Experts of the Casino Market company will explain how the financial service affects the experience of users and their overall impression of the entertainment platform.
You will learn how to find and install modern billing methods that will drive Internet traffic and help to retain the most valuable customers.
About the Casino Payment System
This innovative cloud-based development provides fast and secure transfers for players, operators, and their B2B partners with whom a contract was signed.
Each transaction consists of 2 stages:
- sending banking data to a remote server to decide whether to accept or reject a payment;
- transfer of funds (from gamblers to project owners and the other way around).
Entertainment for money is considered a high-risk business due to chargebacks, as well as increased AML and FATF requirements. Besides, iGaming platforms need to protect themselves from possible fraudulent activities on the part of clients. It is almost impossible to do this without a reliable payment system.
An excellent choice would be to install a financial service that was designed for the casino niche. The software will take into account higher performance and security requirements, comply with KYC and AML policies, have a module for chargeback processing, and much more.
The solution must also comply with regional restrictions. For example, in some countries, it is prohibited to replenish accounts using credit cards. Similar practices exist in the United Kingdom, France, and other European jurisdictions.
Types of Casino Payment Systems
Depending on the functionality, there are 3 types of services for online gambling business:
- Redirected. At the time of transaction processing, the program sends customers to another resource. This is beneficial for iGaming sites because, in this case, operators do not have to worry about installation or maintenance of software. Hosted gateway applications provide an increased security level. This task also becomes the responsibility of the settlement method supplier. The integration is carried out via an application programming interface (API).
- Off-site money transfers. Players fill out bank details on the casino platform, after which the payment process takes place through a third-party company. Software installation is carried out via the API, but it includes changes to the portal’s program code and the addition of HTML5 fragments.
- Transactions through the website. They take place directly on the resource (there is no need to go to third-party platforms). The key advantage of such an approach is complete control of the financial system. Operators should take care of the integration of program components, as well as the provision of effective technical support and a high security level.
The last of the above-mentioned options is the best way to control everything and have a qualitative impact on the user experience. Entrepreneurs can design a payment page in a corporate style, add a time counter, set up additional cashback, and offer other bonuses that will make customers stay on their websites longer.
There is no third party involved in the installation of settlement methods. Therefore, it is first worth obtaining a PCI DSS compliance certificate and developing API documentation.
How to Choose a Financial Service to Retain Customers
A positive user experience depends on many factors, one of which is a properly selected gateway. Slow money transfers, outdated design of the interface window, or high commissions scare the audience away, and business owners lose their profit.
Let us consider the main nuances that affect the choice of payment system:
Analysis of the Target Audience
Studying the preferences of gamblers is the first step towards the connection of a reliable financial service. The key role here is played by the casino’s location and the availability of all licences and certificates of conformity that are necessary to work in a specific market.
Focusing on the European consumer means the selection of those options that are popular among the citizens of a specific country.
Companies should take a closer look at:
- Visa;
- Mastercard;
- PayPal;
- Neteller;
- Skrill, and other solutions.
In addition to international applications, it is worth installing the local software. For example, gamblers from Ukraine use LiqPay (the product belongs to the Privat corporation), while residents of Portugal prefer local bank applications (Banco Best, BancoBIC, and Novobanco).
Transfer Processing Speed
This is the key factor that forms the first impression of an online casino. If the money is quickly credited to the account, players will remain on the website and try their luck in popular digital slots. If there are any delays or difficulties, customers will be more cautious about using an iGaming platform.
Electronic wallets and blockchain transfers are characterised by increased request processing speed. The transaction takes only 2 or 3 minutes. Many services support instant payments, where funds are received within a few seconds.
One of the features of credit and debit cards, as well as bank transfers, is slower speeds compared to the eWallet option. However, in this field, top providers are doing everything to reduce the duration of all processes and support instant payments. For these purposes, Mastercard has already implemented the 1Tap Click function.
Operating Costs
This aspect is reflected in the size of commission fees. Some of the expenses fall on iGaming project owners by default, and others are paid by casino visitors.
Types of costs:
- Fixed. The most common example is €1 from each transaction. At first glance, this is not so much, but if players frequently make deposits or withdraw prizes, the amount will become quite impressive in just one day.
- Interest. It should not exceed 6%. The average value is usually 2.6%. For customers, this is relatively little. As for high rollers, they prefer financial services with a fixed commission only. Otherwise, the size of deductions may be rather big (for example, €100 per transfer).
The best way to retain the audience is to implement a commission-free payment mechanism. It will be appreciated by both beginners and regular online casino visitors. Thanks to such a tool, young iGaming startups that are taking their first steps in the market can attract targeted Internet traffic.
Security and Data Protection
Gambling is exposed to the risks of fraud and theft of confidential information more than other sectors of the economy. Therefore, the financial system must be reliable, resistant to cyberattacks, and include modern ways of making sure that personal information is safe.
The main tasks of the payment service’s risk management:
- adjustment of the anti-fraud module in accordance with industry requirements and market conditions;
- fight against misdemeanour;
- minimisation of chargebacks;
- financial claim processing;
- implementation of AML and FATF policies;
- setting limits and tracking the activity of gamblers.
A high-quality anti-fraud tool will block transactions with a geolocation that does not correspond to the location of the cardholder. This will protect the online casino from interactions with foreign Internet traffic and minimise punitive measures in the future.
High Level of Compliance
This demonstrates how operators adhere to industry standards of the gambling industry.
Modern users want the payment service to be legal and work within the framework of current legislation. This makes people feel safer. Players can be 100% sure that the iGaming platform will return their funds in case of global technical failures and other force majeure situations.
To attract and retain the audience, business owners need to place the following certificates on their websites:
- PCI DSS. This is the payment card security standard. It is widely used in the financial and banking industries, retail, and other areas associated with a huge turnover of money.
- GDPR. This is a European regulation on the protection of user data. It determines the procedure for collecting and storing personal information that casinos request during KYC procedures. Digital portals are required to verify players every time they enter the site and try to withdraw prizes.
Cryptocurrency Payments
Today, more and more people prefer blockchain transactions. They are based on decentralised applications and do not depend on the policies of a particular jurisdiction. Adding such a settlement method to your gambling platform is a great way to attract and retain customers.
The payment scheme, in this case, is extremely simple. Users deposit digital assets (coins or tokens) into crypto wallets linked to their accounts. After that, portals instantly transfer money, and players can place bets and spin the reels in their favourite slots.
Cryptocurrencies operate in decentralised blockchain networks. They pass through secure peer-to-peer protocols and are recorded in public registries. All information is placed in the open domain, but it is theoretically impossible to change or falsify it.
Key advantages of this type of settlement method:
- High speed of transactions. The system offers instant deposition and withdrawal of funds. The transfer time takes a split second and does not require additional approvals.
- Increased privacy. The encryption protocols on which the blockchain is based are responsible for the highest security. When making Bitcoin transfers, the system uses the SHA-256 order, and when using Ethereum, the Scrypt type is applied.
- Minimum commissions. Transactions are carried out directly between crypto wallets, bypassing financial intermediaries. This ensures low fees. Sometimes, there are none of them at all.
- The absence of limits. This fact attracts both high rollers and beginners who prefer to place small bets.
- Global availability. Gamblers from different parts of the globe replenish their accounts or withdraw cryptocurrency.
Transparent regulation is another reason to install a gateway that accepts virtual tokens. Currently, the world’s leading gambling commissions have either already allowed blockchain operations or are about to legalise them.
The most successful example is the well-thought-out policy of the Isle of Man. Back in 2015, the jurisdiction included crypto payments in the anti-money laundering law. In 2 years, the government allowed the deposition and withdrawal of funds in digital assets.
In 2019, the local Commission opened the Isle of Man Blockchain Office and Sandbox. The department provides support for the blockchain sector, develops regulatory rules, and attracts foreign investment.
The country has adopted a procedure for voluntary licensing of B2B software vendors. The service can also be used by manufacturers of cryptocurrency gateways.
This type of payment is considered legal in Malta, Curacao, the United Kingdom, and many other regions.
Common Mistakes When Selecting a Financial System
Let us consider the main missteps that negatively affect the user experience and customer retention indicators:
- Focus on the lowest tariff rates. The reduction of transaction processing costs is one of the criteria for choosing a payment system. Implementation of the cheapest settlement method can be detrimental to the gambling business. Therefore, it is important to maintain a balance between expenses and the quality of program components.
- Inconvenient payment options. Online casinos must support both international services (Visa and Mastercard) and local solutions. There is no point in concentrating on just one thing. It is worth offering as many financial services as possible and providing gamblers with wide opportunities.
- Lack of proper security. Each transfer must be protected against any type of fraud. These are offences associated with payment details, unauthorised chargebacks, theft of personal data, and other violations that business owners and their clients face.
A casino platform should include step-by-step instructions. They will help beginners who are just taking their first steps in the field of entertainment for money. In any unclear situation, people need to be able to contact technical support.
It is always good when communication with customers takes place through different channels:
- e-mail;
- Telegram;
- voice call;
- chatbot on the website’s main page.
The Main Things about Choosing the Best Casino Payment System
Fast and secure transfers affect user experience and audience retention indicators.
Key features of the selection of high-quality settlement methods:
- Entrepreneurs can connect a redirected financial gateway or provide off-site transactions. Another popular option is to allow clients to carry out operations directly through the platform. In this case, businessmen receive maximum control over transactions, which has a positive effect on the users’ formed opinions.
- The choice of payment system is influenced by many factors. These are the requests and preferences of the target audience, the company’s location, the speed of transaction processing, and the volume of costs. Security, protection of confidential data, and the availability of quality certificates also play an important role.
- Installation of the cryptocurrency gateway improves the customer experience and helps expand the target audience. Blockchain transfers are characterised by minimal commissions, high speed, increased privacy, and accessibility.
The Casino Market studio is your reliable business partner in the gambling market. From us, it is possible to buy a turnkey platform, a White Label project, reliable software, and other solutions.
We also offer the following useful services:
- development of HTML5 slots;
- business plan writing;
- gaming site promotion;
- integration of products from top providers, and much more.
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