Cashless for Gaming Has Arrived
We're Ready, Are You?
With the landmark decision by the Nevada Gaming Commission to allow changes to regulations surrounding the electronic transfer of money to games and gaming devices, the gaming industry has reached a pivotal payment moment. In a space that has long been dominated by cash, how can operators prepare for the digital shift?
1. Start with what you have
While operators accommodate new payment methods, they should seek modular solutions that connect directly to machines to enable mobile or app-based payments, without having to replace the existing payment system. Focus on using existing peripherals with established protocols and regulatory approvals to quickly and economically enable these new payment methods.
2. Focus on Customer Awareness
This transition will be as striking for players as it will be for casino operators. Operators and customer retention managers should take proactive steps to make sure their best players are aware of this new layer of flexibility. Whether through direct customer communications (text or email alerts) or existing digital media platforms, operators can alert customers to their new payment options and ensure that they’re using them correctly. This is also a good opportunity to check in with customers about responsible gaming, ensuring that they are equipped with the knowledge they need to use new payment technology responsibly.
3. Stay in tune with rules and regulations
Cashless payment is laden with rules and regulations when it comes to functionality and acceptance. For the gaming industry, it should be a top of mind priority for operators to have a keen attention to regulations surrounding ePayment. That being said, no one expects casino operators to be experts in the ever-changing world of payment regulations. Operators should ensure that their suppliers are in touch with payment requirements, have dedicated support teams, and work to keep their devices up to date and their customers educated.
4. Shop smart
We know that the top priorities in casino payment are reliability and ROI. When shopping for their newest payment method, operators should do their research and understand what their best options are for investment. Aspects buyers should pay attention to include:
- Shop for Experience. When considering adding a new payment method, having a qualified and experienced supplier becomes more important than ever. Whether for consolidated service resources, streamlined ordering, global customer support, or consistent device management platforms, having the right supplier eliminates superfluous work and communication.
- Prioritize payment-processing services. With limits on transaction types, at-machine electronic payment will be a learning curve for the casino industry. Buyers should look for ePayment solutions that are backed by credible acquirers and allow flexibility in acceptance. This means payment acceptance that allows for PIN acceptance to accommodate high value and debit transactions. Similarly, because of the international nature of casino customers, operators should focus on platforms that accept multiple currencies and payment methods (be it mobile-payment, contactless, or Chip and PIN).
- Think beyond just payment acceptance. Unattended retail spaces have seen a fast shift to accommodate electronic payment. Luckily, for casino operators, this means a lot of groundwork has been laid to support their needs. Operators should look for devices that do more than just accept cashless payment. All-in-one ePayment terminals that have a screen and flexible user interface can possibly enable operators to consolidate touchpoints on the gaming machine, as well as accommodate advertisements and targeted messaging. Similarly, devices with proximity sensors can allow operators to track machine traffic in particular areas and make informed decisions about floor layout and machine optimization.
5. Don’t count out cash
In an effort to keep customers happy, operators should continue to support cash, which will undoubtedly track as a preferred payment method across the industry. While the temporary focus may be on hygiene ensured with contactless payment methods like credit cards, it is important to maintain customer preference by offering the full spectrum of payment options.
Getting Ready for What's Next
As we look to the new world of gaming that at-machine, cashless payment will deliver, there are actionable steps you can take to prepare your casinos. CPI is here to help when you’re ready to step into the future of payment, whatever that looks like for your business.