As per statistics, The United States Gaming Market size is estimated at USD 57.91 billion in 2024 and is expected to reach USD 90.79 billion by 2029, growing at a CAGR of 9.41% during the forecast period (2024-2029). As the growth occurs, there come challenges. Online gaming businesses may face payment challenges because its clients are global. They need to make payments using different currencies to access the game. Due to high transaction rates, gamers may feel hesitant to make payments. Here is where the fintech platform Zil Venmo Alternative, comes in use.
Using Zil can enhance your international and domestic transactions at affordable rates. You can transfer money easily within the US without additional or maintenance fees.
By understanding the benefits of utilizing the fintech platform for payments and learning how to handle them, this blog will assist you in growing your online gaming business.
Why Does The Online Gaming Industry Need to Use Payment Platforms?
It is important for online businesses to have a secure payment platform to send and receive payments. As an online social gaming platform, they need to conduct payments. Purchasing in-game items, accessories, or upgradations requires safe and secure transactions and instant payment processing.
Zil allows you to make international and domestic payments at low transaction fees. You can send overseas and pay via ACH, wire transfers, and RTP from the comfort of your home or office. The platform offers same-day ACH transfers for those who need to make urgent transactions.
Mobile App As A Payment Method
Many online gaming clients may use mobile phones as their primary device. Statistics show that 57% of the players used smartphones, 46% consoles, and 42% personal computers for playing video games. So, mobile payments are essential for any online business.
Gamers usually prefer to play at night after their routines and on weekends. An August 2022 survey of gamers in the United States found that 67 percent of responding smartphone gamers stated they played games both during the week and on weekends, and only ten percent played mostly on weekdays.
Zil provides a simple and user-friendly interface where you can access your bank account anytime.
Make Secure Financial Transactions
The clients should be assured that their payments are being processed with the utmost security. The risk of fraud and theft is high, especially in the online gaming industry. If not handled carefully, this can affect and cause loss to your business. Businesses and individuals can view their transaction history, transfer money, or pay bills.
Zil ensures that your financial transactions are dealt with with robust security. The software provides an additional layer of protection, multi-factor authentication, and encryption, guaranteeing that every transaction is made safely and reliably.
What Are Online Checking Accounts?
For an online gaming business, it is good to have an online checking account. Checking accounts are used for everyday transactions, allowing deposits and withdrawals via checks, debit cards, or online transfers. Businesses and individuals can manage everyday expenses and pay bills using checking accounts.
The platform offers fee-free online checking accounts for your business and individual purposes. Without maintenance fees and a minimum deposit, you can instantly open a free checking account online. Also, the software eliminates the need for an initial fee to open an online checking account.
How Many Checking Accounts Should An Online Gaming Business Have?
Multiple accounts are beneficial for improving security, organizational effectiveness, and financial management.
Expense Segregation: By maintaining different accounts for operational needs such as server hosting, software licensing, marketing, and payroll, you can have control over where funds are spent.
Income Streams: In online gaming, income may come from different sources like in-game purchases, subscriptions, advertisements, and premium versions. Having different accounts for each revenue scheme enables better tracking and analytics. This also helps you identify which income stream is more profitable.
Savings and Investments: You can set aside money for long-term objectives like growing your gaming platform, inventing new games, or investing in new technology by keeping a separate account for savings or future investments. This helps ensure that you’re continuously growing and evolving your business.
Zil allows you to open multiple checking accounts for each purpose, such as income, expenses, taxes, etc. This helps you track your long-term goals and have a clear-cut idea of your finances. You can open multiple checking accounts and organize your finances on a single platform.
Conclusion
The Venmo alternative, Zil, offers secure, efficient, and cost-effective payment processing solutions for any online business, both domestic and international. The platform’s mobile app ensures an easy interface for managing finances, like opening multiple checking accounts to keep activities separate. It also ensures secure transactions to keep the cash flow healthy. Zil can greatly contribute to your business by simplifying and centralizing your financial operations.
In the digital age, having fast, reliable access to your finances is critical. Domestic wire transfers from the platform offer a superior solution for businesses and individuals who value speed, security, and convenience. Zil ensures that your financial transactions are handled with great efficiency, helping you focus on what really matters—growing your business.
