Gambling websites are quite demanding when it comes to payment gateways because the high-risk industry of gambling has numerous challenges. Only a gateway company with the required expertise can handle the complicated payment processing for the merchants. There are several factors that merchants always look for while choosing a payment gateway for gambling business they run. If you are looking for a payment solution provider, the following are the points that you should notice while choosing a gateway provider.
A gambling payment gateway is a modern technology that facilitates the speedy and convenient transfer of money to the recipient. It also has a key role in ensuring a smooth flow of remittance.
wo major roles of gambling or any payment gateway are -
- 1) Data transfer which is usually the customer's financial details from an online gambling website to the banking system. The decision of acceptance and rejection of a transaction is also forwarded by the gambling payment gateway.
- 2) Sending money from the gamblers to the gambling website owner or vice versa in case of a refund or chargeback.
|CHALLENGES OF FINDING A GAMBLINGPAYMENT GATEWAY
|Heavy website traffic - Gambling websites receive heavy traffic due to which, it is always a challenge to monitor millions of transactions and the fraudsters may get the chance to enter into the payment system in the crowd of numerous transactions.
|Friendly fraud attempts - Friendly fraud which is also known as an inordinate chargeback is a common and recurring issue for gambling websites. The customers make fake chargeback demands to take undue benefits of gambling services and features.
|Regulatory hurdles - Gambling is always under the sharp eyes of legal organizations. It is regulated but the rules are quite stringent and thus it is a challenge for a merchant to find a payment gateway that complies with all laws.
|High volume turnover - Payment gateways know that casino websites process a huge volume of transactions thus it is a risk as well as a challenge to process for a gambling website with accuracy and immediate trouble-shooting if a technical or operational issue happens.
How to choose a gambling payment gateway?
Now that you have understood the meaning and role of a gambling payment gateway, let's understand how to choose a solution provider to process daily transactions via your website.
Safety that keeps all threats away
In a gambling business, everything else comes later and safety becomes the top priority. As we all know, gamblers are always concerned about the safety of the financial details they leave on a casino website. Any compromise in the safety can make a merchant losemillions of customers in just one night.
- Gambling websites are already quite prone to legal actions not only due to the risky nature of the industry but also due to a poor image in society. Don't we all know; people do not discuss their gambling profit and loss with their families at the dinner table?It is not something that is considered socially acceptable.
- Gambling websites process a very high volume of transactions. Not only the number of transactions is big but also the amount paid by the gamblers is huge. After all, it is all about money games and to earn more players invest more.
- Gambling payment gateway providers should have compliance with PCI-DSS standards and should also have a strong chargeback management policy to prevent a website from friendly fraud. Sometimes, people intentionally create false chargeback demands just to consume a service free of cost.
Various payment methods
Customers may want to use any payment method according to their habits and comfort. Besides the credit card and debit cardsmillions of people nowadays use alternative payment methods. Crypto payments, digital wallets, local bank transfers, and account deposits are among the famous payment methods. If you are a gambling merchant, you know how important it is to facilitate multiple payment methods. It is best to choose an online payment gateway that can integrate various methods to make payment.
- Providing multiple payment ways help gambling merchants reach global customers and expand their business while earning a lot of profit. In different countries, people have different payment method preferences. To run a gambling website successfully, it is vital that you offer as many payment methods as possible for the convenience of the players.
- To fight against tough competition in the market, a gambling website cannot afford to cause inconvenience to its customers by providing only a limited number of choices to make payments. It takes only a few hours for a website to lose its image in the market.
- Credit or debit cards, wire transfers, cryptocurrencies, prepaid cards, and e-wallets are the most popular gambling payment methods. Every merchant should have these payment options connected to the website; it is the surety of business growth.
Faster money transfer and lower fees
Online gambling platforms and websites are all about money game because the world knows, gambling is all about earning a lot of money in a short time. That is why, for a merchant, it is vital to find a payment gateway that can support faster transaction processing and that too at a lower fee. It can be very costly for a merchant to process transactions if the fee is quite high. How will the business owner take out the profit margin if all or a major part of his earn money goes into paying the fee?
- Faster money transfershelp merchants retain customers, which is the most important thing for any businessperson. In fact, it also helps attract new customers because every gambler wants to have a good and speedy payment experience.
- The customers want to spend less time dealing with payments because they are part of a busy world with a multi-tasking lifestyle. In such a situation, it becomes the professional responsibility of a gambling website to make things happen in the shortest possible time.
- Lower fee also helps in reducing operational costs because when a merchant has to pay less for the fee, he can save money. Also, the saved money improves the cash flow which is again a good thing for any business.
Why you should choose paycly payment for a gambling website?
You may have your own preferences but it is important to choose a gambling payment gateway with a rational approach.
- All the above-mentioned qualities that should exist in a payment gateway for a gambling website are present in paycly.
- Gambling business needs a payment gateway with the latest FinTech tools and paycly.com is always updated with the newest technology.
- The payment gateway is an expert inthe gambling industry as it has spent many years providing payment solutions for merchants in this sector.
The conclusion should be easy for you because it is clear now what qualities you should look for to choose a payment gateway for your gambling website. A provider that simplifies the daily transaction processing and can successfully provide a good payment experience to your customers is the best choice. You will surely make the right choice if you will keep the above points in mind. Don't forget to do deep research because your insight into the industry requirements will keep you enlightened about making the right decision. After all, there is no lifetime commitment with a payment gateway, if you do not like the service, you can change it. Next time, if you change your mind, visit paycly.com to try a new and renowned name that is irreplaceable in the gambling industry.