With the market size of online casino worth billions, projected compound annual growth rate (CAGR) still growing and the demand to play at online casino accumulating actively, the need of having a reliable payment gateway system by online casino operators is vital; creating a convenience and peace of mind for players to perform funds deposits and withdrawals safely.
"A payment gateway system in online casino generally involves a third party vendor who acts as an intermediary that provides a solution connecting the online casino operator to its players to transact and complete the initiated fund transfer request, such as deposits and withdrawals."
As payment gateway system in online casino is often subjected to stricter regulatory controls and compliance standards due to the nature of business being categorized as high risk, the processing fees tend to be higher and very often being charge based on either a minimum fee or a fixed percentage over the transacted amount, whichever is higher.
Online casinos are constantly sourcing for cheaper, faster and reliable payment gateway solutions to serve its customers; striving to achieve the highest possible conversion rate and minimize failed transactions.
It is common to see good online casinos offer various types of deposit methods and the common methods are such as:
Local Bank Transfer
This is considered the fastest and easiest way of transacting and also the “must have” method, with both sides using the wire transfers from its local bank accounts; transferring the funds in local currency. For deposits, transfers can be made either manually or via online. If manual, player is required to upload the transaction slip as proof when initiating the deposit request at the “Deposit Submission” page for processing and release of game credits.
Credit Cards & Debit Cards
This refers to the use of credit cards or debit cards such as Visa, MasterCard or American Express; utilizing the balances available in those cards to initiate a payment or deposit request to the online casino. This method is a great convenience and suitable for those who are not able to perform a local bank transfer transaction.
e-Wallet
e-Wallet is another secured, fast and convenient method to transfer payments to online casino; with the use on the rise and becoming a trend. All involving parties; e-Wallet apps operator, payment gateway system providers and online casino operators emphasize strictly on security matters by utilizing the latest SSL encryption technologies at all times. This is to ensure the transition of data and funds are accomplished in a safe and sound manner. Transactions can be performed easily by just scanning QR codes. Besides, the display of all history transactions and remaining balances can be conveniently retrieved for easy reference and reconciliations. And most importantly, online casino operators are able to verify the deposits quicker and immediately reflect the same as valid credits or tokens for players to start the game.
Cryptocurrencies
Cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Being a peer-to-peer online payment technology that is highly secured, it has gain rapid popularity in recent years; aiming to be the future household practice on payments. With many online casino operators aim to be a trendsetter in the aspect of technology development, apart from the conventional payment methods, some operators already implemented alternative solutions to accept cryptocurrencies, such as USDT and Bitcoin.
In conclusion, players from difference countries tend to have difference preference on payment methods. Online casinos will usually opt for payment gateway solutions from multiple providers in order to cater to its vast players’ requirements.
"Some of the commonly used payment gateway solution that you can find in online casinos, especially in Asia countries are Help2Pay, TruePay, PayTrust, PayPal, Neteller, Skrill and many mores."
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