12 2021 | SECURITY
This is how merchants can benefit from the endusers’ switch to a paysafecard account
Since the changeover of another 19 markets in September 2021, paysafecard payments can be processed on iGaming and sports betting websites in nearly all European countries exclusively via a paysafecard account. That brings many advantages for merchants in the prevention of online fraud, for customer relationship management (CRM) and customer retention through new features like "Payout".
The complete changeover to paysafecard accounts is the logical consequence of the constant further development of the features of the most important European eCash product: Since 14 September 2021, everyone who would like to pay using paysafecard needs to register for a free paysafecard account. However, users benefit in important iGaming markets, such as the UK, Austria, Spain, Belgium, Sweden, Cyprus and 13 others, from a significantly easier payment process and more transparency. (A list of all 19 countries can be found at the end of this article.)
"We deliberately put the changeover on a Champions League match day, in order to encourage as many of our customers as possible to sign up for a free paysafecard account", reports Veronika Missbichler, Vice President Partner Operations & Customer Experience at paysafecard. With success. After an expected decline in volume in the first weeks, they are now recovering well and will be at the usual level by the end of the year. That shows that the overwhelming majority of paysafecard customers have taken part in the changeover to the account version without any problem. The customer conversion was very good right from the start and is continuing to develop positively. A development that also succeeded with the support of the paysafecard merchants, says Aleksandra Jeda, Head of Account Management eCash at the Paysafe Group: "Our merchants did not need to intervene in the technical changes related to the changeover but they did fully support us with the customer communication. Those were factors that made a significant contribution to everything running smoothly."
"Our merchants did not need to intervene in the technical changes related to the changeover but they did fully support us with the customer communication."
Aleksandra Jeda, Head of Account Management eCash at Paysafe
Individual transactions of up to EUR 1000
The users were informed beforehand in a total of three waves about the upcoming changes and the advantages that a paysafecard account has for them. This includes, among other things, that all active paysafecard codes can now be viewed centrally and the account holders can closely monitor their spending at all times. Anyone who wants to increase the limits for transfers on the "Standard Account" can also run through a very simple due diligence process (DDP) at any time, in order to switch to an "Unlimited Account". In most countries, any high sums can then be on an account and the limit for individual transactions increases to EUR 1000.
Better customer journey
The very simple process for signing up and upgrading is also a reason for the high acceptance of the account, says Aleksandra Jeda: "We improved the customer journey extremely in recent months, particularly for the initial sign-up and upgrading to the "Unlimited Account": With the full due diligence inspection (FDD), the users are now guided through a very simple and clearly structured process." For this, you only need to scan an official document, such as a passport or driving licence and take a selfie of yourself. Through the cooperation with "Jumio", a specialist in KYC processes, the last point in particular is much more user friendly now and only takes a few minutes.
"Due to the account solution, we can now constantly provide our product with new options and features. We already have several things in the pipeline."
Veronika Missbichler, Vice President Partner Operations & Customer Experience at paysafecard
Top feature Payout
In addition, the possibility of real customer relationship management (CRM) is now possible for the first time for paysafecard. "This way, we also learn which functionalities the customers particularly appreciate", says the Customer Experience expert. The particularly popular features include "Payout". If merchants enable "Payout" for their customers in the Merchant Service Center (MSC), gaming and betting wins can be credited directly to a paysafecard account in real time. Various surveys document that it is particularly important for players if they choose an iGaming or betting platform. The "All the ways Players pay" study, recently conducted by the Paysafe Group, concluded, for example, that for 37% of all of those surveyed, fast payouts are an essential criterion for the selection of a betting provider.
"Payout" is also not intended to be the last function that improves the use of the paysafecard for users and merchants, says Veronika Missbichler: "Due to the account solution, we can now constantly provide our product with new options and features", she says, hinting at other innovations: "We already have several things in the pipeline."
An overview of all 19 markets:
Austria, Belgium, Bulgaria, Croatia, Cyprus, Denmark, Finland, Hungary, Ireland, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Poland, Slovenia, Spain, Sweden, United Kingdom