The online gambling market and demand for payment methods are both rapidly growing, with a market size of $53.8 billion in 2019 and a combined annual growth rate (CAGR) of 11.6 percent. Players no longer need to physically visit a casino to play games thanks to technological advancements. As a result, the popularity of online casinos is increasing. Casinos, contrariwise, should set up a service allowing players to deposit and withdraw money.
What is a casino payment gateway?
It is a tool that helps to connect casino merchants with their customers, allowing them to see what their customers are doing with their products. Importance of such an instrument is very hard to overestimate as it provides a bridge between different sides of the payment process. Let’s revise it in more detail. After a payment plan is decided on, the customer chooses the suitable transfer method, fills out the form, and completes the transaction. Afterwards, the gateway processes the transaction and then transfers it to the account, allowing the merchant to withdraw money. The payment gateway is used to deposit and withdraw funds by players in the same way.
Why is it hard to find a payment gateway for online casinos?
Casinos and other kinds of online gambling are increasingly having difficulty opening merchant accounts with traditional solutions. Online gambling platforms can also apply for such accounts in specialised payment processors. Despite this, these providers frequently take advantage of the industry’s high-risk environment, charging additional fees and holding customer fees for a period of time (ranging from a few days to several weeks) before transferring them to retailers. Fortunately, there is a third option that creates a win-win situation for casino businesses and payment services. On account of their advanced security tools, anti-fraud measures, and robust KYC (Know Your Customer) or AML (anti-money laundering) testing, e-wallet services like STICPAY can approve those online casino solutions as licensed merchants and comply with the laws in the business’ countries.
What to consider when one chooses a payment gateway for online casinos?
We would like to present to you aspects you need to consider and keep in mind if you are ready to choose the payment gateway. Let’s revise them below:
You need to ensure your business has the necessary license to accept payments. It’s also crucial to think about whether the processor works in all countries of your users’ locations.
- Transfer Rates and Fees
Players do not want to pay high fees or have to wait several days for their deposits and withdrawals to be processed. Thus, look for a service provider with reasonable fees when completing transactions quickly.
- Transfer Methods
Players may prefer to fund their casino accounts using different methods (credit cards, bank transfers, e-wallets, cryptocurrency). To meet the needs of international users, it’s critical to provide a variety of payment options to let the customers choose one that suits them better.
We recommend you to search for a safe payment gateway. Because of the backlash, which is a major issue for industry players, selecting a company that provides actionable anti-fraud measures is also critical.