Payments Operators
New Forms of Alternative Payments Operators Must be Aware of

02 August 2019 / Blog

The past few years, the iGaming industry grew in popularity and had consistent growth. The technological innovations that drive the industry have also resulted with the development of various alternative payment methods, created to accommodate the ever-changing rules and regulation, as well as players’ needs. But one thing is constant through it all – operators must provide multiple and safe payment systems, including e-wallets, contactless payment, mobile payment, and even cryptocurrency.

The list of alternative payment methods constantly grows and evolves. And online gaming operators must be aware of the new trends and choose the ones that are most suitable and preferred by their clients. Here are the most prominent alternative payments in the iGaming industry, making for more secure and transparent relationships between players and iGaming merchants.

 

Cryptocurrencies

 

Even though online gaming and online casino platforms continuously upgrade their safety and security measures, many players still feel uncomfortable sharing personal information like debit and credit card numbers. That’s why, many of them prefer using cryptocurrency payments to play. Everything that both parties want, online gaming operators and players, is provided by cryptocurrencies based on Blockchain technology, like bitcoin, litecoin, and ethereum. Including identity theft protection, everyone access and use it, its decentralized, transparent, secure, cost-effective and recognition at the universal level. So it seems that the iGaming industry and cryptocurrencies are a match made in heaven.

 

Blockchain Technology and Tokenization

 

Another way players can make deposits and withdrawals without using personal information is by using of tokenization. Tokenization is the process of replacing sensitive data with unique identification numbers. And usually, these transactions happen over the blockchain technology. The tokenization payments which use Blockchain offer a high level of security, while remaining transparent, yet anonymous. This alternative payment method is very important for the iGaming industry because it gives players the confidence to log in and play. Ensuring them, they will stay safe, secure, protected and anonymous even in the case of a data breach.

 

Wearable Payment Tech

 

Wearable devices are slowly becoming the new standard. From simply tracking your vitals and results during physical activities, to receiving smartphone notifications or making calls. And now, they are slowly entering the payment industry.  Wearables, such as smartwatches, allow for making contactless payments, which adds a layer of convenience and security. Therefore, making wearables a real game-changer for players and online gambling providers.

 

Artificial Intelligence in Payment Processing

 

Another technological advancement that makes its way into the world of payments is artificial intelligence (AI). This tech already has a wide application in the gaming industry. More specifically in instant cross-platform payments, fraud analysis, customer payment risk, data protection and privacy, and more. The use of AI help operators and iGaming providers understand users’ issue, monitor and understand how players interact with games in different environments, and track their behavior. That way they can offer player games that are more suited to their preferences, making them want to play more. But, the use of AI in payments can also lead to enabling even more convenient payment methods that protect the safety and security of players and operators. AI can be a huge game-changer for the industry, in every way, and operators must keep their eyes on any further advancements and applications.  

 

Eliminating Credit Cars and Opting in for Alternative Payments

 

Most players are increasingly concerned about the safety and security of their personal information. As a result, many of them choose to use alternative payments that don’t require the direct use of debit or credit cards.

This preference pushes operators to look for other, better-suited alternatives that can accommodate the needs of the players. And with iGaming facilities spread across multiple geo-locations, it is important to identify the payment alternatives that are best fit for each region. Oftentimes, this means offering different solutions to different regions.

Hopefully, the new alternative payments such as cryptocurrencies and tokenization can help operators overcome such complications and provide a one-stop solution that can accommodate all their needs in one place. While at the same time, allow players from all over the world enjoy their favorite games without having to worry about currency acceptance or data safety.

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Why payment methods matter when gaming operators are expanding internationally
Why payment methods matter when gaming operators are expanding internationally

20 May 2019 / Blog

Traditionally, the growth and development of online payments were linked to developments in e-commerce. Maybe saying this would be too bold, but in five years from now the term ‘online payments’ may be obsolete. E-wallets and payment platforms become increasingly accessible from smartphones, and slowly starting to dominate offline payments too. While e-commerce still plays an important role in innovation in payments, in the past several years, online gaming and gambling are driving the innovation in online payments.

 

International Expansion of iGaming Operators and Software Providers

Global expansion used to be reserved for big companies. But iGaming operators and software providers have changed the rules of the game. Now, thanks to global payment technology it is very easy to expand to new markets quickly. A great testament to the power and reach of online gambling are the numerous eSports tournaments with prize pots of several millions of dollars, and stretching across all continents. The industry’s worldwide reach presents obvious and enticing opportunities for businesses, giving them access to millions of customers across the planet.

 

But in order to truly maximize the potential of international expansion, iGaming software providers and online gambling operators need to ensure they have the right payment methods for each region. And for that, they need to make the right partnership with payment processing companies. When choosing or diversifying payment options, iGaming operators need to make sure their payment provider(s) is able to meet their international needs. And there are few key services their payment provider should have, such as cross-border payments, accepting multiple currencies, etc.

 

Understanding Local Payment Needs and Possibilities

Usually, most online gaming and online gambling operators offer their services internationally. People from around the globe can open their website, create an account and play. But accepting payments in multiple currencies in order to reach international players is no longer enough. Every market and every region is different. Aside from having different currencies, different regions have their own payment needs, possibilities or preferences. In Europe, and parts of North America, players prefer to use debit and credit cards. While in Asia, digital wallets, such as NETELLER and Skrill, are the first choice of consumers and players driving the eCommerce growth. But digital wallets also have an audience among online gamers in Europe, along with online cash replacement systems.

 

That’s why when expanding to new markets, operators need to be aware of the local payment requirements, and partner with a provider that has in-depth knowledge of the region they are targeting and the technical capability to support their operation in those markets. Fortunately, there are several payment providers that recognize these needs and provides services in numerous markets around the world. They process credit card payments and offer alternative payment methods such as digital wallets and cash replacement systems.

 

Enabling Cross-Border Payments

If your online gaming platform is available to players overseas, it is imperative that your payment provider can enable secure and effective cross-border eCommerce. The best practice for online gaming operators is to team up with a provider that offers a broad range of global payment solutions with the scope to process payments in multiple currencies. Ideally, the payment provider should be able to process card and alternative payments in GBP, EUR and USD and as many additional currencies as possible. This will make it much easier for your business to operate overseas. Some providers also have specialist fraud and risk management tools that are helpful in taking the stress out of processing international payments, and ensuring all finances are safe.

 

Safeguarding Users from Problem Gambling

One key thing to keep in mind when deciding to grow your business is that with the rise of online gaming and gambling, is the industry’s duty to protect players from problem gambling. In fact, operators in the US and EU must take steps to identify risky behavior and stop users from gambling when it’s not permitted or before it turns into a problem. So when choosing a payment provider, online gambling operators should partner with one that is experienced and able to support them in safeguarding their users.

 

The world of iGaming and advancements in payment tech have influenced one another, driving growth in both fields. But with the ability to expand internationally comes the need to offer players stable and safe payment methods suitable to their needs and preferences. Partnering with the right payment service provider and integrating a comprehensive payment processing solution that can meet any specific customer payment need and preference can be the key to international success and staying ahead of the competition.

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Fast Deposits and Payouts in Betting Industry
Instant Payments – Fast Deposits and Payouts in Betting Industry

21 December 2018 / Blog

Today’s consumers are impatient. They want to stream movies and TV shows on demand and have their online orders delivered in less time than it takes to place them. In most industries, speed has become the deciding factor between being preferred and being ignored by customers.

The iGaming industry is no exception. Players expect to be able to play their favourite games as soon as the website or mobile app loads and cash out their winnings at the very moment they choose to stop playing. The ability to provide a fast, if not instant, deposit and payout solution is tipping the scales of power into the hands of the players, forcing iGaming operators to accept the trend and innovate or lose customers (and profit).

The Thrill of Winning

The number of players transitioning from land-based venues to online gaming platforms is continuously increasing because the second option provides them with improved convenience, flexibility, and ease. The question those players most commonly have is how to withdraw the winnings they have accrued while playing online. And of course, the payments and the ability to cash out earnings is one of the most critical aspects of online gaming.

Almost all iGaming operators offer a fantastic gaming experience, with sound and light effects, animations, and graphics. But it’s not the gaming experience that players or the operators are after. While in brick-and-mortar venues the players have a different winning experience where they can take their chips and cash out straight away, for online operators providing instant payouts is still one of the biggest challenges they face.

Even though the various new payment methods support instant deposits through payment cards and bank transfers, payouts still can’t be processed as fast. The payouts to debit and credit cards can sometimes take between one and five days, and bank wire transfers can take even longer up to ten days. Digital wallets can be faster, but still, take up to twenty-four hours.

The thrill of winning is what drives iGaming forward. For players, getting instant rewards and the chance to either play again or take their winnings off the platform is what builds trust and loyalty to specific gaming platforms. At the same time, this winning thrill translates into an eagerness to play more and spend more, thus gives operators an opportunity to win back the payouts they just made.

Giving Players What They Want

Providing players with exceptional gaming experience and optimal payment are the critical concerns of iGaming platforms. With payouts being the biggest concern, payment apps offer a solution that is beneficial to both sides.

When players use a payment app to fund their gaming account, first they deposit the money into the app via a bank transfer or a payment card. This way, the deposit a player makes is more reliable because the app verifies the transform between the gaming platform and player’s bank.

The app is directly integrated into the gaming operator’s platform, and funds can be moved in real-time. The funds then are transferred from the payment app into the player’s gaming account. From there, players can enjoy gaming, and when winnings are accredited to their account, they can move them instantly to their payment app or keep playing.

Adding a payment app as another payment method to a gaming platform can be vital for retaining players and attracting new ones. Moreover, it leads to higher deposit acceptance rates and provides a more convenient and faster way to reload funds to gaming accounts without the typical redirects. But most importantly, it enables instant payouts. And most players would rather pay a small fee and withdraw their winnings from the gaming platform into the payment app right away, than wait.

Rewarding Instant Deposits with Instant Payouts

Reputation is a crucial factor that among many things relies on brand image and customer service. Providing a seamless gaming experience and advanced payment solutions plays a considerable part in this equation.

The speed of processing payments and withdrawals is absolutely critical – if the withdrawal of winnings takes too long, the platform risks losing the players. While delays for payouts used to take a few days or even a week several years ago, now instant payments are the new norm. With numerous benefits for operators including boosting ROI on acquisition and reactivation, building loyalty thought instant withdrawals, and full KYC compliance, it is no wonder iGaming companies are accepting this new trend with arms wide open.

In combination with seamless gaming experience, the free and immediate access to the gaming platform and the instant payout possibility are the perfect recipes for keeping players satisfied. They are eager to use a platform in the long run and encouraged to deposit again, stay in the game longer and spend more.

 
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