Best payment methods for your gambling site
Transactions are the most vital interaction between a gambler and an operator of an iGaming website. The payment system has to be user-oriented, while also being convenient for the online casino itself. There are many aspects that play a role here, so make sure to learn how to choose a payment gateway to make the perfect selection. To deliver a decent payment experience, the operator should know the most demanded payment options.
Payment Gateway and Its Role
A payment gateway is a system that is installed on an iGaming site to enable the users to make deposits and withdrawals. Managing the transactions is a complex procedure, so these systems are delivered by third-party companies like BetterBro, enabling the operator to focus on other aspects of the business. To gain deeper knowledge on the topic, feel free to read the dedicated article about payment gateways.
In order to set up payments on their platforms, online casino operators have to choose a payment solution, agree to its terms, and install them on the website. A good payment gateway for gambling websites should combine the following features:
- topnotch security;
- high payment processing speed;
- diverse set of payment options;
- customization for the specific platform.
Types of Banking Options for an iGaming Website
The players of modern gambling websites are expecting to have most of the issues sorted out for them. It is the industry standard for online casinos to offer a seamless and secure experience with financial operations, so the only factor that matters for the users is the range of accepted payment methods for gambling. For the business, it means it is necessary to include as many types of banking options as possible.
Credit and Debit Cards
Credit and debit cards are by far the most popular way of purchasing things online, and iGaming sites are not an exception. The players of any legal online casino are expecting it to accept these banking options for deposits and withdrawals, as it is also pretty much the industry standard today: the vast majority of iGaming sites already accept Visa, MasterCard, and Maestro cards for transactions.
As credit and debit cards are directly linked with the personal information of the cardholder, it is absolutely vital for the payment gateway to process these transactions securely. For the operator, the system should also be able to check deposits and withdrawals for fraud, since it is the most demanded way of performing a financial interaction with the casino.
Players who prefer not to entrust iGaming websites with their credit and debit card details usually opt-in for e-wallet payments. This is another extremely popular banking method that is vital for the casino to offer. The users will be expecting to be able to make deposits and withdrawals via their favorite e-wallets, as well as comfortable terms associated with these transactions.
The function of the payment gateway with e-wallet deposits is to redirect the user to the website of their e-wallet while also transferring the details of the transaction. Ideally, the only thing the player should do after configuring the transaction is to click on the approval button in their e-wallet, which is exactly how BetterBro does it.
Payments in cryptocurrency are a fairly new phenomenon, yet the demand for it seems to be growing in the online gambling industry. Players enjoy being able to use cryptocurrencies for deposits and withdrawals, as it allows them to bypass the limitations of regular payment methods.
Since the money transfers here are manual, there are two ways modern payment gateways handle crypto-transactions. They either have entire custom systems that go through every transfer and verifies it, or they connect to another service like Binance Pay, which does it for them and offers some exclusive benefits on top of that. The latter option is a fairly neat solution that is implemented by BetterBro and enables the players of online casinos perform deposits and withdrawals with a variety of cryptocurrencies.
Prepaid cards are the only method on this list that is not available with BetterBro, and there are several reasons behind it. Essentially, the system seemed promising when it was first introduced, and iGaming websites were quick to adapt it. Unfortunately, it did not become overwhelmingly popular among users, so payment gateways designed for modern casinos do not always support prepaid vouchers.
The reason prepaid vouchers did not become trending is simple: they have two significant drawbacks. First of all, the player has to visit an actual store, purchase a physical card, scratch it, and enter the numbers. Needless to say, the number of steps is larger than with all the other banking options. Secondly, the method is only available for deposits: the players cannot withdraw their winnings in prepaid cards.
The main advantage such vouchers offer to the players is the security of the transaction. Such a deposit does not bear any information of the customer, making it impossible to trace the person. Even though it is beneficial for the users, most of them trust the security of other banking methods enough and do not feel like they have to perform all these additional steps to be secure.