Gambling Payment Gateway Solutions: Everything You Should Know
In modern times there are quite a few types of gambling entertainment which allow the player to earn money if he takes the risk. But today we will talk not about the casino sites themselves but about the payment gateway for them. After all, the system in such places is set up in an atypical way. And it is the gateways that allow you to simplify the process of receiving and sending money. Let us immediately note that you can find more information about payment gateway for online gambling directly from the official Corefy site.
For secure online purchases, a special payment gateway is used. The service authorizes and processes transactions, working exclusively with companies that specialize in online gambling. The data is transmitted from the site or mobile app in the form of encryption to the buyer or payment processor. After that, a response comes (approval or rejection), which goes back to the seller’s site. This is quite a complex system, which directly affects your business’s success and profit speed.
What is a payment gateway?
Let’s begin with the most simple – what is it? This is the name of the system in online gambling that accepts money and generates payments from them. Depending on the player’s behavior on the site, the gateway will send money, either to the site’s account or to the user’s specified details. That is, the system looks really interesting and thoughtful. After all, it implies not only the implementation of the reception and payment of funds but also their accumulation in a single place, from where it becomes much easier to dispose of finances.
And most importantly, all funds go through rigid encryption, which does not give the slightest chance of financial leakage. In fact, this is the most important feature of a payment gateway that everyone is interested in. After all, gambling clubs are often subject to hacker attacks in order to take money from players and the site itself. To prevent this, it is very important to use a powerful protection system, which is what a gateway represents.
Why do you need it in the online gambling industry? Many people may ask why not use standard payment systems that install various online stores and other similar sites. Here the answer is quite simple – the specifics of gambling establishments. First, there is a problem with registering a trading account for online gambling, from which there are difficulties with the direct acceptance of money. There are also difficulties with the need to simultaneously receive and pay out funds and some related problems. In general, all these problems are solvable, and it is the gateway that allows you to fix them.
The main features of accepting money at online casinos
All online casinos in online gambling areas offer players to take a risk to break a more lucrative score. There is real money at stake. The same conditions are offered not only in gambling but also when participating in lotteries. This direction may be regarded by banks or payment service providers as high-risk.
The online gambling market sees an annual increase in funds. This field is regulated, which is reflected in the pace of its development. This is due to the fact that there are certain laws in every state. Observing them, the leaders of the online gambling sphere get an opportunity to reach a new level. Since this is a high-risk area, it is worth a competent approach to the selection of a payment solution or a gateway. It is better to understand in advance how useful it will be in fixing all sorts of problems. Otherwise, there is a chance that the service, on the contrary, will complicate the situation.
It is recommended to determine for yourself a set of necessary functions and find a solution that corresponds to them. The ideal payment gateway for online casinos should:
- be convenient and understandable for the users of the service;
- support different payment methods;
- make fast operations and accept payments;
- have a large geographical coverage of online gambling that meets the needs of the business;
- comply with safety standards of payment gateway and regulations;
- have an acceptable price for the service used.
A platform that functions with several services at once can be useful. There is no need to rush with the choice of a particular payment gateway solution for your business. It is best to study the market and analyze all proposals. Perhaps the choice will not be the most economical solution, but it will allow you to get rid of the worries that will complicate the development of your business at the start.
Any business can face obstacles, so you should be prepared for the fact that there may be difficulties in obtaining a merchant account, choosing a payment method, refunds, and other things. If the choice of a payment gateway is approached competently, it can be completely eliminated in the near future. If you need payment gateway gambling, look at the innovative solutions from Corefy.
Different types of gambling gateway
A modern payment gateway is a set of software and financial tools for automating online transactions. Simply put, the purchase form where the customer enters his card data is the visible part of the payment gateway. Thanks to this, the customer’s card data is securely transmitted to the bank to process the transaction. Gateways can be stand-alone or integrated into payment systems. Most often when the phrase payment gateway is mentioned, it is the system that is intended. Such a gateway contains three types, with their own operating principles and features. They include redirection (redirect), off-site and on-site payments. Let’s consider them in detail.
Redirect
From the name of this type (sometimes also called a hosted gateway), it is clear that you will be redirected somewhere else when processing financial transaction. For casinos, this is advantageous because you do not have to worry about the integration and maintenance processes of the gateway.
For example, a player has created a new account at your online casino and started the deposit process. After clicking on the “Deposit” button, the player is redirected to the website of the host or service provider. On this separate page, the player must enter payment details before returning to the online casino site. What are the main benefits of this online casino solution? Simplicity and security. Plus, you don’t have to think about settings because the host takes care of that task and other related headaches.
Off-site payments
This is closely related to the type mentioned above. The only difference is in the transfer process. Casino players must fill out their bank details on the casino’s website. However, the payment process takes place through a third-party provider. What are the main advantages? Basically the same as the previous option. The operator still doesn’t affect the user’s experience, but there are fewer problems with the payment gateway, too.
Payment through a website
This is a completely different type, and it’s perfect for those who want to be in control. If a casino organizer wants to have a host to process any financial transaction, then having your own solution is a must as well. This type is often used by big brands that can afford expensive integration. Keep in mind that all of the payment service responsibilities will fall on the company’s shoulders. The first and foremost benefit of using this type is the ability to control everything. On the other hand, there is an increased level of responsibility with this extensive control.
How to choose a getaway for online gambling and not regret it?
When you choose the most suitable payment gateway for your business, there are many aspects to consider. Sometimes the decision to online gambling can be quite difficult to make. We suggest focusing on several important factors. The main features of quality payment gateway and financial software:
- High level of security. The optimal solution is when casino software for online gambling contains built-in antifraud modules. They instantly assess the level of protection of Internet transactions. The system blocks suspicious transfers or sends them for additional verification.
- Easy installation. The best payment solution in casinos should take minimum time and not change the source code of the gambling project.
- Instant transactions. A good financial provider provides high-speed transaction processing. A well-thought-out system also includes the generation of reports.
- Multicurrency. Modern services support different currencies: dollars, euros, pounds, etc. Products with settlements in both fiat and digital currencies are an excellent choice.
- Wide range of settings. A sophisticated system supports cashback options and allows for the management of regular, automatic transfers.
There are a huge number of services on the Internet that provide open data on payment gateway intermediaries for gambling sites. These are publicly available facts, reviews, financial monitoring data, and reviews. The information in the online gambling field will help to assess the advantages and risks of cooperation with a particular provider, its reputation, and the availability of relevant solutions for a particular type of business. If you are looking for the most reliable payment gateway for gambling, then go to the official website Corefy.