What are Global Payment Systems?
Payment systems in online casinos mean not only banking systems but also various aggregators & gateways, which are used to implement payments in & out:
- Visa card (including Visa Union & Pay China) – allows making payments using almost all existing currencies of the world. It is widely popular in many casinos & has established itself as a highly secure system among players due to the instant speed of crediting & withdrawal of funds into & from major banks. The system, however, may introduce a number of significant restrictions on the withdrawal of funds from online casinos & charge a large fee in some markets.
- Cards Mastercard. It is a more popular option among players due to the lack of withdrawal & replenishment problems with cash & also because of its reliability & efficiency in transaction processing. The main disadvantage of the system is rather the high size of deducted fees.
- WebMoney wallet is one of the most popular payment systems in the CIS territory. The system is attractive to users not only with its high-speed payment processing but also with the presence of bonus programs. The only minus considered is fee deductions upon withdrawal (input) of funds (which is 0.8% of the transaction volume).
- Yandex.Money wallet is the most common system among casinos oriented at Russian-speaking players due to its interface & speedy payment processing. The advantages of the system include fast & easy registration, a user-friendly interface & security. The largest minus of such a system is that it works only with the Russian rouble as a currency.
- QIWI wallet is widespread in the former CIS countries due to simple registration of users & making payments without commission (within the system). Another advantage of the system is its high level of security. As a minus: the system may delay the processing of payments.
- Payeer wallet is a kind of intermediary between the player’s card & the Internet resources, including an online casino. The system is not so widespread in casinos with Russian-speaking players, focusing more on Western users. The advantages include the simplicity & convenience in use; prompt processing of payments & funds crediting. Such a system is widespread in foreign online casinos, so it may be a wise decision to install it in your casino that’s oriented at western players. The disadvantage of such a system for Russian-speaking players is that it does not have a Russian-language website. Thus, its usage is complicated in Russian-language-only online casinos.
Among the mass of players, the so-called international digital Merchant account is very popular today. This is an account of a particular casino, where an operator accepts payments for certain services from credit cards, bank accounts, e-wallets & other means of payment.
Casino merchant accounts have attached e-mails & operate online & offline, including POS terminals. These contribute to the immediate receipt of funds in a prompt time that is convenient for a player. The main advantages of using merchant accounts of casino payment systems are versatility & accessibility. Such an account is convenient for a player, too, as he or she does not need any effort to replenish their account in blockchain apps because they can do it directly on the casino website using a card, a bank account, or a blockchain account.
How do Global Payment Systems work?
To replenish an account in casino payment systems, it is enough to fill in the fields in a special online form, indicating details of one’s bank card, account, app, or e-wallet & a merchant account identifier, after which, one shall approve the transaction using a banking app, one-time password, or another verification procedure regular for them. The entire procedure is simple & quick.
Global Payment Systems have the following key parameters of their work:
- ease & simplicity of withdrawal of won funds & promptness of replenishment of casino accounts
- speed of processing payments in real time
- favorable terms of cooperation for both the casino & the player since the common goal for both is maximum profit & versatility
- credibility & degree of trust in the payment system may be increased if a player has already encountered this or that payment system prior to gambling in a specific online casino (for instance, they have paid utility bills or made purchases on the Internet with that system)
- localization of the payment system & its popularity implies the prevalence of a particular payment system among a certain target audience of a certain country.
The Benefits of Global Payment Systems
The main advantages of casino payment systems are as follows:
- opening an account for a client is prompt
- international financial operations are very swift, sometimes, taking just seconds or minutes at most
- it is feasible to make & receive foreign currency transactions
- automated cross-currency conversions for an attractive rate
- extended payment options, including currencies customisable
- diversified cash flows, which is great for customers & casino runners
- clients can carry out operations at any time of the day without reference to the working schedule of a banking institution
- there are no harsh requirements for documents accompanying financial operations.
The Risks of Global Payment Systems
Along with the advantages of global online casino payment systems, there are disadvantages, a.k.a. risks:
- some payment solution casino might be new to a customer, so they might be not familiar with it & do not want to make transactions in this system
- limited range of payment methods available within one country, especially if its currency is not very popular in the world or its payment legislation is not loose
- not so many services as banks usually provide: a casino with global payment systems is only about money in & money out of the account, so, just 2 kinds of feasible operations
- some online casino payment systems may impose additional supervisory requirements, extra limits for money in & out per unit of time & extra document verification
- not every payment solution casino is ready to guarantee that money is not going to be blocked or frozen in the future.
Merchant accounts: types
Today, such merchant accounts are available for players to be opened.
- Merchant account with a bank card database
This option has now become widely used by existing casinos, in which at the beginning of their activity there was only a bank account. Having managed to accumulate a customer base, they are now increasingly switching to merchant accounts thanks to their capabilities & benefits.
- Merchant account without a bank card database
This form is traditionally chosen for the start by beginners in the gambling business. It can rightly be called the most common. When opening a new casino without a bank card database & any significant customer base, the operations will take place in the process of registering customers on the casino website & making their first deposits. The operation scheme of such an account is a standard & provides for the entry of a bank account number or card number & the identifier of the merchant account.
How to open a merchant account & add to the casino payment systems
To open a merchant account, the operator will need to go through a banking verification:
- a verified legal entity only is able to open a bank account
- the next step is to create an official website with payment systems connected to the opened account & other services if applicable.
All channels related to financial transactions must be reliably reserved. If a company is thinking about how to connect all payment systems to the casino then the right decision is already there & we are ready to provide it with ease. We are ready to connect a company to all popular & modern systems to pay at the casino with any table types. The casino-running company only needs to register with our partners to process their financial transactions, replenish the deposit amount & start working.
There is no need to spend time & money on lawyers to open bank accounts, offshore companies, receive gambling licenses, pay for the services of integration to specialists of payment decisions, conclude agreements with banks, electronic wallets, etc. This type of work can be done with our assistance in a much shorter time than you’d do it on your own & with significant ease.
Conclusion
We have fulfilled all the necessary requirements of our processing partners’ activities & signed the necessary package of documents with everybody. Now, any partner (a company that runs an online casino) can become our franchisee. At the same time, we will provide an opportunity for them to be fully independent & conduct activities under their own brand, acting separately from us.
With our unique solution, a company will be able to receive payments from almost all countries except the United States, without a need to purchase one of the popular gaming activities licensed by Curacao.
