It should come as no surprise that consumer trust is key to the success of any business. As everything becomes increasingly digital, ensuring consumer trust is paramount across industries.
But in the iGaming world, trust is essential and is actually the driver of engagement and retention. It is also all related to the payment method and the way casinos and betting platforms handle security, transparency and speed of all transactions. For example, payouts in the best online casinos are quick and efficient. There are no surprise fees, no high withdrawal requirements, etc. As a result, consumers develop trust in the brand and keep coming back. Let’s take a closer look.
Why trust requirements have changed
Before digitalization, purchases were only made with cash. Customers went to a store, handed over money and received the products. Everyone could see the money, where it went, etc., making it a trustworthy transaction. But then the cards came. The same trust had to be built and was initiated with the signing of receipts. Chip and PIN were then added, making the process easier and faster, but again trust in the system had to be restored. The need for trust has not gone away. In fact, it is stronger and more needed than ever before.
The basic requirement of trust has remained the same. But it has to be earned. And this is done through things like multi-factor authentication, customer authentication, digital ID and so on. It’s not just about checking off regulatory boxes, but is inextricably linked to the foundation of trust in the digital age. If a supplier or operator loses trust, it’s not just a lost sale, but potentially a lost customer. And there are many reasons why trust can be lost.
When trust is lost
There are several ways in which trust in a payment method can be lost. Of course, it takes a long time to build, but even a minute of online frustration can cause trust to be lost forever. Here are some of the reasons why trust is lost with online payments:
- Unexpected fees
- High withdrawal limits
- Slow transaction times
- Limited security
- Too many security hurdles to overcome
- Sharing too much personal information
Therefore, there is a fine line for operators and sellers to walk when it comes to offering secure, trustworthy platforms for processing payments.
Trust changes consumer behavior
Trust has changed consumer behavior in many ways. In the UK, for example, consumers take reviews very seriously. Even if these come from strangers, consumers need to know what others think. In fact, around 8% of buyers say price is the first thing they pay attention to. Trust trumps price and therefore breaking trust has long-term consequences.
Failed payments are another reason that causes distrust. This is frustrating, time-consuming, and often results in consumers abandoning the site and not completing the purchase at all. Difficult payment experiences cause people to leave, highlighting the importance of protecting player-operator relationships. Ultimately, the loss of trust leads to the same thing: the disappearance of consumers.
With this in mind, merchants and operators must carefully consider which payment methods they offer. Players and consumers can simply leave as their preferred method is not available. And with increasing global connectivity, they disappear when their specific currency is not available. All of this results in a negative experience that the consumer is likely to write about. The company will not only lose this customer, but potentially many more.
