they’re updated. Instead, a single bank link connects an account for every future transaction.

Guaranteed payments

Returned payments due to chargebacks and ACH returns are very common in the gaming industry because players are more likely to file disputes to recoup their losses. 

Guaranteed payments shoulder the risk of a returned payment and guarantee funds will be delivered. 

*Note: To fulfill their guarantee, some providers layer on verification steps and criteria that filter out many legitimate transactions. This brings the industry’s average guaranteed payment acceptance rate down to just 60-70%. 

Aeropay’s guaranteed payments take a balanced approach to mitigate returns and maximize acceptance rates. As a result, 95% of Aeropay’s transactions are approved, allowing for the highest top-line revenue possible for gaming merchants. 

Instant payouts

Instant payouts transfer funds from businesses to consumers in real-time, even during holidays, weekends, or after business hours.

Instant payouts use application programming interfaces (APIs) to link banks and connect with real-time payment rails like RTP and FedNow, enabling faster payment processing times than standard payouts.

79% of gamers who are offered instant withdrawals would choose them if they could. To maximize first-time deposits and ensure players return to their platform, online gaming companies must offer their players instant payouts.  

With instant payouts, gaming businesses can enable instant player withdrawals, directly from their application.

Read more about instant payouts.

Credit/Debit cards

Credit and debit cards, such as Visa and Mastercard, are among the most popular payment methods globally. 

By linking their card, players can add funds directly to their gaming platform. In some cases, they’re also able to withdraw funds back to the account associated with that card. 

Cards are a convenient option for players. But they come with some noteworthy drawbacks: 

High merchant fees

Cards come with interchange fees which range from 1.5% to 3% of a transaction amount. They’re often the highest merchant cost associated with payment processing. 

👀 Tip: Pay-by-bank is 72% more affordable than cards.

Withdrawal issues

Not all gaming sites offer withdrawals back to cards, especially for credit cards. This means players will have to add a separate payout method to access their winnings. 

Payouts back to a card also often takes a few days to settle, deterring players from depositing into the platform in the first place. 

Risk of chargeback / decline

Credit and debit cards are prone to chargebacks, where players dispute a transaction, leading to a reversal of funds. This leads to lost revenue as well as chargeback fees. 

Transactions on gaming platforms are also sometimes flagged by card issuers as high-risk, leading to a higher rate of declined transactions. 

Digital wallets

Digital wallets like Apple Pay, Google Pay, and PayPal provide a secure and convenient way to store and use funds online without exposing bank or card details to third parties.

They’re effective for gaming companies looking to expand their payment offerings, but there’s still some downsides to take note of: 

Consumer-facing fees

Some wallets require consumers to pay a fee in order to withdraw funds or convert currency. While there isn’t a direct impact on gaming companies, it’s worth noting the added strain on their players. 

Merchant fees

Digital wallets come with 2-5% processing fees for merchants. This is an added cost that eats away at the merchant’s bottom line. 

Transaction limits

Digital wallets may impose daily or transaction limits, which can restrict the amount of money players can deposit or withdraw at a given time. This can be a significant inconvenience for high-stakes gamers or those who want to access their winnings quickly.

Cryptocurrencies

Cryptocurrencies like Bitcoin, Ethereum, and Litecoin offer a decentralized payment method for industries like ecommerce and mobile gaming. Transactions are recorded on a blockchain, ensuring transparency and security.

This is a solid, anonymous, and low fee option for funding/withdrawing funds from gaming accounts. But the downside is primarily the volatility and complexity associated with cryptocurrency. It’s risky to stake wagers using a currency that may lose considerable value in an instant. 

Gaming payment processors

The gaming industry is highly regulated and in some ways very different from traditional businesses. Because of these regulations, not every payment processor will work for your gaming business.

Before you choose a gaming payment platform, keep these tips in mind:

• Work with a processor that specializes in gaming payments.
• Choose a partner that offers instant pay in and pay out to gain a competitive edge and delight customers.
• Consider your budget and avoid processors charging high percentage-based fees.
  
  

Below are the most common gaming payment processors:

Aeropay

Aeropay offers industry-leading pay-by-bank and instant payout solutions for the gaming industry. 

We partner with the largest and most successful companies in Daily Fantasy Sports, like PrizePicks, as well as categories like Sweepstakes, Online Casinos, Sportsbooks, and Online Lotteries.

Aeropay’s balanced approach to risk and returns has cultivated an industry-leading 95% approval rate for our gaming merchants. We take the stress and risk out of payments so you get the highest approvals and lowest returns possible.

See what Aeropay can do for your gaming business. Contact our team today. 

Trustly

Trustly bank transfers help gaming players fund and deposit their accounts directly from their bank. Essentially, money is moved between merchants and gamers via Trustly online banking payments (as long as it’s via Trustly supported banks).

Trustly is known for handling ACH return fees by offering “guaranteed” ACH payments. Some providers offer guaranteed ACH payment methods to protect against ACH returns (chargebacks for bank transfers), essentially “guaranteeing” a customer’s ACH payment. 

Comparison: Aeropay vs. Trustly 

Aeropay takes a different approach than most when it comes to gaming payments, particularly as it relates to risk precision and fraud prevention. Instead of the broad concept of Trustly’s “guaranteed” payments, Aeropay’s AI/ML risk management model is designed in-house using dozens of evolving influencing parameters, taking advantage of the billions of transactions on our platform, user-specific risk, historic decline patterns, and merchant/industry behaviors to maximize acceptance rates and highly target returns. 

Aeropay also leverages an integrated fraud prevention approach that eliminates gaps, preventing bad actors. We ensure swift detection and immediate action, minimizing any potential costly play time.

Mazooma, a Nuvei company

Mazooma (now acquired by Nuvei) is an online payment method in the US that processes payments and withdrawals via the US-based ACH (automated clearing house) network.

Nuvei offers various alternative payment methods for industries like gaming. 

Comparison: Aeropay vs. Mazooma

When comparing Aeropay and Mazooma, it’s important to note Aeropay’s enhanced user gaming experience and customizable features through seamless direct bank connections via Aerosync. 

Aeropay also boasts an in-house risk and return ML model. Our dedicated risk and payment operations team partners directly with merchants to resolve issues and prevent fraud.

Paysafe

Paysafe is another payment solution in the gaming space. Their company offers a variety of payment solutions, including cards, wallets, eCash, APMs, Crypto, and more. 

Why Aeropay for online gaming?

Aeropay is more than a payment processor; we’re a partner. Our customizable and tailor-made online banking payment solutions help gaming businesses step into the future and drive higher player acquisition and retention. 

Learn why Aeropay is the trusted solution for online gaming giants like PrizePicks by booking a demo with our team today.