What are the Best Payment Solutions for iGaming?
The number of online sales is growing very rapidly and is already comparable to the volume of traditional offline trade. This also applies to the gamble in today’s world.
There are business sectors where remote payment for goods and services is dominant and in some cases the only one. Such businesses include online casinos and other types of gambling.
If you urgently need the best payment gateway for online gambling, check out the offer on the official Corefy website.
Any online payment uses a set of specific procedures and rules plus a special technical infrastructure. All of this together is called an electronic payment system.
Unlike the offline transfer of money, an electronic payment system implies at least one intermediary – the owner of the payment system, who charges a certain fee for his services.
Online payment first appeared in 1985, but it was introduced into the gamble somewhat later. Three banks began to carry out payments between themselves in real time.
Gradually, the number of such banks grew, and by the beginning of the 21st century, there were almost a hundred of them. Nowadays, almost all banking institutions operate in such a mode.
Despite the huge variety of proposals, choosing the most suitable payment solution can be quite difficult. In this article, we’ve gathered a short material that will help you to make the right decision faster.
What to consider when choosing a payment solution for iGaming?
Such sites are characterized by high turnover, active transactions, and international customer coverage.
A provider of a payment solution that meets the above criteria can ensure full-fledged acquisition for gambling games. When choosing, it is advisable to consider the following criteria:
- High conversion. The number of successful transactions in relation to the total amount of payments on the site should exceed 80-85%. Such conversion is considered to be high. Such an indicator shows the effectiveness of the provider. To check it, divide the number of successful transactions in one month by the total number of transactions in the same period. When analyzing unsuccessful payments one should find out the reason. Next, you need to find a payment intermediary who is ready to fix the problem (for example provide flexible anti-fraud settings).
- Optimal commissions. Systems charge a fee on every payment to recoup their work and the services of the systems involved in the transaction chain. The commission in most cases is paid by the business owner. Therefore, its commercial performance depends on the size of the commission. Most payment intermediaries prefer individual calculations of commission, taking into account the turnovers and the number of payments (the more – the lower the percentage). The most favorable conditions are at aggregators. Some payment providers offer fixed rates for each payment.
- Support of the appropriate payment methods. The payment in gamble intermediary should support transactions using the most popular methods. Convenience and anonymity are important for clients of gambling sites. That is why many prefer to pay via electronic and cryptocurrency wallets. It is desirable to study the audience, determine popular payment methods and find an intermediary supporting them.
- State-of-the-art fraud protection. In this kind of sphere, there are often fraudsters (for example, stealing data from other people’s cards). It is advisable to work with a provider with its own system for monitoring fraudulent transactions. An up-to-date system calculates and blocks suspicious transactions, absolving the site of responsibility for the actions of intruders. There are reliable payment gateway providers who maintain their own highly effective antifraud system.
- Stability in transaction processing. The payment system for gambling should work around the clock, ensuring payment processing without disruptions and problems. This affects the stability of the gambling site and its credibility. It is important to analyze reviews of the selected payment provider in advance and clarify guarantees and contractual conditions. It is also necessary to stipulate the terms of stable operation and responsibility for violations in the contract with the payment intermediary.
All of these criteria are important to adhere to when choosing a payment solution for your business. You need to find a really reliable and secure option that will work perfectly.
How to choose a payment gateway for online gambling?
To increase the profitability of gamble business, it is important to take care of the speed and security of payments. Users will enjoy playing on a casino site with a reliable financial service and fast transfers anywhere in the world.
If you need a better payment solution and you are choosing between three options (redirect, off-site payment, or on-site payment), think first of all about security.
For example, with redirects, you don’t have to think about settings at all. It’s the same with payments on third-party sites, the process goes through the payment gateway provider.
Of course, if you want to keep everything under control and you are a big brand that can afford the expensive integration, then of course, the third option of payment gateway, directly on the site is suitable. You can always find the best payment gateway gambling with Corefy.
Some payment methods for online gambling
Consider the most popular financial modules:
It is one of the most famous providers in the world (especially for online gaming) with offices in 200 countries. The company has developed a reliable security system with encryption and verification based on biometrics. The main reasons to connect Visa:
- multi-currency financial converter to work with any fiat money;
- u-commerce option to integrate the payment gateway into iGaming projects and connect ground terminal equipment;
- 25 types of bank cards, including solutions that support contactless payment technology Visa payWave;
- no commission for commercial transactions (except for urgent or high-value transactions).
The provider unites 22,000 banks and manages 25% of the payment card market, so it is very often used for the gamble in today’s world. A brief description of MasterCard:
- high performance (the system supports 140 million transactions per second);
- management of three brands – MasterCard, Maestro, and Cirrus with issuing of electronic bank cards for each affiliate
- the universality of work (connection of the payment system to casinos, land-based gambling halls, poker rooms, and iGaming projects);
- personalization of settings, including adjustment of playing limits and setting the percentage of deductions for using the MasterCard service.
The financial platform supports work with usual currencies (dollars, pounds, Brazilian reals) and also with cryptocurrencies. This is very important because the online gaming industry is international. The key advantages of ADVCash:
- fast currency exchange within the system with minimal transaction fees;
- easy product installation by means of API programming environment;
- high-security level of accounts due to multi-level KYC verification;
- convenient referral program with a 20% cashback to the businessman’s operating account.
It’s a great payment solution from dozens of international and regional providers integrated into the software. This staffing speeds up transfers and makes transactions cheaper with minimal fees. The Ripple platform is:
- International service with the instant conversion of 120+ currency pairs and support for digital money;
- processing 65,000 requests per minute, including checking and sending payments, exchanging currencies, and generating reports;
- restricted domestic cryptocurrency XRP distribution area;
- a program to increase liquidity for iGaming businesses through short-term loans at minimal interest rates.
The international payment agent works with anonymous TOR network protocols. They guarantee high speed and security of transactions. The features of NIX Money:
- high system performance (processing time per request is 0.3 seconds);
- internal digital currency (NIX) settlements with protection against cryptocurrency issues;
- simple and intuitive program interface with useful administrator settings;
- certified digital and fiat money exchange operations.
Choosing the most appropriate solution is not always easy. Especially if you are just starting out in gamble area and are considering several options. In order not to make a mistake with a gambling website payment gateway, take advantage of Corefy’s great offer.