What are the payment challenges facing the online Gambling industry?

5)      Skrill

Skrill specialises in facilitating quick, simple payments.

The facts:

• Pay with one-tap
• Supported by over 80 banks, globally
• More than 20 local payment methods

Skrill Payments website

7) Sage Pay

 

 

Based in Newcastle, Sage offers businesses a complete range of merchant account services, including accepting payments over the phone, online, via invoice or in person.

 

The facts:

• All payment types, including PayPal are covered
• 25 currencies covered
• It takes just two working days for money to appear in your bank account
• Invoice payment fees cost as little as £0.59 per transaction

Sagepay Merchant account website

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Variable market regulations

The borderless online world doesn’t necessarily mean global access.

Gambling is a highly regulated industry, but those regulations aren’t standardised across international borders - an increasingly fiddly problem for gambling companies operating online, and therefore unlikely to be restricted to one country. This means that if you have a licence for the UK you aren’t necessarily allowed to accept all international custom, as you may also need a domestic licence for various other countries in which you plan to operate. It’s a good idea to keep a close eye on each individual market in which you operate for any regulation changes in order to avoid flouting them, which can lead to fines and even trading bans. The key commonality of all European markets are strict Know Your Customer (KYC) and Anti-Money Laundering requirements. Every user must undertake a rigorous identification process to ensure their true identity is established and then be assessed to mitigate the potential for money laundering and other fraudulent behaviours. 

Cards

Gambling online faces a fair share of suspicion and mistrust, especially from new players that are yet not familiar with how things work within a regulated online casino. One of the major concerns is that of online payment. Most new players (sometimes even veterans) are afraid to upload their credit card information, fearing financial data theft and issues alike.

The good news for all casino players is that online casino deposit, i.e. depositing money in an online casino runs the same amount of risk as buying something online or conducting any online transaction. Depending on where you come from, there will be some limitations or restrictions but, for the most part, you'll be able to conduct a transaction safely and securely without too much hassle.

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The 10 most popular alternative payment providers

If you want to add further value to your business, the following payment processing services are also excellent options to consider.

7)      Transax

Transax’s two million daily transactions give businesses piece of the mind that their payment solution is effective. In the UK, Ireland and France alone, they support over 18,000 businesses.

The facts:

• Enjoy their services from just £4.75 a week
• Latest technology supported, featuring contactless and Apple Pay
• Next day payment option, no matter who you bank with

Transax Website

Conclusion

As you can see, online casinos allow users to process deposits and withdrawals in different ways. Starting from the familiar cards and banking transfers to more efficient options, players can choose from different methods. It makes the entire gambling experience more enjoyable and approachable.

9)      SmartDebit

If you are wanted to incorporate direct debit into the transaction options that you offer as business, SmartDebit is one to explore. They currently hold the highest industry Trustpilot score and work with all types of organisations, from schools and colleges, to subscription businesses.

The facts:

• Don’t hold your own Service User Number? SmartDebit will manage your Direct Debits for you
• Hold your own Service User Number? You will be supported by SmartDebit’s bureau service
• Transaction fees depend on the size of transaction
• Cheque processing and imaging supported
• No need to handle customer card details yourself
• Your business name will appear on your customers’ bank statements
• Collect regular recurring payments for products and services within Europe.

Smart Debit

How does it work?

When you buy something with your Monzo account, each transaction is tagged with a code. These codes help us identify the kind of merchant you’re paying, and we usually use them to sort your spending into categories, like Bills or Eating Out.

To build the gambling block, we put together a list of codes that let us identify when you’re making a payment to a gambling merchant, like a bookmakers or online gambling site. When the feature’s turned on, we’ll do our best to block any payments you try to make to those merchants.

4)      Monek

Processing payments is Monek’s forte and they have been offering a safe, secure service since 1998.

The facts:

• Protection from fraud
• Over 30 payment types across the world are supported
• A simple platform offering one product and one contract
• Managing your account is simple

Monek Uk Website

4)      ccNetPay

High-risk businesses mainly work with ccNetPay for help arranging merchant accounts with banks in Asia, Europe and US.

The facts:

• Fees range between 7.5% – 9.0% + $0.75 – $1.00 for offshore high-risk clients
• A direct EU merchant account is available
• Rolling Reserve of 5%-10% required for 180 days

CCnetpay Website

India

India has an integrated national network of financial institutions. The infrastructure for the banking system is provided by the National Payments Corporation of India (NPCI). Bank accounts and functions are integrated into one mobile application using the Unified Payment Interface (UPI). The Bharat Interface for Money (BHIM) application uses UPI for fast and easy transactions.

PhonePe is considered the most common payment method in India. The application allows you to make fast and secure transactions using BHIM UPI, bank cards or electronic wallets. In second place in terms of popularity is PayTM, which has 25 million registered users.

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Verdict

Innovations bring out the best in everything, be it healthcare or the casino industry. The words finance and technology couldn’t appear in one sentence in the past. Today, companies have gone out of their way to merge the two and create a technology that has revolutionised the casino industry. Fintech has changed the casino industry for the better, and with its constant evolution, good tidings are still to come for the casino industry.

E-Wallet

An E-wallet is a digital card that is used and accepted everywhere. If you have a doubt about your credit or debit cards, you can opt for this payment option. This method also does not charge as high fees as your credit card. So you save a few bucks here too. Maybe make your online casino deposit a little more generous with that money.

You can simply attach your accounts to an e-wallet of your choice and make the deposits and withdrawals. If you are making your first deposit, we suggest you find one of the $5 deposit casinos and try it first instead of wagering a bigger amount. Moreover, it is extremely convenient and easy to make transactions. All you must go through is a two-step verification and no complex process. It is also extremely safe for you to not provide any identification of any sort.

Most online casinos will give you a bonus package once you make your first deposit. This welcoming gift can be transferred to your bank account easily by e-wallet. However, do not forget to read the conditions before you claim your rewards. There is a wagering requirement that you must meet before you can claim your welcoming bonus or any other kind of bonus as a matter of fact. It depends on both the kind of e-wallet you choose and, on the casino, and its conditions.

Having said this, we must come to a more intricate part of this discussion. There are several popular e-wallets you can use to make your online casino deposits and withdrawals. We have listed the best below for you to make the right pick.

8)      Ogone

Ogone has been a part of Ingenico since 2014.

The facts:

• Instant approvals through phone and mail payments
• Payment can be accepted through a mobile app or website
• Creates a smooth onlinecheckout experience

Ogone Website

Withdrawals

The good news for online players is that it is easy to withdraw winnings using the MiFinity platform. Users can simply select the wallet they wish to make the withdrawal from, and click the ‘withdraw’ option. Users can withdraw any available amount, and have the option to assign a reference to each transaction to clearly identify the transaction on their statement.

To date, MiFinity will only enable users to withdraw to the original deposit method, so this is something to keep in mind. Unlike deposits, withdrawals are not instantaneous, and are subject to the verification/approval processes of the casino.

All withdrawals are subject to fixed fees, rather than percentages. This means that gamers are not penalised for withdrawing big winnings. Withdrawal fees range from €1 for local bank transfer and EEA Visa to €1.75 for international Visa and EEA MasterCard, to a maximum €2 for international MasterCard.

10)  2Checkout

The option is perfect for businesses who want to accept mobile and online payments from buyers worldwide.

The facts:

• Fees are 4% + 30¢ for customers in the UK
• Reoccurring billing supported
• 8 payment types, 15 languages and 87 currencies supported

2Checkout Payment Gateways

Q9. What are live dealer games?

Live dealer games are games you play with human dealers instead of computers. They provide a very different experience from the regular casino games. Live dealer games feature real tables with human dealers, whereas all the gaming action is on your mobile or desktop.

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Top Online Casino Payment Providers

Whether you are planning to bet exclusively with one online betting site have decided to cast your net wider, you will always need a reliable deposit method to make sure that you can quickly and safely transfer sufficient funds to your casino account. Casino customers will tend to use the same deposit method when it comes to funding any of their online casino accounts as that is generally a simpler way to proceed.

This article will look at the leading payment providers and focus on the things that are important to a customer when it comes to making a deposit and withdrawal. This includes the available options with each operator, the minimum and maximum daily amounts, whether there is any fee attached to making a deposit / withdrawal, how long a customer can expect to receive withdrawn funds and how secure an operator’s payment process happens to be.

Skrill

It is among the most used online gambling payment methods. It is extremely easy to use and it is one of those accounts that an online gambler cannot do without.

Availability

MiFinity is widely available in most countries, with the exception of just 19 separate states. To date, users from Afghanistan, Belarus, Congo, Côte d’Ivoire, Cuba, Iran, Iraq, Liberia, Libyan Arab Jamahiriya, Myanmar, Nicaragua, North Korea, South Sudan, Sudan, the Syrian Arab Republic, Turkey, the United States, Yemen and Zimbabwe are prohibited and may have their accounts deactivated at any time.

MiFinity eWallets are available to access at any time, either using the Android or iOS apps, or via the web using the latest versions of Google Chrome, Mozilla Firefox, or Apple Safari. Inactive accounts will be automatically suspended after 12 months of non-use, with a €1 administration fee charged per month.

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We take pride in offering fast-paced live games brought to you in full HD video streaming quality so that you can enjoy crystal clear visuals from different angles while making your moves. And, thanks to our chatty and charismatic croupiers, your action will be spiced up as they deal for you in every round of play. What else could you ask for in a live dealer casino?