Which Online Gambling Payment Processing Solution is Best?
When opening your own business in online gambling, it is important to take care of finding a reliable payment system provider. The field of gambling is characterized by active international transactions: via bank cards and electronic and cryptocurrency wallets. On such sites, thousands of people make deposits every day using various methods. Let’s talk about how to make the right choice of online gambling payment and avoid typical mistakes in the process. First, we want to draw your attention to the fact that there are many reliable options now. If you are interested in a payment gateway for online gambling, then look at the offers on the official Corefy website right now.
in the following material, we have collected for you useful information that is directly related to online gambling and will help you make the most correct decision. This information will be especially useful if you are just starting your way and want to develop your business as quickly as possible.
What is a gambling or casino payment gateway?
Growing urbanization, along with the digitalization of technology around the world, are major growth drivers for this industry. In addition, more and more countries are drafting legislation to legalize casinos. Users can gamble legally without fear that their accounts and all funds will be blocked. At the same time, entrepreneurs get more opportunities to expand their businesses in online gambling, improving the user experience of players around the world. Nevertheless, the casino is still considered a high-risk niche, which requires an appropriate approach to monetary transactions.
One of the main decisions a merchant has to make is the choice of the gateway. We will discuss the main problems faced by gambling merchants and examine the gateway selection criteria. A payment gateway is a virtual “gate”. Through it, the transaction must pass during the purchase process. In other words, it is a transfer service that allows payments by credit and debit cards, as well as numerous alternative ways to make a deposit. It is essential for any online store or company that sells its goods and services online through a website or app.
There are different types of these gateways on the market from different companies with different configurations and capabilities. It is not easy to choose the best payment gateway for such a field. What kind of problems can you encounter in the process? Let’s break it down right now:
- Privacy. In this field, a great deal of attention is paid to security. The security of customer data is a priority for any business. Only during the pandemic the number of frauds in online gaming has increased by 50%. Therefore, when choosing a gateway, you should pay attention to how secure the system is against fraudsters.
- Withdrawal of funds. Gambling is officially considered a high-risk business. This means that such companies experience difficulties when trying to withdraw funds to a bank account. In addition, the payment gateway has restrictions on the amount of withdrawal.
- High chargebacks level. For each business area, there is a maximum level of chargebacks, when reached, additional restrictions/requirements are imposed on the company. Chargebacks are often caused by fraudulent transactions, so the payment gateway must provide the maximum level of security.
Because online gambling companies must adhere to safe gambling practices, keep minors out and support responsible gaming, they need to partner with a gateway that understands the unique needs of the business.
Criteria for choosing the right one
Based on the aforementioned pains, we have gathered for you a list of key criteria that will help answer the question – which payment gateway is most suitable for the gambling industry these days?
- Security. Customer protection is the first thing a gateway should provide. The most modern methods of fraud detection and prevention are based on artificial intelligence and machine learning. Thanks to this, fraudulent transactions in the gambling industry can be not only detected and blocked in time but also prevented from happening in the future.
- Accessibility. Any user should be able to make payments from anywhere in the world using a convenient method. The more methods a gateway provides – the better.
- Transaction throughput. Transaction throughput is the ratio of successful transactions to the total number of attempts as a percentage. The more reliable the gateway in online gambling is, the higher this indicator is.
- Payment methods. Different variants convenient for buyers should be available in the system, both local and international.
- Technical support. The gateway company should provide professional technical support, which will promptly answer all customers’ questions and help to resolve any dispute.
There is no universal decision about choosing one or another payment solution provider and payment gateway – each business chooses the one that best suits its target audience, goods, and services, as well as the region of presence and other factors. Note that you will make running your business much easier if you choose payment gateway gambling with Corefy.
What about a merchant account for gambling?
This is a special trading account created for the site owner. It enables merchant to accept money by bank cards from clients’ current accounts, as well as through online banking 24 hours a day, 7 days a week, without any restrictions. Having a merchant account also allows you to accept money in different currencies, regardless of the geography of the client. It is very important for casino projects whose target audience usually includes citizens of several countries.
Be sure to keep in mind that a merchant account is not designed to hold money, it is a transit account. Many people are a little confused about this concept. Money from a merchant account does not go to a current one instantly. It is not always easy to find a financial institution that is willing to go your way. Also, consider that online gambling payment processing only for cards is not enough to satisfy the players’ demands (cryptocurrency or e-wallet is used quite often nowadays).
A classic merchant account is registered by the acquiring bank, it gives the business owner an identification number associated with his current account. In this way, all charges made to the account are credited to the business. The work of the merchant account from the player’s side is as simple as possible: they choose the option to deposit the game, proceed to the payment page, enter the details, and confirm the transaction. Here is how the process, which takes a few seconds, looks “from the inside”:
- After pressing the “Pay” button the processing centre redirects the player to the secure payment page for entering the card details.
- Once the player has entered and confirmed the details, the processing centre sends a request to the acquiring bank that interacts with the international payment. It requests the data from the issuing bank. That must answer whether the card is active and whether the account has enough funds to complete the transaction.
- If everything is in order the system confirms the action and sends it to the acquiring bank. That sends the data to the processing centre, which sends a message to the website owner that the transaction was completed.
How to connect a merchant account to your business? To provide card processing for gambling, the business owner must agree with the acquirer bank and the processing centre. Usually, acquirers provide several strict requirements for merchant account owners, which is problematic for gambling businesses.
How can casino websites accept online payments?
It will be necessary to properly integrate the payment acceptance service for online gambling (it won’t be difficult). If you use the services of a payment aggregator, you can get a fully ready solution with the settings in the shortest possible time. Already after two days, the system will work perfectly.
Specialists will integrate the full functionality of the merchant and set up the correct form of payment. The developer of the site for online gambling performs the implementation, and the advisory support is provided by the aggregator’s services.
How do iGaming operators ensure the security of payment transactions?
In a high-risk niche such as the gambling industry, fraudsters are active (e.g. stealing other people’s card data). That’s why you need to work with a provider with its own fraud-monitoring system. The system calculates and blocks suspicious transactions, making the site free of responsibility for the actions of intruders. Data protection and high security of transactions are the responsibilities of a payment intermediary. This is important if you really care about your business and want to protect yourself further.
How to check? Choose payment providers who have their antifraud system. It is expensive to maintain the system, so there are few such providers. The provider needs to customize the fraud monitoring system. Without this, the conversion will be greatly reduced: for example, with the default settings, antifraud will block payments made through a VPN connection. You should trust certified intermediaries that regularly undergo independent security audits. If you care about safety, check out the gambling website payment gateway solutions on the Corefy page right now.