Payment Systems in Gambling: What For and How to Choose a Service?
All financial calculations between casinos and customers in the iGaming sector are conducted in electronic form. Therefore, the integration of payment systems into gambling platforms is one of the crucial stages of gambling business establishment. What are the features of such systems? How to choose a payment service for an online casino? These issues are revealed in the article.
What are payment systems?
Why do online casinos need them?
A payment system is a service for transferring cashless funds from one account to another. Similar platforms allow users to pay for goods and services on the Internet.
Payment systems in the gambling industry are intermediaries between online casinos and their clients. They help players to refill deposits and withdraw winning sums to personal accounts.
In comparison with conventional banking services, payment systems have a range of advantages:
- the high speed of financial transactions. E-payments are instant. A remittance procedure takes only several minutes or seconds. It is also referred to international settlements;
- usability. The majority of modern payment systems can boast user-friendly interfaces. No special knowledge and skills are required to make a payment. You should just perform several simple actions;
- availability. Everyone can open an electronic account on one of the several payment services. To implement this process, you need a PC, a smartphone, or a tablet connected to the Internet, as well as some minutes of free time;
- remote account management. To transfer funds, you do not have to visit banks and stand in a queue. All operations are carried out remotely from any convenient place;
- expenditure control. A virtual wallet stores the whole list of completed transactions. Therefore, you can track all the movements of account money at any moment if necessary.
Payment system selection:
what to take into account?
Each electronic payment system has its own special features and benefits. Some services are accessible within certain countries, others accept only a single currency, and still others provide their customers with an expanded list of services.
Choosing payment systems for gambling, operators should pay attention to the following service characteristics:
- the transaction speed. Users want all electronic calculations to be immediate. Thus, you’d better prefer payment platforms ensuring the high speed of remittances;
- payment system geography. You should integrate payment services operating in countries of your target audience;
- an ordinary interface. Many users do not like registration procedures and the filling of various forms. So, it is better to select services where only few clicks are used to confirm payments;
- multicurrency. Gambling platform customers include citizens of different countries, desiring to replenish deposits quickly and easily in their national currency. By the way, you should prefer payment systems allowing to accomplish financial transactions in different monetary units;
- profitable fees. Payment providers charge a definite fee for their services. The lesser the sum, the more likely players will use the system;
- payment reliability. A payment system should guarantee that clients’ money will be delivered to the given accounts rather than fall into swindlers’ hands;
- credibility and service awareness. Utilizing well-known payment systems, you enhance customers’ trust in your platform;
- withdrawal conditions. Users have to be sure that joining your casino, they will seamlessly obtain winning money. If you offer players an easy method of money withdrawal, it won’t go unnoticed and will attract more customers to the platform;
- security guarantee. Choose payment systems protected from hacking and with confidentiality. It will improve users’ loyalty to your brand.
Most up-to-date casinos integrate their websites with several payment systems at once. This is the way they provide clients with the possibility to select an appropriate service for transactions.
Top 5 payment systems
Currently, the market has a wide variety of payment systems. However, not all of them are high-quality. Let’ examine the top five services that are the most popular among users and online casinos.
VISA is an international service and one of the popular tools for online casino deposits. Users can receive VISA credit cards in any bank worldwide. It is valid in more than 200 countries.
If you want to use VISA for online casino payments, you have to register the card on the gambling website. To that end, you should specify your full name and card number in the special form.
Core advantages of the payment system:
- the possibility to deposit and withdraw funds in the majority of online casinos;
- the high speed of transactions;
- a high level of security.
MasterCard is a global payment system based on advanced technologies and accessible in 210 countries.
MasterCard users are able to conduct money operations in almost all casinos. To refill an account, you should enter the corresponding payment form and specify there your card number, its expiry date, СVV code, as well as the full name of its owner.
Primary benefits of the payment system:
- the high speed of transactions;
- payment security;
- service availability and brand awareness.
It is a Russian e-payment service. You can access it via the website or the mobile app. The system is foremost aimed at the Russian market. Thus, it initially allowed a single currency unit: the Russian ruble. In 2019, the service adapted multicurrency accounts and cards. It added 10 currencies in total.
An e-wallet can be replenished by numerous means: using cash in Sberbank offices, via a payment kiosk machine, by bank cards, through online banking, etc.
Payment system advantages:
- a low fee;
- bonus programs for clients;
- payment security;
- fast and easy registration in the system.
WebMoney is an electronic settlement system that has been operating on the market since 1998. It supports several types of virtual wallets that can be refilled in different ways.
To provide payment safety and customer confidentiality, the company applies WebMoney Transfer technology involving three main authentication methods and two extra options of transaction confirmation.
- the high level of user protection;
- services for record-keeping, payment instrument exchange, conclusion of safe agreements;
- system accessibility;
- immediate transactions.
EasyPay is the first Belarusian service allowing to carry out electronic payments on the Internet and using SMS. The Belarusian ruble is its monetary unit.
Today, EasyPay describes itself as a payment solution for businesses. It is a service for accepting online payments made by VISA, MasterCard, and Belkart cards, as well as via the United Payment and Information Space system and the E-POS service. Over 1140 services have already joined the platform. The system implements more than 90,000 financial transactions monthly.
EasyPay’s major advantages:
- a low fee – at least 0.9%;
- transparent integration;
- a user-friendly personal cabinet;
- the assistance of skillful specialists in service activation and testing;
- a payment backout option.
Would you like to know what the gambling market will face next year and how to acquire online casino clients? Attend Minsk iGaming Affiliate Conference that will take place on March 5, 2020.