The online gaming industry is expected to increase from its current $53.7 billion in 2019 at a CAGR of 11.5%, increasing the need for gambling payment gateways. Because of technical progress, nowadays, it is not necessary to go to a casino to enjoy gambling.
For this reason, a growing number of people prefer to play at virtual casinos. It is necessary for casinos to provide a payment gateway for online gambling business for players to use while making deposits and withdrawals.
When Do You Need a Casino Payment Gateway?
A payment gateway is an intermediary service that facilitates financial transactions between a company and its clients. A consumer initiates a transfer by selecting his desired payment method, filling out a form, and submitting it to the payment system.
The payment gateway subsequently completes the transaction by sending the accumulated monies to the merchant’s account. A payment gateway at an online casino is quite similar since it allows players to add and remove money from their accounts with ease.
Why Is It So Hard for Casinos and Other Online Gambling Sites to Locate a Reliable Payment Processor?
Getting a merchant account with a standard payment processor may be challenging for online gambling solutions like casinos due to the high-risk nature of the sector.
On the other hand, online gambling sites might apply for merchant accounts with specialized casino payment gateway solutions.
While this service is necessary, many providers take advantage of the industry’s high risk by collecting hidden fees and keeping consumer cash for an extended period of time (from a few days to several weeks) before releasing them to merchants.
Fortunately, a third choice benefits casinos and payment processors alike.
E-wallet services are able to accept casino and online gaming solutions as merchants that possess a license and comply with the legislation of the countries in which they do business because of their superior security features, anti-fraud measures, and rigorous KYC/AML checks.
Is There Anything Special to Look Out For When Deciding on a Payment Processor for Online Gambling?
The following criteria should be used as guidelines when deciding on a payment gateway solution for your online casino:
When deciding on a payment processor for an online casino, the first thing to keep in mind is the relevant legislation. Make sure your company is authorized to take payments before registering for a merchant account.
It’s also important to make sure the processor is available in all the countries where your customers live.
Pricing and transfer times: Players are not fond of lengthy processing times for deposits and withdrawals or large transaction costs. You should prioritize finding a service provider with low prices and quick transactions while making your decision.
Types of Financial Transactions: Credit cards are the preferred method of payment for certain countries’ consumers, while other countries’ customers may choose to use alternative payment methods (such as bank transfers, e-wallets, or cryptocurrencies) to fund their casino accounts.
To accommodate a diverse user base, various payment options must be made available so that players may use whatever way is most convenient for them.
Safety: An encrypted payment gateway is a must for online casinos to ensure their players’ money is protected. When choosing a service provider, it’s crucial to look for one that can protect you against “friendly fraud,” since chargebacks are a major problem for businesses in your field.