Choosing the best online payment system is not an easy task for either business owners or individual users. Obviously, safety and price matter above everything. But so does each system’s popularity in the particular industry. What works well for retail may not be a good option for online entertainment or travel. So, here are some of the online payment systems suited for transactions in the leisure industry.
Entertainment Is One of the Top Expenses for British Consumers
Based on the data available on British consumers’ online transactions, leisure-related expenses are in the top three. According to the study by PSR (Payment Systems Regulator), entertainment accounts for 15% of payments in the U.K., second only to retail payments.
Admittedly, 2020 was not the best year for the leisure industry, but it was for home and online entertainment. Online video and music streaming services, social media, video gaming, and online gambling have all grown during the lockdown. Therefore, the topic of online payment systems for entertainment-related transactions has been more relevant than ever lately.
Online Payment Systems Popular among British Consumers
PayPal’s main competitive advantage is that it needs no introduction. With close to 400 million users globally, it beats any other online payment system on this list. PayPal gained its base mostly through e-commerce (especially eBay back in the day) but managed to retain popularity over the years.
PayPal is quite popular in the leisure industry too. Many online entertainment platforms, including some of the UK gambling platforms, welcome payments made via digital wallets (e-wallets). PayPal is not accepted for such transactions in some countries, but luckily, it is in the U.K.
Worldpay has been one of the leading online payment systems in the U.K. for years, and the entertainment sector is no exception. Worldpay is not the cheapest payment system in the British market, but it has the benefits of safety and convenience (it accepts basically all common cards).
Thanks to its name recognition and top-notch performance, Worldpay is also popular among entertainment companies entering the British market. For instance, an Australia-based social gaming operator catering mostly to North American customers, VGW has recently partnered with Worldpay for cooperation and data sharing.
Sage Pay is not cheaper than Worldpay, but it is a convenient choice for small and middle businesses because, unlike most competitors, it offers payroll services as well. What is more, Sage Pay does not have transaction payments and only charges monthly. This is one of the reasons why the system holds some of the highest ratings in the industry among both customers and business owners.
Also, Sage Pay is willing to work with so-called ‘high-risk’ industries in the entertainment sector. They include gaming, dating, and gambling, among others. This is not true for some other online payment systems, which explains Sage Pay’s popularity for entertainment-related transactions.
Stripe is a much cheaper alternative to both Worldpay and Sage Pay, which explains its popularity across industries. Many business owners choose to integrate it into their websites, which makes it convenient for visitors to make transactions.
Stripe is one of the few online payment systems that accept Bitcoins. Cryptocurrency keeps rising in popularity in the leisure industry (especially gaming and gambling). As a result, Stripe has been getting more attention in recent years.
As the name suggests, Shopify is another payment system popular primarily thanks to e-commerce. It is a very smart option for online retail business owners because of Shopify’s convenient additional services, such as, for example, professional reporting and accounting.
Besides, it is quite affordable, has different packages (basic and advanced), and offers great support round the clock. Still, Shopify might not be the best choice for the entertainment industry. It is just not the system’s main specialty.