Mifinity Casinos – Mifinity is an e-wallet platform that offers online payments, issues pre-paid physical cards, and supports the MoneyExpress remittance program. It supports 30+ different currencies. MuchBetter Casinos – MuchBetter is a relatively new payment provider in the online gambling world.
Get Familiar with Benefits of Online Casinos Merchant Account at ePay Global
- Which Payment Processors are Used the Most at Online Casinos? Online casinos have been one of the biggest trendsetters across the internet based world. The technology that is used at online casinos has helped to drive forward many casual gaming sites as well as being part of the increase in mobile app development.
- Payment processor relationship, the payment processor is a deposit customer of the financial institution which uses its deposit account to process payments for its merchant clients. The payment processor receives lists of payments to be gener-ated by the merchant clients for the payment of goods or services and initi.
- Cardinity is a licensed payment institution regulated by the Central Bank of the Republic of Lithuania and active in the European Union. Cardinity is registered on VISA Europe and is the principal member of MasterCard International in order to provide credit card processing services for online businesses.
Want to set up a successful online casino business? We at ePay Global help you to open an online casinos merchant account, which helps you to handle transactions easily. These accounts can accommodate high volume, high velocity, and high ticket online casinos coming up with tailored results. We would work according to your company’s specific needs ensuring that you can feel happier working with us.
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We follow all legal rules and regulations that aid you to understand how to handle online casinos at your ease. Thus, playing online gambling becomes flexible and you can explore suitable payment options that give you the opportunity to explore a new form of games inspiring users to play more. Being an online casino merchant, you can explore a new phase of life earning a good via our online casino merchant account.
Submitting Valid Documents
First, you need to submit the valid documents and we would thus help you to begin the procedure efficiently finding the best features. We deal with the accounts safely ensuring that you won’t lose your money.
Once your documents get approved you can come out with all feasible options exploring the benefits of doing an online casino business that aids you to develop a nice career. We use advanced payment gateways ensuring that you can handle the payments efficiently coming up with real-time benefits. We offer remote services to several clients and you can thus begin life in a new way with all good things.
It’s time to go through our policies knowing the detailed features that help you to comprehend what we do. We handle a big network and thus you can trust us knowing that you can carry out all activities competently. In this way, you can feel happier using the online casino merchant account, which brings in the feasible options according to your needs. Lcs championship points 2020.
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Offeringyour customers a variety of trusted and secure banking options is important.This is why it is imperative that you have quality payment processing aspart of your online casino operations. You’ll discover that there are differentaspects to gambling payment processing and Top Casino Solutionswill help walk you through the fundamentals so that you have a betterunderstanding of what these aspects are and why they matter.
What is casino payment processing?
Casino paymentprocessing is the ability to securely process monetary transactions at youronline casino business, particularly those payments related to credit and debitcards.
There are three main aspects of a payment processing system. These include:
- Payment processor
- Payment gateway
What is a payment processor?
For mostcasino businesses, payment processing is carried out by a payment processor.This is a financial institution that works in the background to provide all the payment processing solutions used by the online merchant (casino).These payment processor companies typically have partnerships with othercompanies that directly deal with the casinos, such as the gambling softwaredevelopment companies TCS reviews.
Thepayment processor links to both the online gambling merchant (your) account andthe payment gateway. The payment processor quickly passes information back andforth between the casino and the payment gateway, keeping this informationsecure and transferring it near instantaneous to the end user.
More tothe point, the payment processor:
- Takes theinformation about the customer’s transaction from the payment gateway
- Validatesthis information
- Executes theinformation
- Deposits thefunds into the merchant account
- Notifies thepayment gateway if the transaction was successful
What is a payment gateway?
Apayment gateway acts as the middleman between your casino and the paymentprocessor that receives payment from your customer. The payment gateway sendsthe customer’s payment data (e.g. credit card number, etc.) securely to thepayment processor.
Thepayment gateway is responsible for:
- SSL (securesocket layer) data encryption
- Determiningif the payment is legitimate
- Working 24/7,processing payments at any hour of the day or night
- Supporting avariety of payment methods
- Working withmultiple currencies
- Providing businessinsights and reports in real-time (e.g. you can see how effective a promotionwas, etc.)
What is a merchant account?
Amerchant account or merchant IDs (MIDs) is a special type of bank account thatallows your business to accept payment by credit cards and debit cards thatcome from a payment processor. Once the payment processor clears the transaction,the corresponding funds are deposited into the merchant account. From thispoint, the funds can be moved to the primary bank account of your business.
It is not easy to get approval for a merchant account with your bank for yourcasino company. Online gambling isn’t just any ordinary ecommerce business. Infact, many online payment processing companies and banks steerclear of gambling operations and refuse to support these businesses.
Why?Online gambling is seen as a high risk operation due to the potential for:
- Potentiallegal issues
- Risk ofgambling addiction
- Highchargeback ratio
Paymentprocessors are responsible for ensuring that they do not provide merchant servicesto companies that offer illegal services or where there is an increased chanceof legal issues. Even though a casino may be fully licensed and running a legitimateoperation, many banks and processors continue to steer clear of gamblingenterprises.
Youwill require a high-risk online gambling merchant account
As anoperator of gambling services, you will require a high-risk online gamblingmerchant account. Obtaining a merchantaccount on your own can be tricky, as you will need to research your localmarket to find out what is available to you. There is also plenty of paperworkinvolved, and requirements for approval can change drastically from one regionto the next.
For thisreason, it is the often the preference of most casino operators to choose apayment processor that is familiar with the online gambling industry to handleall the payment processing work for them.
The onlymajor downside when choosing this route is that there are often additional feesfor this service, such as when you attempt to withdraw you funds from theprocessor to your business account. That said, the major upside is that the experiencedthird-party payment processor provider takes care of the headache of you havingto deal directly with banks and other financial institutions.
Why is Payment Processing so Important?
Paymentprocessing solutions for an online casino are important because they allow you to:
- Accept andprocess player deposits and withdrawals
- Be able tooffer different payment methods (e.g. credit/debit cards, eWallets, prepaidcards, etc.)
- The abilityto offer local payments
- Prevent fraud
- Prevent chargebacks
- Integrate withthe biggest gambling platforms
Acceptingconventional card payments (e.g. Visa, Mastercard, etc.) and other types ofpayments at your online casino is important for increasing both market shareand users.
Therefore,finding an online gambling payment processing company is vital for making surethe real-time process of accepting debit and credit cards from players aroundthe world is a smooth and secure one that protects your customers from fraud aswell as your business from chargebacks and other legal issues.
Additionally,a payment processor is not only in charge of your casino operation’s finance,it is also essential for ensuring your business has a decent conversionrate.
The Importance of Anti-Fraud Measures and Chargeback Prevention
Everyonline business can be a victim of cybercrime, and online casinos are noexception.
To helpprotect your operation from fraud, it is vital to have the necessarycybersecurity in place to protect your online customers’ sensitive personal andfinancial information from being stolen when they sign up for an account andmake deposits.
According to a report from ThreatMetrix Gaming and Gamblng Cybercrime, one inevery 20 new gambling accounts created online are fraudulent, with bot attacksresponsible for almost half of daily gambling traffic during peak periods.
Theriskiest time when a cyberattack may occur is during the registration andcreation of an account. For this reason, a payment processor needs to offer thebest protection to safeguard both your business and customers from fraud, rightat the start. It is never easy dealing with fraud, so it is important to doeverything to prevent it from occurring in the first place.
This is why putting your trust in a provider who understands the specificrequirements of iGaming is essential. The provider needs to implementanti-fraud measures that can accurately distinguish legitimate customers fromfraudsters. This is important becausewhile you want to protect your business and your customers, at the same time,you don’t want your anti-fraud filters so tight that it causes a decreasedpayments’ acceptance rate or lower conversion rate, as this will annoy customersand drive them away.
Highstake gambling is a breeding ground for what is known as “chargeback fraud” or“friendly fraud.” This type of fraud occurs when a legitimate player engages inirresponsible gambling behavior and becomes frustrated after suffering largelosses and chooses to contact their credit card issuer to deny that they werethe ones who made the charge at the casino (chargeback).
Usually, in these cases, the online gambling operator will almost always lose asthe law is typically on the side of the consumer in cases of online spending.To make matters worse, once the friendly fraudster realizes that they can getaway with it, they are two times as likely to do it again.
It is theguilt a player has over their gambling losses combined with how easy it is fromthem to “fix” their mistake afterword by committing friendly fraud, that resultsin the online gambling industry having such a high chargeback risk.
Lacking the ability to identify this fraud and having issues disputing the chargeback is what makes it difficult for most online gambling merchants to protect themselves from friendly fraud. However, certain online casino software providers have payment solutions with services that help to increase a company’s chance of identifying this type of fraud and winning the dispute.
Different Payment Processing Solutions
A decentpayment service provider (PSP) will offer you a variety of payment methods forboth large and small transactions. Typically, these are well-known and trustedpayment solutions. The more variety you can offer, the greater number ofcustomers you can attract.
The most common online casino payment methods include:
- Creditcards – Apayment method that involves a consumer borrowing money against their line ofcredit (e.g. Visa, Mastercard, etc.).
- Debitcards – A typeof payment that draws money directly from the consumer’s chequing account.Usually when used online, debit cards function like credit cards except that themoney is debited from the consumer’s bank account and not a line of credit(e.g.Visa Debit, Debit Mastercard, Maestro, etc.).
- eWallets – Also known as a digital walletor electronic wallet, an eWallet is a type of digital payment service thatallows the user to make electronic purchases online. For a user to be able tomake payments, usually the eWallet must be linked with the individuals bankaccount (e.g. PayPal, Skrill, Neteller, etc.).
- Bank transfer – This is the electronictransferring of funds to and from a bank account. For this type of transfer towork, the person making the transaction needs to know the routing and accountnumber of the recipient. It is known as a Wire Transfer, Bank Transfer orCredit Transfer.
- Prepaidcards – Withthis type of payment method, players do not require a bank account or creditcard, which means they do not need to provide their personal financialinformation when setting up their account and making a deposit. They simplypurchase a card from a participating retailer or use the service provided by afinancial institution, load funds onto the card, and use the voucher number ofthe card to deposit funds from the card into their account (e.g. Paysafecard,ecoCard, etc.).
- Mobilepayments – Somecompanies offer mobile-based financial services. Some of these platforms allowfor consumers to make transactions using their mobile phone number, with thepurchase billed to their mobile network operator bill (e.g. Boku), while othersfunction as a mobile wallet (e.g. MuchBetter).
- Cryptocurrency – A payment method that allows consumers touse their digital, decentralized currency (cryptocurrency) to make payments (e.g.Bitcoin, Cryptopay, etc.).
Most popular payment methods in online gambling
Thereare numerous payment options. The following are some of the most popular:
- Visa/Mastercard – These two companies are amongthe leading and most widely accepted credit cards in the world. Credit cardtransactions are convenient and instant. They are an ideal payment method forplayers when no local payment options are available. Both Visa and Mastercardhave debit options as well.
- PayPal – One of the most recognizedeWallets in the world, PayPal lets users send and receive money digitally. PayPalis widely known of its security, quick funds transfers, flexibility and forbeing available for online and mobile transactions.
Online Casino Payment Processors Login
- Neteller – This eWallet is well known inthe online gambling industry and is a preferred choice among many players. Itis a quick, easy and secure way to move money online, making it simple forusers to pay and play with ease.
- Skrill – Like Neteller, Skrill isanother highly popular eWallet for gambling, and, as is the case with most ofthese digital wallet services, all a consumer requires to send money to anyoneis provide their email address. Skrill is available in 40 currencies, it’s freeto register an account and it takes only a matter of minutes to sign up andstart using.
- ecoPayz – This eWallet is secure and letsconsumers send and spend money in 45 different currencies. It’s also worthnoting that ecoPayz is often an acceptable form of deposit that qualifies forwelcome bonuses and other promotions. It is not uncommon for other populareWallet providers, such as Skrill, Neteller and PayPal, to be excluded fromclaiming promotions.
- Trustly – Popular in European countries,Trustly lets users make payments directly from their bank account. Trustlyprovides its service through TransferWise and PayPal. It offers a fast, easyand encrypted connection for making money transfers via a bank account.
- Pay N Play– A serviceoffered by Trustly, Pay N Play allows players to play their favourite gamesright away with one quick deposit through their online bank while the system collectsthe data that is available from the player’s bank account. This makes theregistration process as simple as can be. TCS lets you know if Pay N Play isoffered by the software companies we review.
- Paysafecard – Paysafecard is a prepaid paymentmethod that allows users to purchase vouchers at participating retailers acrossthe globe. They can then enter the prepaid voucher’s unique code online to makea deposit. Using a prepaid card/voucher is like paying with cash, there is nobank trail. It is often the preferred choice of players who do not want to usetheir credit card, or who would like greater anonymity or control how much theydeposit.
- BankTransfer/Wire Transfer – This secure payment option is an electronic funds transfer thatdigitally wires money from one bank account to another. While players can useWire Transfer to make a deposit, this is also a common withdrawal option madeavailable to those who make deposits using payment methods that do not have awithdrawal option (e.g. Paysafecard).
- MuchBetter – This is an app-based paymentwallet that lets mobile users store, send and transfer money quickly andsecurely.
- Bitcoin – The most popularcryptocurrency, Bitcoin is becoming available at more and more online casinos. Youcan find out more information about Bitcoin casinoshere.
How to Choose aGambling Payment Service Provider
When it all comes down to it, as an online casino entrepreneur your options are:
- Obtain ahigh risk gambling merchant account on your own – To do this you will need to research yourlocal market and seek approval from a bank.
- Purchasea white label casino solution – Find a white label casino provider and obtain this solution fromthem. With a white label casino, the payment solution you need is included andtaken care of for you by the iGaming developer. Learn more about white label casinos here.
- Purchasea turnkey casino solution – Purchasing a turnkey casino solution offers greater flexibilitycompared to running a white label casino. Instead of having no choice over whatpayment methods you can offer, you have the option of selecting from thedifferent payment processing services and features offered by the turnkeyiGaming developer. Learn more about turnkey casinos here.
Ultimately,opting to use the casino payment solutions offered by the best online casinosoftware developers is the most straightforward path. These companiesunderstand the ins and outs and risks associated with payment processing in theonline gambling industry.
Take EveryMatrix, for example. It has createdMoneyMatrix, which is a technology processing platform designed to makepayments simple while also taking care of a gambling operator’s paymentprocessing and risk management needs. MoneyMatrix has over 180 payment options,covers over 100 countries, over 150 currencies, and offers anti-fraud and KYCverification solutions, encryption and tokenization service, 24/7 support, andmore.
What are the CostsAssociated with Payment Processing?
The feesassociated with payment processing solutions for online gambling merchantaccounts vary from one provider to the next. That said, generally speaking,your fees may be dependent on a number of factors such as:
- Merchantaccount registration fees
- Monthlystatement fees
- Refund fees
Payment Processing Tipsto Keep in Mind
Online Casino Payment Processors Online
Here area few things to remember when you are considering gambling payment processingsolutions for your casino:
- You needa license to open a merchant account – If you don’t choose the white labelcasino route, you’ll need to independently obtain a license if you want to provideyour players with popular payment methods. Banks are notoriously picky when itcomes to partnering with gambling businesses and are much more likely to partnerwith a company that has been acknowledged by a respected regulatory body.
- Find outwhat anti-fraud measures are in place – Remember, it is far better to preventfraud from happening than to deal with the aftermath should it occur. Find outwhat features the payment processor you select uses to protect your businessand your customers right from the start.
- Discoverhow the processor protects you against chargeback fraud – Choose a company that isfocused on enhancing your chargeback dispute win rate and that boosts yourability to identify friendly fraud.
- Only dobusiness with a transparent company you trust – Don’t obtain casino payment solutionsfrom just any company. Make sure that the provider of these solutions hasexperience with payments in the iGaming industry and understands all the risksinvolved. Additionally, make certain that they are partnered with a number oftrusted payment providers, follow strict security and encryption protocols, andcan operate in a wide range of countries and currencies.
Payment Processing –Final Thoughts
Findingthe ideal online gambling payment service provider is vital if you want toensure a smooth, secure and fraud-free deposit and withdrawal process for yourplayers as well as protect your business from fraudulent chargebacks.
The morebanking methods that you can make available on your site, and the more diverse thatyou can make the payment options you offer your customers, the more users youare likely to draw to your site.
One of the easiest ways to gain access to an array of local and international payment processing solutions is to use the payment provider solutions that are offered by trusted online casino software platforms like those reviewed by TCS. Discover your options today!
We’re always here for you! Have a question or just want to get in touch? Drop us an email any time.