In this Internet age, everyone knows that gambling has transformed from gambling halls to mobile phones. Technology eases the way of gambling; people nowadays can gamble from anywhere at any time, just using their computers and mobile phones. Online gambling, which includes casinos, betting, poker, and all other forms of gambling, is being loved by the world, and the same can be witnessed by its growing market size. As per the IBISWorld report, the global online gambling industry will reach $279.3 billion by 2023.
Similarly, payment methods and processing have also seen a change from cash to highly vulnerable online payments. In order to accept online payments, a gambling website owner needs these two essential payment services: a gambling payment gateway and a gambling merchant account. A gambling payment gateway is a mechanism that enables online transactions by transferring payment details between the acquirer, issuer, card company and merchant account. On the other hand, a casino merchant account is a business bank account that allows merchants to accept, hold and withdraw funds from gamblers.
Why is it tough to get a Gambling Payment Gateway for your online Gambling Business?
Despite the growing online gambling market, banks and other prominent financial institutions still consider online gambling a high-risk business for several reasons. A few of them are:
- Higher chance of fraud
- Risk of money laundering
- Higher chargebacks
- High volume turnover
- Vague rules and regulations
- A large number of tickets
- International currency involvement
- Global client base
These are some recognized reasons why a gambling business is considered high-risk. For a high-risk business, it is tough to find an ideal payment processor that can facilitate the best gambling payment gateway with a number of features.
What to consider while choosing a Gambling Payment Gateway?
Choosing the best gambling payment gateway for your online gambling business is a complex task, as accepting payments safely is the foundational need of any business. To help you decide on the best gambling payment processor, we discussed here the key features a PSP must provide:
Ensure the acceptance of your business: Not all high-risk payment processors accept all high-risk businesses. Visit the website of your PSP or get in touch with its salespeople to make sure it supports the type of business you have. Moreover, ensure that your PSP supports unregulated gambling websites if you are an unregulated merchant.
Easy integration and personalized customization: A gambling merchant account provider must easily integrate its services with the merchant’s website and application. Moreover, it must customize its services according to the needs of merchants.
Transparent cost: Fees for a high-risk merchant account could be a little bit higher than for a low-risk one. Although each PSP can have a different payment mechanism, be sure all fees are clearly mentioned.
Anti-fraud and chargeback prevention tools: High-risk accounts are more prone to experience fraud, so to protect its merchants, a gambling merchant account must adhere to PCI-DSS compliances, CVV and AVS Checker, fraud scoring, SSL, and 3D secure authentication. Additionally, it must eliminate bogus chargebacks using AI and other latest technology.
Alternative payment methods: Gambling, betting, or gaming merchants must accept payments in as many different ways as feasible. Every country has its own preferred methods of payment, therefore, a merchant account provider must accept payments made using credit or debit cards, cryptocurrencies, e-wallets, wire transfers, etc. In addition, a PSP should handle multiple currencies because international boundaries do not apply to online gaming.
Settlement time: A PSP must provide its merchants with timely payment settlement. Before integrating, check the payout windows. Normally payout varies from business to business and can be weekly or bimonthly.
Load balancing: You can distribute your transactions among various merchant accounts connected to a single PSP by employing load balancing. In this manner, you will always have additional accounts to rely on, even if one account fails.
Why should you choose Paycly as your payment partner?
Paycly is one of the best gambling payment processors in the world, as it considers merchants its partners and follows a merchant-first policy. Paycly offers all of the key features discussed above, as well as some additional features designed to benefit its merchants. It provides personalized payment services as per the client’s needs. Furthermore, Paycly is the safest payment processor that provides top-notch security and creates the safest payment environment for you and your customers.
Paycly provides support of 100+ currencies and payment methods to gambling merchants so that gamblers can easily fund their gambling accounts. Moreover, its services have the fastest speed and provide quick payment settlement. Client service is available around the clock. Additionally, we offer gambling merchant accounts and a payment gateway to regulated and unregulated merchants. By selecting Paycly as your payment partner, you can take advantage of a number of benefits, some of which are highlighted below.
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