Cashless Payment Methods Conquer Retail Gambling Industry

26 april 2021
Land-based solutions, Management
Author: James Burton
Source:

The recent year has seen significant growth of cashless payment technology. It is gradually becoming a helping tool for operators in terms of efficiency. Casino Market specialists want to tell you how popular online payment methods have developed into useful instruments in retail settings.

Cashless payment system for the gambling industry

Operators of land-based and online environments can resort to the studio to order the integration of payment systems.

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Contact our support service and request a turnkey casino solution. It includes an elaboration of these and all other systems for the productive functioning of the gambling platform.

Advantages of Cashless Payments

The possibility to avoid dealing with fiat money can be new for some players and even operators. However, once all benefits are perceived, this method would become an integral part of the gambling process.

Cashless transactions for ground casinos and betting stores imply:

  • enhanced user experience due to instant transfers and withdrawals;
  • decreased cash-handling expenses;
  • mitigated risk of money-laundering activities;
  • automated KYC setting and improved effectiveness of operations;
  • the ability of players to monitor their gambling finances better.

The most common way to initiate a cashless transaction is through a QR code. A casino manager locates its images anywhere in the hall. The possibility to choose whether the QR code is static or unique to each machine increases the flexibility of the gambling process significantly.

The scenario of using the cashless payment method is straightforward for depositing and withdrawing similarly:

  1. A player converts his money into in-game credits via the QR code.
  2. During the games without dealers, the scanning images are located around the hall.
  3. If a player starts an activity with a croupier, he receives access to an individual QR-code, allowing him to replenish the balance instantly.
  4. All winnings are sent to the preconfigured account or the source where the deposit was made.
  5. A player can cash out the money upon the necessity directly at the gambling hall.

Such a process is convenient not only for casino visitors. Operators that integrate cashless payment methods closely cooperate with providers of such software. During transactions, a detailed KYC list of data is transferred to the system. It prevents money-laundering operations and verifying the player’s identity.

Automating KYC Recognition

Experienced providers of cashless transactions ensure a full bank-verified package of data that is a part of the deposit flow. This way, players do not have to interrupt their gambling process to confirm the identity (for preventing money-laundering operations).

The automated KYC procedure ensures:

  • complete verification of casino visitors before every deposit and withdrawal;
  • full control for clients over their gambling behaviour;
  • straightforward API calls with all the data;
  • 2-factor authentication through an official bank representative.

The opportunity to track players’ transactions enables responsible gambling principles in the ground industry. Online casinos can establish limits on deposits, gaming time, and message their clients about the suggested restrictions. The problem with cash transactions is that the gambling hall managers have no idea how much people wager.

Cashless payments make it possible to monitor all bets and deposits made. Moreover, players can ask to keep track of their expenses and warn about the self-exclusion registries. Such policy inspires a lot of casino clients and acts as a trust boost for newcomers.

Popular loyalty systems in the iGaming industry incentivise gamblers to return to such sites. Land-based casinos were unable to initiate such programs due to the absence of logs — players activity experience.

Cashless operations open the possibility to offer new bonuses for established punters. Moreover, if the casino manager has a representative site, he can combine reward distributions and further motivate for another return and deposit.

Enhancing Players’ Experience

Cashless payments and players’ experience

There are several reasons for people to avoid returning to gambling halls. Tedious paper checks, documentation fill out, queues to credit conversion are minor issues, but they leave a negative impression on visitor’s experience.

The main problems with cash-based transactions for players are:

  • an obligation to look after money or chips and the fear to lose physical credits;
  • the necessity for high-rollers in a lot of casinos to use only fiat money;
  • the inability of foreign visitors to enjoy the conversion rates common for gambling halls.

To enhance players’ experience, casino managers can integrate cashless transactions that will lead to:

  • immediate electronic withdrawals to the bank account;
  • increased playing limits, not dependent on card withdrawal restrictions;
  • no issues for foreign casino visitors due to minimal or a complete absence of commissions.

The Coronavirus pandemic made a lot of casino managers rethink their approach to operational plans. As a result, a lot of surveys were made, asking players about their gambling preferences. The outcome is explicit — 94% of all European respondents want their winnings immediately at their disposal. Moreover, 80% of all surveyed people would gamble more in case they had instant access to their withdrawals.

Cash-based transactions are hardly able to satisfy such demand. So casino managers should think of implementing innovative payment methods. Cashless transactions are an ideal resolution of this issue.

Increasing Non-Related Gambling Profit

Cash is expensive to handle. Typically, fiat money cost around 5–6% of total income to deal with. In the gambling industry, in particular, these costs include:

  • picking up cash;
  • emptying slots;
  • losing money.

By switching to digital payment methods, these expenses are eliminated. A casino manager can save around 2–3% of costs that are connected with handling. The rest 2–3% are fixed as long as the gambling hall still accepts fiat money.

Casinos are not recommended transforming into cashless facilities completely. Players require a gradual transition to feel the benefits of such a payment method. Eventually, depending on the flexibility in the operator’s cash-handling setup, digital transactions can decrease expenses on dealing with fiat money by 25–50%.

Reducing Administrators’ Workload

Even with the global digitalisation of the world, the gambling industry can not do without manual operations. Casinos still require maintenance in case of any malfunction or simple assistance for players.

By introducing cashless payment methods, operators of gambling halls and their subordinates receive an enormous boost in performance by cutting a lot of work.

Simplified aspects

Excluded tasks

Deposits and withdrawals

Casino managers no longer have to engage in manual entry of a lot of data, including IBAN or card numbers. New withdrawal scenarios eliminate the necessity of cage attendants

Reconciliation

Big withdrawals are now automatically agreed upon because of the presence of KYC variables. The money flow time is reduced due to quicker reconciliation

Customer service

Client-controlled transferring possibilities allow attendants to focus on visitor services. Faster acceptance of withdrawals increase player satisfaction and eliminate unnecessary support requests

The Main Things about Transition to Cashless Payments

Cashless payments in land-based casinos

Land-based casinos have already taken a lot from the iGaming industry. Starting with high-quality software and ending up with internet promotion methods — the two spheres are mutually beneficial. Now, the integration of digital payment methods can become a revolution in the retail gambling market, borrowing another brilliant online casino idea.

The key notions about cashless operations that ground hall managers should keep in mind:

  • enhanced user experience, mitigated risk of AML, automated KYC setting, players’ monitoring of their gambling expenses are the main advantages of cashless transactions;
  • immediate electronic withdrawals, increased playing limits, and no issues for foreign players motivate punters to visit gambling halls that have already integrated digital payments;
  • cash-handling issues have been reduced significantly in casinos that have started implementing electronic deposits and withdrawals, with up to 5% of profit preserved;
  • the simplification of several gambling-related operations by administration helped save a lot of time for casino employees, allowing them to devote more resources to the interaction with players.

Casino Market offers you to try its cashless payment systems and ensure visitor’s convenience. We provide exclusive White Label possibilities, Bitcoin-based platforms, the elaboration of a business plan for your gambling project.

Also, you can order our turnkey casino solutions if you are interested in starting a new business or expanding retain influence.

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Contact our customer support team for any inquiries about cooperation:

  • Skype: support.casinosupermarket
  • e-mail:manager@casino-market.com
  • the feedback form.
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James Burton The Casino Market partner, the owner of the gambling establishments’ network
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