When you launch your online casino or betting site, one of the most important parts is figuring out how you will get paid. After all, without revenue, you cannot pay staff, expand, or settle your bills.
To provide the best and most reputable payment methods via your site, you will need to be fully licensed and compliant with the necessary requirements. Here are some of the options you have and why they are a great choice for your online gambling site.
Cryptocurrency is becoming one of the preferred payment options for gambling operators. While crypto has not yet reached mainstream adoption in other industries, it’s quite popular amongst gaming operators. Many third-party crypto payment apps have been launched in recent years, allowing direct transfers to a merchant with low fees. Cryptocurrency transfers are low-cost and almost instant.
Furthermore, they are secure as every transaction is recorded on the blockchain. This means they are immutable, cannot be reversed or edited, and provide a verifiable paper trail. Some players prefer cryptocurrency transfers because the payments don’t show up on bank or card statements.
eWallets are digital payment methods that typically take an app on a mobile phone or tablet. In recent years, they have become popular payment options for gambling operators.
The user would download a digital wallet, set it up, and then deposit into the app to make online purchases. Some eWallets also save card data which facilitates direct and secure card payments to a merchant.
eWallets use passwords, facial ID, fingerprints, and even iris scans to be secure. As an operator, you should exercise care in deciding which eWallets to accept. Go for those that are well known, licensed, established, and have a good reputation.
Prepaid cards are an excellent alternative for those that don’t want to use a credit or debit card. They come in a variety of values determined by the card issuer. For example, they could purchase a $50, $100, or $500 version. The cost is typically the value of the card, plus a small figure for the service. While the adoption rate of such cards is relatively low, some gambling operators are using this method.
Again, they allow users to enjoy anonymity in terms of bank statements. Furthermore, they are secure because if someone gains access to the card, they can only use the amount on it rather than the entire balance.
Credit or debit card
Credit and debit card transactions are the most common payment options for gaming operators. During a card payment, the customer taps their name, address, card number, expiry date, and three-digit security code.
There are usually fees for this kind of transaction, dependent on the card issuer and the site. Credit cards offer protection against fraud, but there are still risks associated with data theft or unauthorized card use.
Reputable sites offer SSL encryption which adds a layer of protection to the transaction. Others require biometric confirmation and the submission of an ID document.
Otherwise known as a wire transfer or credit transfer, a bank transfer is a well-known payment option for gambling operators. This is where funds are transferred electronically from the player’s account to the account of the gaming operator.
The length of time the transfer takes and the costs incurred depend on the bank, the country in which player and operator are located, and the size of the transaction.
Contact Fast Offshore
For 23 plus years, we’ve been assisting online gambling operators. During this time, we’ve also amassed significant experience in payments. Fast Offshore provides the full-service package including company set up, payments services, compliance, and advice on which payment types are best for you. But don’t take our word for it, contact us here to find out more!
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