What Are the Best Gambling Payment Processors?
Imagine you have an online gambling merchant account and VIP customers, but you don’t know which payment processor to use. It’s going to be bad for the business, right?
It’s important because gambling businesses need effective and safe casino payment software. While most of them are still relying on credit cards, it can lead to unauthorized gambling transactions. For this reason, it’s important to choose premium and safe payment gateways for online casinos as they impact the security of your clients.
So, with this article, we are sharing what payment processors are and which online gambling payment processing solutions you can use!
What is a Gambling Payment Processor?
The payment processors are the same as payment gateways. Whenever a client pays for online gaming or requests the pay out of their winning, online casinos use a specific method to make these payments or transactions. So, this is what payment processors are – they are a connection between customers and gambling merchants.
The payment gateways are suitable for handling withdrawals as well as deposits. There is a high-tech solution that helps authorize the players and complete the transactions. In addition, it checks the legitimacy of the transactions or gambling payments, so there is protection from fraud.
A payment processor can help complete transactions of different types. For instance, it can take payments if you sell merchandise. However, it’s important to have different types of payment gateways because gambling players have preferences about the payment gateways.
The Best Payment Processors for Gambling Businesses
Now that you’ve set up the gambling business online, it’s evident that you’ve chosen the right payment gateway for gambling. This is because it will not only secure the transactions but keep you away from regulatory issues as well. In addition, you will be able to cope with the high volume turnover. So here, we are sharing a list of top gaming payment solutions that you can trust!
- Ikajo
This processor is designed to support the majority of payment cards and digital banks. To be precise, it supports 150 currencies and over 100 payment methods. There are various types of accounts available so that you can choose according to your merchant requirements. The primary purpose is to accept or decline the payment processors.
However, it also offers pay outs, recurring payments, and subscriptions. What we love about this software is that it conducts in-depth checks on every payment. This is because they have hundreds of parameters available. They have gained a competitive edge by integrating HPP for small and medium-scale businesses.
Ikajo was designed and launched with a focus on top-notch security. This is why there are multiple chargeback and fraud prevention systems. The payment processor is also affordable to use, so multiple gambling companies can use it according to their income. For the most part, the payment starts at 1.2%, but you can get an accurate number by talking to the company. - ReactivePay
If your platform is involved in a high-risk industry, like online gambling, you should be very careful when choosing a payment processing company. Since this is an inherently unstable industry, many companies in it have trouble working with payment processors, as we’ve already established. But if you employ a solution that gets rid of problems like these, you can avoid it. Among these options, ReactivePay stands out.
For every type of financial service, you can turn to ReactivePay, an online payment gateway. Its features include an easy-to-use API for banking and money transfers, know-your-customer checks, protection against fraud, tracking of payments, analytics, and bulk pay outs. The best thing about this payment processor is that it processes multiple currencies at once.
It can help reimburse the bills. The API framework is advanced enough to detect fraud. On top of everything, their customer service is exceptional, so your queries will be answered. In addition, you get multiple options to make payments, such as PayPal and UnionPay. - PaySpace
It is one of the most powerful payment processors out there. This processor has helped companies enhance payment and transaction performance, which helped increase sales volume. They make sure the customer experience is seamless and smooth as they optimize the payments. They have used advanced technology, which helps meet the needs of the companies.
Irrespective of how huge or small your gambling business is, you can choose this company. Also, the processing charges are pretty affordable as they start from 1.2% only. - Skrill
An online wallet and payment processor, Skrill is well-known in its field. Its low costs and lightning-fast processing times have made it famous, especially for deposits. Since it is extensively used in the online gambling sector, many prospective customers may find it rather attractive if they have experience using it on other websites.
It is also acknowledged by several major financial service providers and worldwide legal systems. Skrill comes with a lot of pay-as-you-go deals, so it’s pretty easy to use. You can initiate payments through saved cards, invoices, and smartphones, making it a convenient choice. Also, it can process different currencies at one time. - PayKings
As a gambling business owner, you need to be extremely selective to ensure your financial operations don’t struggle. For all such people, we recommend using PayKings. According to the company, they process and complete the process within six hours, which is the best deal. Once the transaction is approved, the merchants get a lot of payment integration options to choose from.
It can be used for managing global funds. In addition, there are cash discounts. Topping it all, PayKings has launched a surcharge fee program, and it’s extremely easy to set up. - Authorize.net
Businesses that deal with high-risk customers may be interested in this payment gateway since it allows them to take contactless payments and cheques online. Authorize.net’s software has advanced fraud detection and prevention features, which further enhance the security of the service. The best thing about this processor is that it protects the client’s information, so there are no frauds.
In addition, storage of client information helps with recurring payments. It can be used to reimburse the bills. There are various payment gateways available, so you can opt for payment methods that align with your clients’ needs. On top of everything, the customer service is exceptional. - Payment Cloud
This company has coined its name by offering secure payment processing for different businesses. They have a quick approval process. For instance, there are anti-fraud tools to offer protection from malicious transactions. In addition, there are multiple payment connectors available for integrating different payments.
Their approval time is around 48 hours, and the monthly charges range from $25 to $30. They have partnered up with around ten banks. In addition, the merchants get access to virtual terminals, POS systems, and EMV terminals. Truth be told, their charges are pretty high because it’s a premium option. For this reason, we recommend Payment Cloud for people who have high volume sales. - SMB Global
You can trust SMB Global with your online casino because it serves both regular businesses and those with a higher risk tolerance. This payment gateway provider is happy to collaborate with online gaming businesses all around the globe and tailors its offerings to meet the specific demands of each client.
According to their reviews, they have excellent customer service, and it’s the most important point. In addition to payment processing, they offer credit card terminals as well. Not to forget, there are business loans available, so you can get funds if your business is struggling and needs funds to back up! - EPD
It is the short form for Easy Pay Direct, and they are offering full-service accounts to the merchants. In fact, even the high-risk merchants can opt for it. The only thing you’ve to remember is that there is a one-time setup cost of $99, but it’s not a problem for high-risk merchants. There is load balancing, so you can spread your transactions in different accounts.
It’s a reliable feature for casino or gambling merchants who need integration with one payment gateway. There are no risks of losing the account because they offer multiple alternatives. On top of everything, it reduces the chances of chargeback because the payments are processed smoothly.
Factors to Consider While Choosing the Gambling Payment Processors
The payment processor you implement will have a direct influence on client satisfaction. In addition, your brand management reputation will be at stake. While you’ve already compared different payment processors, it’s important to consider a few points while making the final choice. In this section, we are sharing the factors to consider!
- Safety Measures
Customers’ private information, such as bank account numbers, will be accessible to the payment solution, which will also manage the parties’ financial transactions. In order to ensure the safety of this sensitive data, payment providers must use improved security measures. The likelihood of customers demanding chargebacks, which can result in financial loss for casino merchants, decreases with top-notch protection.
Check for things like PCI compliance and see if they have any history of fraud or money laundering difficulties. In addition to preventing clients from attempting to steal you by, for example, gambling online with stolen credit card details, quality gateway solutions will also identify fraudulent transactions. - Compatibility
In an ideal world, the payment processor would work with every possible device, browser, and platform. If it doesn’t, some customers might not be able to use it. Be sure the technology works on desktop computers as well as smartphones by testing it on a variety of devices.
Make sure the payment processor you choose is compatible with your target audience’s chosen devices and platforms. For this purpose, you can research the preferences of your target audience. - Transaction Charges
No matter what payment option you use, there will be fees associated with using that system. The charge might be a fixed amount or a proportion of the total value of the transaction. The client’s chosen method of payment and currency may also play a role in determining the final amount.
Finding affordable payment processors is crucial since customers may be turned off by large transaction fees. In addition, they might end up looking for alternative online gaming sites with better gateways. - Reputation
Your company’s credibility will take a hit if the gateway solution has a history of fraud. To be precise, it will turn off potential clients, affiliates, and casino networks. Therefore, choose only those you have complete faith in. Read reviews or inquire around on internet forums to see how other high-risk merchants feel about their reliability, customer service, and performance. - Usage
How a payment is processed depends on the payment gateway solution. Customers like a simple, quick, and straightforward approach that doesn’t make them tired. As an example, if a third party’s payment dashboard can automatically return to your platform when a transaction is finished, it will save the user several clicks.
The time it takes for funds to show up in an account is also affected by the gateway solution. Quick processing is something that customers will greatly like because it allows them to access their wins more immediately. So, make sure you test the payment processors first! - Customer Support
Quick assistance is required in case there is an emergency. If you want to check the quality of customer support, the best option is to read the reviews customers have left behind. In addition, you can impersonate some clients to see how customer support responds to your problems.
Investigate different mediums of customer support as well as their availability. Gamers use their favorite platforms whenever they like. Thus, it’s ideal if customer service is available 24/7. Also, getting a response to an email takes too long. Instead, it would be better if you use the phone number or live chat.
The Bottom Line
In conclusion, the gambling payment processors are pretty hard to choose from. That’s because you’ve to think about ease of use, the technology they use, and security standards. We have shared some of the best payment processors out there, so do your own research!