First a quick word on the meaning of the subject:
What is a Virtual Currency Platform?
A virtual currency platform allows social networks, social applications, online games, virtual worlds and other social publishers to generate a significant amount of revenue by tapping into their virtual economies. Consumers would be able to earn points or other types of virtual currency in exchange for targeted, relevant ad offers including free trials, big-brand discounts, online surveys and so on. Most Platforms also partner up with several other companies to deliver direct payment options to their clients, such as credit card payments and mobile transactions, also referred to as micropayments.
What to expect from a virtual currency platform?
Originally, a virtual currency platform helped subscription based businesses manage and sell to customers, while at the same time allowing them to bring new products quickly to market. This can still be the case, however nowadays, it’s main use should address the payment needs of consumers who access social gaming (gaming on social networks) and virtual worlds. The virtual currency platform should enable game developers to allow their customers a way to easily and safely purchase virtual currency for in-game use.
The ideal virtual currency platform should facilitate:
- Pre-authorized payments: This lets you handle charges that are usage based.
- Payment auditability/failure handling: This enables you to know the exact status of each payment or the cause of an error. You can speedily and effectively communicate with the consumer to rectify any errors.
- Automated tracking of transactions: This provides you with a record of all transactions including cancellations, voids, excess payments, refunds, charge backs and credit adjustments.
- Automated notification: Your customers will receive automatic notifications of important payment events such as successful payments, failed payments or credit card expirations.
Key points to keep in mind when deciding
Before making an informed decision, it is good to check if you can answer these quick questions about the platform.
Who are the existing users of the platform? You can have an idea of how well a platform is performing by checking out which application developers are currently using it.
Can it manage all types of virtual currency monetization? Since there isn’t a universal virtual currency available, the platform should be able to manage virtual currencies across different type of apps, different type of platforms and allow for custom modifications to suit your needs.
What are the integration capabilities? From the outset you need to know if the platform will integrate almost seamlessly with your application or business. Failure to integrate smoothly could lead to consumer dissatisfaction that could adversely affect revenue generation. Luckily, most platforms allow integration within 30 minutes or less.
