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Rank has been entertaining Britain since 1937 and now serves over 2.7 million customers per year. unique blend of experiences, branded venues and digital channels include over 100 Grosvenor Casinos and Mecca bingo clubs across the UK. Rank Interactive is its digital channel offering online bingo, casino, slot gaming, poker and sportsbook. Internationally, Rank operates two gaming brands that serve the Spanish market. Nuvei has been Rank’s principal payments provider since 2013. This blog presents an overview of our decade-long partnership and explores some of the reasons behind its continued success.
A decade of solving problems and creating opportunities
The value of the global social online gaming market is now worth over USD300 billion. The number of gamers worldwide is expected to reach more than 3.3 billion by 2024. With such fierce competition and a complex model,every aspect of Rank’s business operations must be optimized. Payments are crucial to both financial performance and customer experience. The Rank business has enjoyed steady growth in the last decade and Nuvei has been a key partner in their success.
As Rank’s principal payments provider since 2013, we have collaborated with the iGaming giant to solve several key challenges faced by the business in the past decade.To maximize customer satisfaction and revenues,Rank must ensure players can rapidly and conveniently fund their accounts and achieve optimal authorization rates. But it must carefully balance these pressures with the need to fight the huge and continually evolving threat of fraud. Our partnership has evolved and strengthened over the decade. In the last four years alone, Rank transaction volumes have enjoyed an average 17% year-on-year growth, despite major regulatory change which came into force in 2020 with PSD2 regulation. We’re extremely proud of the partnership withRank and look forward to continuing to power their growth over the next 10years. Below is an overview of some of the key milestones we achieved together.
Speedy payouts
Speed of payouts is key to customer satisfaction. With the development of Visa Direct and Mastercard Fast Funds, we ensured Rank was one of the first operators in the industry to offer this functionality to customers. Both solutions allow funds to be immediately processed back to the card of delighted winning customers. Rank can also take advantage of Open Banking capabilities to offerInstant Bank Payouts to delight customers and build trust.
Smart tech integrations
To ensure they were at the top of their game, Rank also relied on our support to execute three separate platform migrations as the company made acquisitions and expanded to new markets. Nuvei supported this growth by providing Rank with five cashier designs that differ in their UI while keeping the same simple integration process across each.
Dedicated 1-2-1 support
With such a complex business, access to specialist technical support is paramount to solving issues quickly. In addition to a dedicated Nuvei Relationship Manager, Rank has been assigned three iGaming payments experts to contact covering Technical, Operational and most recently Risk Account Management. These dedicated resources mean Rank enjoys faster response times and the efficiencies of not having to explain an issue to an anonymous support inbox.
Fighting fraud
Fraud is a constant issue for all iGaming operators and transaction approval may often be sacrificed to protect them from fraud. Nuvei takes a pro active approach to protecting Rank from fraud including identifying changes in fraud trends and communicating those to the business. Nuvei also regularly reviews risk rules, often on a weekly basis, and recommends strategies that prevent fraud whilst optimizing approval rates. The implementation of PDS2 legislation posed a significant challenge to customer experience due to new authentication requirements. Nuvei worked closely with Rank to optimize payments performance, qualifying large volumes of low-risk transactions for frictionless flow whilst managing high risk deposits with authentication step-ups, delivering a single view of data across markets.
Checkout friction was mitigated while customer experience, deposit values and revenues were protected, highlighted by the steady approval rates Rank experienced after PSD2.Despite the friction created by the implementation of 3DS2, Rank’s approval rates increased by 9% between 2020 and 2021 This is testament to Nuvei’s commitment to accelerating clients’ business and showcase the value of revenue-boosting tools such as automated cascading on soft declines.
The future is looking bright
While the two companies have forged a strong relationship, Rank must be certain that we can support its future strategy and objectives. A relentless drive to improve the omni channel customer experience, growth of its online strategy and global expansion are key priorities for the years to come. A crucial aspect ofRank’s global growth strategy is making sure it has the relevant payment infrastructure in place. Our international expansion capabilities ensure that we can offer card acquiring in over 200 markets so Rank can expand globally through its single relationship with us. Similarly, Rank recognizes the need to continually raise its game in terms of customer convenience and preferences for local payment types. AlternativePayment Methods (APMs) are expected to make up around 28% of total payment volumes by 2026. We enable Rank to offer customers an array of fast-growing AlternativePayment Methods (APMs) such as eWallets or Bank-to-Bank transfers.
Our flexible approach has contributed to the success of Rank in the highly competitive iGaming market.Our support in areas such as fast payouts, seamless platform migrations, dedicated technical assistance, and proactive fraud prevention has optimized customer experience and financial performance.
