Interesting World of Payment Processing in the Gambling Industry

Although some people gamble for fun, gambling is mostly about money. If you are an online gambling fan, have you ever thought of the online gambling payment processing? If you have, here’s the information you’ll find interesting.

What do Gambling Merchants Expect?

Gambling games can be divided into the ones that need pure luck and the ones that need luck and skills. But merchants behind all of them have one thing in common – they expect the same things from a PSP (payment service provider). They prefer something like iPayTotal that offers dedicated support from a team with decades of experience in payment processing for online gaming. Their international network of banks/partners who are experts in online gaming merchant accounts and payment processing systems, provide you access to the most competitive rates and ensures you have resiliency in the business, operating across many different acquiring banks that can all be placed on their gateway without the need for individual integrations, saving time and money in online gaming merchant account setup. They can also help to reduce your foreign exchange exposure to further improve your profitability. They meet the following expectations.

Pay Ins and Payouts

As gamblers pay money to be able to play as well as win various amounts in cash, merchants wish to have smooth pay ins and consistent payouts. A provider like iPayTotal provides both merchants as well as gamblers with these and so, gets an advantage over the competitors.

Different Payment Methods

Merchants also want a range of payment methods due to the huge cash volumes involved in the gambling industry. Thus payment methods suitable to bigger as well as smaller transactions should be offered by the provider.

Local Payment Methods

Because gambling is an international business, it’s important for merchants to be capable of accepting payments in the local currencies with the help of local payment methods to keep clientele happy. So, PSPs should make sure they consider local payment methods. This involves pay ins as well as payouts.

Prepaid Cards

Prepaid cards, particularly the reloadable ones, are one of the most important payment methods. New technologies allow gamblers even not to have a bank account to be able to pay for gambling and get money they win. Therefore it’s good for the PSP willing to step into the gambling payment processing market to provide these technologies.

Fraud Prevention System

Having a good fraud prevention system in place is also an important quality for a PSP since gambling has tainted reputation. This benefits all merchants and gamblers.

We hope that this information has thrown some light on the payment processing in the gambling industry and will help you choose the right sources. Happy gambling!