Why does an IPTV payment gateway provider need a top-class credit card processing service? Explaining this would be a lot easier if we took a brief look at IPTV. IPTV (internet protocol television) is the exact opposite service in comparison to cable TV, where a person can watch on-demand content by using transmission control protocol or internet protocol networks.
IPTV may be a new concept in comparison to traditional cable TV networks. But it has gained a lot of popularity in a very short span of time. As a result of this, IPTV has become one of the biggest and most rapidly emerging entertainment markets in the world. With a global value of USD 30,134 million in 2022, as per the report of Prescient and Strategic Intelligence. The same report suggests that by 2030, the global IPTV market size would be expected to reach 107,207 million USD. With a compound annual growth rate of 17.20% between 2022 and 2030.
It is a subscription-based service with no limitations on having customers outside of the country due to the digital infrastructure of the business. In the IPTV industry, merchants have to accept IPTV payment online using various payment methods because of the nature of the business. And for online or cashless payments, credit cards are the most commonly used payment method in the world. This is why credit card processing services become so important for an IPTV payment gateway provider.
Impact of credit card processing on an IPTV payment gateway provider
In businesses like IPTV, cross-border payments are quite common because it is a business that has an operational structure to support a global customer base. And credit cards are among the most preferred payment methods for cross-border payments, especially for subscription services. As a result, card processing automatically becomes more significant for an IPTV payment gateway service provider.
The other reason why credit cards have significance for an IPTV payment solutions provider is that IPTV is a subscription-based service. In subscription-based services, recurring billings can be a customer-friendly feature that can save time for both merchants and customers. And there are very few payment methods other than credit cards for such types of payments, which is another reason for an IPTV payment gateway provider to admire credit card processing.
Chargebacks are another reason why an online payment gateway for IPTV merchant services needs a top-notch credit card processing service. The reason for this is the high chargeback rates in the IPTV industry. Because in the IPTV business, the majority of chargeback requests are nothing more than fake payback requests to attempt friendly fraud. For identifying such fraud attempts, credit card processors play an important role due to their fraud management system. Considering the fact that it becomes necessary for an IPTV payment gateway provider.
The global acceptance of credit cards as a payment method is one of the most important points that can be raised in support of credit card processing’s importance for an IPTV payment gateway. Cards are such a type of payment method that is used in every accessible place on this planet, which eventually helps an IPTV merchant expand his business in every corner of the world without worrying about payment acceptance. Therefore, an IPTV merchant becomes dependent on a world-class card processor to expand business in overseas locations.
These are a few points that show the significance of credit cards and credit card processors for an IPTV payment gateway provider in providing elite IPTV payment processing services.
If you are an IPTV merchant looking for a payment gateway for your business. You can consider these few features while selecting the best one.
Points to consider in an IPTV payment gateway
Multicurrency support
Support for payment acceptance in different foreign currencies is a necessity for businesses like IPTV, where a significant number of transactions are overseas. International transactions or payments in foreign currencies have to be converted to the local currency of a particular place for payment processing in the absence of multiple currency support. The downside of the lack of multiple currency support is that it takes time and fees to convert currencies. This is why it is important for an IPTV payment gateway provider to provide multiple currency support to merchants.
Data security and fraud prevention
Fake chargebacks are not the only threat to an IPTV merchant. There are many more, such as online payment fraud and data theft. To ensure data security compliance with PCI DSS is a necessity for an IPTV payment gateway provider. And for other fraud activities if a payment gateway employs AI-based fraud prevention tools. Then these types of payment gateways should be considered by an IPTV merchant for payment processing.
Multilingual checkout page
A checkout page with many languages can be helpful for a business to gain trust among customers. Because of the sense of familiarity due to the local language’s usage.
An array of various payment options
Credit cards are the most commonly used payment method in the world, especially for subscription-based services. But there are still some places where people prefer to pay with other payment options. For example, in Southeast Asia, local digital wallets are the first choice of locals for online payments. This is why a payment gateway with different payment options could be a better choice for an IPTV merchant.
Global coverage
A gateway with global coverage could be a better choice for an IPTV merchant. Because It is a business that can be extended to every corner of the globe and can be operated properly despite that. This is why a global payment gateway should be considered by IPTV merchants.
Concluding lines
Considering the facts mentioned in the article, such as ease of payment acceptance, business expansion, and help in fraud management. The need to provide world-class credit card processing seems quite obvious for IPTV payment gateway providers. But finding a high-level IPTV payment gateway provider with an up-to-date card processing service could be expensive from a merchant’s perspective until a merchant chooses PayCly. PayCly is one of the most pocket-friendly service providers in the Southeast Asia region. Due to its fee structure that has no hidden charges. Considering the fact, it could be the most suitable option, if you need one of the best IPTV payment gateway providers in this region, that too with tremendous credit card processing.
Follow the below-given steps to apply for PayCly’s high-risk merchant services.
How to set up a merchant account to use PayCly's services?
The prerequisites that must be met in order to establish a merchant account are as follows:
● Visit the homepage of the website.
● In the top-right corner of the screen, there is a drop-down menu with "Apply Now" as a choice.
● The signup form will appear right away on the screen of your smartphone.
● All necessary fields on the application must be filled out.
● To proceed, click "Submit."
Following these instructions, you can quickly obtain one of Southeast Asia's top IPTV payment gateway services for processing credit cards.