Online casino has already developed into a lucrative industry that spans the entire world in addition to being entertaining. The predicted value of the worldwide online gambling market for 2021 is $72.02 billion, and by 2025, it is expected to expand by 11%.
The key forces behind the industry’s expansion are the Globalization of technology and growing urbanization. Additionally, legislation to legalize the gaming industry is being developed in an increasing number of nations.
Users can engage in lawful gaming without worrying that their accounts and any funds will be frozen. The user experience for gamers is enhanced at the same time as entrepreneurs have additional options to grow their businesses. Gambling is still seen as a high-risk industry, thus dealing with money needs to be done properly.
Selecting a payment gateway for online gaming is one of the important choices a merchant must make. In this post, we’ll look at the key issues that gaming merchants deal with and familiarize themselves with the casino payment gateway selection criteria.
Problems that casino businesses frequently face
Safeguarding of personal data-
Security is given a lot of thought in online casinos. Any business’s main concern is to ensure the security of client data. Only during the pandemic period did the number of casino industry frauds rise by 55%. Therefore, you should consider how secure the system is from scammers when selecting a payment gateway.
Many nations view casinos as a high-risk industry. It implies that such businesses encounter challenges while attempting to withdraw money from a bank account. Many payment gateways also impose limitations on the size of withdrawals.
Each business area has a maximum chargeback level, after which the corporation is subject to extra regulations or restrictions. Chargeback’s frequently resulted from fraudulent transactions, thus the payment gateway should offer the highest level of protection.
Online casino businesses must work with a gateway that is familiar with their particular requirements since they must follow safety guidelines, prevent minors from gambling, and uphold responsible gaming.
Why are e-wallets used?
People would not use e-wallets unless they saw tangible benefits for themselves. Let’s look at some of the advantages of using e-wallets:
They are extremely useful-
It is most likely the primary reason why millions of people worldwide prefer this method of payment. Consider this: why carry around a wallet that literally tears here a significant amount of money and cards, and which you can always lose along with that money when you can pay for any goods and services much easier and faster with an e-wallet? Even if you have a habit of leaving your wallet at home, all you need is your smartphone to make a payment without worrying about anything.
Many sceptics claim that e-wallets are simple to hack. It has absolutely nothing to do with the truth. If the user does not give anyone his password or device for making e-wallet payments and does not violate other security rules, the e-wallet will be one of the safest ways to pay.
You will not have to divert your attention from your regular duties. You certainly do a lot with your smartphone. That is precisely the smartphone required to make electronic money payments. You won’t be distracted by other activities this way.
The rise in popularity of electronic wallets affects casino payments
The popularity of electronic wallets has increased by 71 billion dollars. It represents the number of electronic payments processed in 2020. Of course, paying with digital wallets has previously been popular. Nonetheless, such amazing figures were only attained in 2020, when many businesses went online and began accepting payments from customers remotely.
People were simply forced to remain at home, but their basic needs were not met. They still wanted to eat, buy clothes, buy various goods, and use services, and they chose to pay with e-wallets.
The topic of covid-19 appears to be slowly drifting away from the mainstream today, in 2021. People went to work, and public gatherings were permitted. One would think that the volume of e-wallet payments would now fall to the 2019 level, but that is not the case. Many credible experts predict that the volume of digital payments will increase by 12-15 per cent per year until 2025. On the one hand, people can still pay for goods in cash, but only during the pandemic were they able to appreciate the convenience, dependability, and security of electronic wallets to the point where they no longer consider another payment option.
Criteria for picking a casino payment gateway
Which payment gateway is best for casinos? This is a question that we have developed a list of essential criteria to assist you to answer.
The first thing a payment gateway should offer is customer protection. Artificial intelligence and machine learning are the foundation of the most sophisticated fraud detection and prevention techniques. This allows for the timely detection and blocking of fraudulent transactions as well as the future prevention of such transactions;
Any user must be able to pay using a practical manner from any location in the world. The better the payment gateway, the more payment options it offers;
The percentage of transactions that are successful in all of the attempts is known as transaction throughput. The higher this indicator; the more trustworthy the payment gateway. The system needs to offer customers, both domestic and foreign, a variety of convenient payment alternatives;
The gateway provider is required to offer knowledgeable technical support to address all client inquiries and assist in resolving any disputes.
How can I comply with PCI DSS?
Does your business offer a fantastic product or in-demand services? Your website is attractive and encourages visitors to add things to their shopping carts, right? Along with offering a big selection of payment options, what level of security have you ensured for your customers? You can assume that you have nothing in this situation.
Are you familiar with PCI DSS compliance? When a business is PCI DSS compliant, it can offer all of its consumers the highest level of security when using credit or debit cards to make purchases.
This article will discuss the significance of compliance with this security standard as well as the steps necessary to do so.
What will happen if my Online Casino Payment Gateway is not complying with PCI DSS?
As you may already be aware, all businesses that take credit card payments must be PCI DSS level 1 compliant. This collection of guidelines was developed by the two major payment systems, MasterCard and Visa, as well as other well-known businesses Discover, American Express, and JCB. It is not a set of legislative requirements. These businesses created the 200 extra standards as well as the 12 most crucial security requirements.
What occurs then if you break these rules? Because your clients won’t be safeguarded in this situation, your business will most definitely not benefit from it. Your reputation would suffer more than anything else, not to mention the responsibility you would face if someone managed to get into your website and access client data.
Your clients will feel secure about the security of their credit card payments if you adhere to this guideline. And whatever challenges you encounter while working toward compliance will be a tiny price to pay for the opportunity.
Why choose PayCly for getting a Payment Gateway for Online Casino?
PayCly is a complete online banking platform that provides a full range of payment options for both private persons and businesses, rather than only acting as a payment gateway.
If you need a universal payment solution, PayCly is the way to go. The company operates as an internet banking service, providing a wide range of solutions such as e-wallets, credit card processing services, and so on. PayCly collaborates with you to offer a wide range of payment methods (over 300) to cover all potential clients worldwide.
A full-featured payment gateway, merchant account, support for international acquisition, and other services are also available to your company.
North America and Europe have a maximum number of casinos established as there is more cultural liberty and strict rules against going to casinos. Thus the demand for Casino Payment Gateway is higher and offers higher operational efficiency and customer retention.
A casino payment gateway is highly responsible for managing the entire transaction process, security of sensitive data, and settlement. A merchant with a casino business can highly take advantage of the payment gateway system and increase efficiency and business revenue.
Apart from that, it can be highly beneficial from a security perspective. Get a Casino Payment Gateway for your business and enjoy the relentless payment transaction for your business.