One of the factors influencing the trust of the audience and the demand for a turnkey casino is the availability of high-quality and secure payment services. The more financial instruments are presented on the platform, the wider the market coverage and brand awareness.
The Functionality of Payment Systems
The digital financial service is a set of particular procedures based on a special technical ecosystem that ensures the transfer of funds from one participant to another. Basically, it is an intermediary responsible for sending money from buyer to seller and vice versa.
The first online payment was made in 1985. Three banks entered into a special internal transfer deal. The founders of the digital transaction industry have developed a special real-time transfer program — the RTGS protocol.
The prospects and functionality of the system were highly appreciated. By the beginning of the 21st century, the RTGS format began to be actively used in the services of more than 100 banks. Today, this operation mode is relevant for almost all financial institutions.
Payment Processing from a User Perspective
For gamblers, an electronic transfer looks like this:
opening a secure page with a list of payment options; the selection of a suitable service; entering payment data requested by the system; the confirmation of the transaction (if the action is not performed automatically); the amount of the replenishment is instantly displayed in the user’s account; the gambler receives a notification about the confirmation of the operation.
All processes are automated. They are in the area of the payment operator’s responsibility.
For a seller (the owner of a turnkey online casino or responsible persons), the functional part looks slightly different. As a rule, payment systems provide commercial clients with access to special personal accounts. Operators can:
track the history of transactions according to the specified parameters (for a separate period or from a specific user); establish limits on operations; convert funds into another currency; withdraw money to bank accounts and personal cards; customise notifications about completed transactions; set filters for automatic or manual processing of requests for withdrawal/refund.
The Criteria for Choosing Financial Services for the iGaming Field
The main argument in favour of selecting a specific payment system is the availability of special conditions and support for working in the gambling segment.
As a rule, casino merchant accounts are classified as High Risk due to the large volume of transactions performed and the significant level of fraud risk on the part of users (for example, payment for the operator's services with stolen cards).
| The main criteria for choosing payment systems for online casinos | |
| Support for bank card transfers | The service should provide convenient and secure work with the most popular banking products, for example:
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| Availability of regional payment methods | Having decided to buy an online casino with the prospect of entering the international market, an operator must ensure a secure environment for transactions performed using local payment instruments. For example, on the territory of the Russian Federation and the CIS countries, the most popular options are as follows:
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| Support for recurring payments | A recurring, or permanent, payment is an operation that is conducted by a user on an ongoing basis (based on the principle of monthly automatic payment of utility bills or mobile account replenishment). Setting up the option of automatic recurring transfers is a great way to monitor the audience’s activity constantly and provide loyal customers with a simplified payment scheme |
| Refund transfer responsibility program | The presence of a merchant account in a turnkey casino solution allows an operator to shift responsibility for committing fraudulent actions, cancelling and returning transactions to the service provider (financial agent). The list of main instruments for the protection and provision of financial guarantees include:
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| Simple and fast integration | The simplest and most convenient option is the connection of payment modules through the supplier's API agents. This solution will let you integrate a full set of financial instruments into a gambling platform during one procedure and add new products to the system's functionality in the future |
The Benefits of Working with Electronic Payment Services
Online payment systems are the most convenient, practical, and secure way to make purchases on the Internet, conduct transactions between your and some external accounts, receive or withdraw money to personal bank accounts and cards.
The benefits of working with digital services are as follows:
Speed of operations. Traditional bank transfers can take 3–5 days. At the same time, online payments are almost instantaneous. Security. Transaction protection is provided by the service provider. Various firewall protocols, data encryption programs, and other tools are used for this. Accessibility. Unlike the creation of bank accounts or cards, the user does not have to be present at the supplier's office. All manipulations with the system are performed online and do not require special skills. Market coverage. Modern payment services allow users to work with almost any fiat and digital currency. The program can be configured for accepting regional monetary units or working with international transfers.
The Specifics of Connecting Payment Merchant Accounts
Work with gambling payment systems has its unique characteristics. For example, it is not enough just to indicate the wallet numbers of different online systems on the website. Registration of a merchant account for a turnkey casino business is a specialized service available only for legal entities.
The Stages of Integrating a Payment System
Here is the scheme for selecting a supplier and connecting financial modules to a gaming site:
Online casino development and company registration. Before starting to work with financial services, an operator must launch a website with a well-developed structure, user accounts, and certified content. The selection of a bank. The start-up capital of the project must be stored in an offshore bank account or in the country where the project is planned to be launched (depending on the legal regulations in the selected region). Besides, all settlement accounts of the company must be serviced by a banking agent. Preparation of documents. The operator must provide the service provider with proof of ownership, passport details, bank statements for a certain period, etc. The list of papers may differ depending on the policy of the financial service. Applying for opening an account. After choosing a supplier and preparing a package of documents, the operator submits a request to the paying agent and agrees on the details of cooperation (available limits, the scope of legal guarantees, etc.). Contract signing and product integration. After the conclusion of the agreement, the provider company integrates a full set of tools necessary to ensure payments into the operator’s site (analytical services, personal settings filters, currency converters, etc.).
Website Preparation
The gaming platform must be adapted to the requirements of the supplier in advance to get approval for the integration.
It is obligatory to post such information on the site:
conditions for the return of payments with a detailed description of the reasons, terms, and limits (if this service is provided by the project’s administration); name, office address, and place of the company’s registration (the data must match the information indicated in the statutory documentation of the firm); a detailed description of the administrative policy (cookie and privacy policy, wagering requirements, anti-fraud programs, etc.); contact information (from the company's head office address to communication channels with the technical support department and services engaged in combating gambling addiction).
The Mandatory Conditions for Using Merchant Accounts
The creation of an online casino with built-in payment modules has some peculiarities. Any operations related to gambling activities are called unique transactions. These translations do not fall into the category of retail sales. There is a special classification for them — MCC.
Payment services presented on the gaming market are required to follow special procedures for working with bank cards:
The indication of geolocation data. Cardholders indicate the countries in which they are located at the time of transactions. The information is stored by the operator along with the user's deposit number, the amount of the transfer, and the date of its execution. The data must be saved for at least a year from the date of the operation and transmitted to the bank upon the first request. Web notifications. When choosing a payment method and making a deposit, a window with a risk warning should pop up in the user interface. The operator is obliged to notify the user about the unlawfulness of gambling in some regions and offer to check the transfer for compliance with legal regulations. Ban on sales. Merchant account users cannot distribute chips, game coins, or valuable denominations that can be used outside a particular slot machine site.
The Best Payment Tools for iGaming Projects in 2021
The creation of a turnkey project from the Casino Market studio will allow you to optimise your project in advance both for working with regional markets and international traffic.
We offer an extensive list of payment services:
Visa, Mastercard, Maestro
These cards are often used for online and offline transactions in Russia and the CIS countries.
The services are adapted for the Russian-speaking population. They imply working both with cash and digital finance.
The advantages of these systems:
user-friendly interface; high security guarantees; support for mobile clients; the possibility to customise regular payments; options for adjusting individual purchase limits; access to credit funds, etc.
Qiwi
This is one of the most recognisable online systems in the Russian internet segment. The list of the service’s advantages contains a wide variety of replenishment methods (including mobile payments) and a loyal pricing schedule.
The system has several versions of wallets with different limits and customer identification methods.
The only limitation is the impossibility of performing foreign exchange transactions. All actions within the program are carried out only in Russian rubles.
WebMoney
The program does not have the status of a payment system because special trademarks are used to perform transactions within the service.
Separate wallets are created for each currency. Transfer limits depend on the account status.
One of the unique features of this service is its high security standards. For example, to confirm the status of the wallet and increase the available volume of transactions, a user must provide his or her data (a passport copy, bank statements), and visit the company's office personally.
YooMoney
Until December 2020, the program was known as Yandex.Money. The product was purchased by Sberbank and completely modified.
Today, electronic wallets of the system can be linked to physical bank cards and used for online purchases with an improved tariff scale.
The program works with Russian rubles. At the same time, it is also possible to transfer money to foreign accounts. A built-in currency converter is provided for this purpose.
Neteller
This convenient and safe service has been widely used in the European market since 1999. The project was originally founded to work with the gambling sector. It supports over 20 currencies. Almost all foreign gambling projects willingly work with the payment system.
The product entered the Russian market in 2010.
Skrill
This is a very easy to use service. To send online payments, you only need an email address. Verification in the system is carried out automatically.
The product is designed to support most bank transfers. The company cooperates with WebMoney and Neteller. It is possible to work with cryptocurrency inside the system.
Most foreign gambling platforms accept payments from Skrill wallets.
The platform has an integrated automatic converter that exchanges any currencies into dollars.
Click2Pay
The project was founded in 2003 in Germany. Initially, it specialized in work with online casino software solutions.
Despite the absence of a Russian-language interface, the program is actively used by users from Ukraine, Russia, Kazakhstan, and other CIS regions.
The Main Things about Choosing Financial Services for Casinos
The payment program is a unique digital tool that ensures the execution of financial transactions between the seller and the buyer.
Online operations are several times more convenient and faster than bank transfers. As a rule, to register an e-wallet, you do not have to visit the company's representative office. In addition, digital platforms offer more deposit and withdrawal methods than banks. Besides, online payments are faster than banking operations. The payment system for turnkey casino software complies with specific legal standards. Financial transactions related to gambling activities are called unique. The payment module must comply with special rules for conducting such transactions. It is mandatory to register the country of the sender, notify customers about possible risks, and prevent the distribution of game coins and chips outside the establishment. It is necessary to choose payment instruments considering the region of services distribution. If you are planning to buy an online casino with a Russian-language interface, you should make a choice in favour of Maestro, WebMoney, and YooMoney. Visa, Mastercard, Neteller, Skrill, and others services are suitable for working with a foreign audience.
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