How to select payment systems? When choosing a payment system, you first need to determine which of them meet gambling industry standards. The fact is that payment systems face a lot of risks when working with casino accounts.
Other selection factors include:
- The option to use local payment methods;
- Bank cards processing for VISA, MasterCard, American Express, etc.;
- E-money payment support based on the user's geolocation;
- The option to accept subscription-based (recurring) payments;
- Fraud Prevention and Chargeback Responsibility Transfer System. Your payment operator must monitor for fraud and support 3-D security protocols;
- Easy integration with the most prominent gaming platforms. Most gambling sites use specialized software products. Ideally, they should implement payment operator's API.
One must also consider the company's regional features.
How to get a merchant account? Only an officially licensed casino can open a merchant account. You will need to go through the following steps:
- Create a website and integrate it with certified software;
- Choose a reliable bank and open a current account;
- Collect your document package (more on that below);
- Select an operator and apply for a merchant account;
- Agree on details, sign an agreement, and integrate payment tools into your website.
For the payment system to cooperate with your casino, the gambling project pages must contain the following information:
- Payment refund options with detailed conditions (reasons, terms, amounts);
- Document-matching company name and registration address;
- Mandatory policies that users have to agree to before using your service (Terms of Use, Privacy Policy, KYC/AML Policy, Refund Policy, separate or in the same document);
- Company headquarters contact details, customer support, and beneficiary information.
Payment System Connection Requirements Every payment system sets its own requirements for casinos. However, some positions are valid for all gambling clubs.
Documentation requirements:
- The company's legal name;
- Customer support e-mail and phone number;
- Registration date;
- Geographic area of operation;
- Company website;
- Number of users;
- Company scope;
- List of website-provided services;
- Sales volume;
- Average payment amount.
Newly formed companies should also be ready to provide:
- Business plan in English;
- Financial model;
- Company owner dossiers;
- Owner account statements and corporate accounts;
- Any other requested documents, such as industrial enterprise and bank recommendations, counterparties and partners lists indicating fund turnover, etc.
Offshore and low-tax jurisdiction or CIS country client companies are required to make a security deposit, i.e. "freeze" a certain amount of money on their account, which the processing will use should problems arise with the client's payments.
Payment System Connecting Process Payment systems can be integrated into a casino via API, allowing you to complete all processes as quickly and efficiently as possible. Ideally, the process will only take about 1 or 2 days. Thanks to this technology, you can connect the merchant's full functionality or set up payment buttons and forms. Payment systems most commonly used by gambling projectsMost online casinos prefer to use the following payment systems:
- Credit and debit cards;
- E-wallets;
- Mobile payments;
- Cryptocurrencies;
- Offline recharge methods, such as Western Union, MoneyGram, etc.
It is crucial that the system connected to your casino provide users with diverse payment option. To help you choose the right payment system, we have prepared the List of 64 Payment Aggregators for Gambling and the List of 103 Crypto Payment Aggregators of 2022. These datasets will help pick a most suitable gateway for your business.