The power of conversion and retention
Zimpler’s Chief Commercial Officer, Rhi Burns presents the company’s strategy of helping operators increase conversion and retention.
What are the challenges for gaming operators with regards to payments and complying with regulations?
Regulation is getting tougher than ever and whilst it’s all to a good end (protecting players and keeping gambling fun) it is certainly wrought with challenges and the challenges differ per market.
In the UK, it’s knowing what kind of payments will be permitted or blocked in the future, with talk of cutting off credit card methods entirely. Here, the aim is to reduce the players gambling on credit but the UK also has a huge payday loan culture, meaning just because a customer uses their bank or their debit cards, does not mean they aren’t in debt.
In Sweden, we’re seeing the most focus on customer deposit limits. There is uncertainty on how best to implement these mandatory limits and it can result in lots of payments being declined, with no one quite sure why. Limits aren’t explained clearly to players, or sit at a platform level, meaning a player might not realise that deposits on casino A affect their limit on casino B.
How do payments affect conversion and retention?
Payments have a huge impact on initial conversion and the ongoing retention of a player but it’s only recently that this has been realised in the industry. Before, there was a big focus on offering the best bonuses (both welcome and ongoing) in order to catch peoples attention, having the most games, or the most payment methods possible. Now it’s all about quality over quantity and giving the player the best experience in markets both with bonuses and without.
We see this most clearly in Sweden, where sites can’t bring players back with enticing bonuses. Instead, casinos have to give them a way to do everything quickly and smoothly. This means simplifying or even removing the manual signup process, making sure players get their money in fast (and for free), instantly KYCing players so they don’t get held up having to send documents and, maybe most importantly of all, making sure they can get their winnings ASAP.
If players have to fill in lengthy registration processes they won’t convert. If you make them waste time sending basic KYC documents or wait too long for their winnings, they won’t come back. And these days, a great payment provider, like Zimpler, can handle all of those things for you.
What does your company do that gives an upper hand compared to existing payments methods catered for the needs of the gaming industry?
We aren’t the first and won’t be the last company to offer an instant account solution (covering signup and login, KYC, instant deposits and instant withdrawals) plus a pure banking method, but we do it better.
For the user, we provide a greatly improved flow, making getting money in and out easier than ever. On top of that, we have better bank coverage for instant deposits than any other method and we’re able to keep operating, even when the banks are down.
For the client, we offer solid conversion, reliable support and, probably most importantly, very reasonable fees which mean they can continue to operate and expand in markets that are getting tougher and tougher with other operating costs rising. We make sure they can still make money when this has not been the case for a long time.
How can gaming operators ensure a successful future?
Don’t cut corners, especially when it comes to regulation. Act fast, whether it’s new integrations, compliance recommendations or even customer feedback. And, what I think is most important, be a pioneer. Be one of the first to test out new things. Not all of them will work, but embrace the learnings and overall, you’ll come out on top.
Could you give some insights into your company’s roadmap?
Recently we have launched three really exciting new products in Sweden. ZimplerGO which is our instant account solution. ZimplerBANK which is a pure instant banking solution for more traditional cashiers. Then what we’re currently calling ‘crossed loop’ withdrawals, which allows us to process withdrawals to customers who deposited via another method. In most markets there are deposit methods that cannot accept withdrawals, so Zimpler Crossed Loop is a great and affordable way for merchants to get those winnings back to the users.
Next up, we will expand our product in Finland and Germany then after that, the world is our oyster!