The payment solutions market for iGaming is steadily growing as the gambling market itself grows. In this GBC Time article, we have selected several underrated payment systems for gambling sites, considering all the pros and cons of the services.
| Payment solution | Description | Pros | Cons | Rate |
| ecoPayz | A prepaid payment provider established in 2000 was originally known as ecoCard. ecoPayz supports payments from mobile and online users in 46 different currencies. Prepaid cards are available throughout the SEPA region. | Excellent customer serviceAffordable feesQuick paymentsNo peer-to-peer feesUser-friendly interface | Requires excessive identification documentsCustomer service phone line is frequently unreachableSudden account closures without explanationLimited integration with major platformsApp performance is sluggish | 9.44 ★ |
| Payler | Payler is a group of companies that develops and offers advanced payment solutions for medium and large businesses. The company provides payment processing, business IBAN accounts, and corporate cards for businesses. | Save by exchanging at the most favorable ratesSupport transactions in more than 40 currenciesPersonalized account manage | Unsatisfactory customer supportNegative customer sentiment | 9.12 ★ |
| MiFinity Payments | MiFinity is a payment services provider that offers electronic wallets (eWallets) to simplify online payments and transactions. The company aims to develop integrations for e-commerce software, allowing online casinos and other businesses to effortlessly accept payments through its platform. | Variety of payment optionsGreat customer supportSeamless integration | Certain high feesLimited gambling platforms availability | 8.88 ★ |
| Slyse | A service that offers payment processing solutions, card acquiring, anti-fraud systems, mass payouts, and alternative payment methods – unlocking the full potential of payment services. | Lots of different payment methodsGood analyticsCovers almost the whole world | Slightly known, does not have a strong reputation and review | 8.65 ★ |
| Noda | Noda Pay is unlike typical e-wallets or prepaid cards. This modern open banking platform functions as a secure intermediary between your bank account and online merchants, such as casinos, enabling you to make direct payments without disclosing your full bank details or needing a separate e-wallet. | Transactions are quick and dependable The support team is prompt and helpful Simple setup process Seamless integration with any platform | Downtime concernsElevated transaction feesLimited advanced analytics | 8.38 ★ |
Of course, this is an incomplete list of online payment systems and doesn’t include many great but slightly-known providers.
What are payment solutions for iGaming
Online gambling payment solutions enable users to deposit and receive payments on gaming platforms. Simply put, such services simplify financial transactions on gambling sites.
The critical requirements for these services are high security and compliance with jurisdictional regulations. Fast and accurate payment processing positively impacts brand reputation and is an integral part of a player retention strategy, as even minor payment problems can deter customers.
A reliable payment service also helps to reduce business risk and payment fraud. When choosing a payment service, it’s worth paying attention to the transaction processing speed, as fast response times benefit players and businesses.
Offering diverse and reliable payment methods is one of the main aspects of launching an online casino. Choosing providers that guarantee security and data processing according to global standards is advisable.
What are payment providers and payment gateway solutions
There is also considerable confusion about the definitions and differences between payment providers and payment gateway solutions. It is often a mistake to mix these two different things together.
It is important to understand that payment providers are companies that offer various financial services, including payment processing, transaction management, and sometimes fraud prevention. However, a payment gateway is a technology that authorizes and processes payments for online transactions. It acts as a bridge between the merchant’s website and the payment processor.
Payment providers typically offer a broader range of services, including the ability to accept faster payments from various methods (credit/debit cards, e-wallets, bank transfers, etc.), manage payouts, and handle currency conversion. They often offer APIs and SDKs for easy integration into online gaming platforms and may also manage relationships with banks and financial institutions. Many online casinos that use PayPal, Skrill, and MiFinity choose them as payment providers because they offer comprehensive solutions for processing payments. These providers afford gamblers, for example, to pay for betting with Visa or Mastercard.
The gateway securely transmits customer payment information to the payment provider for processing and then returns the transaction results to the merchant. It often includes encryption, fraud detection, and compliance with security standards. The gateway is primarily concerned with the transaction – authorizing and processing payments rather than managing accounts or providing additional services.
Key features to look for in payment solutions for iGaming
An online gambling payment solution provider should offer a variety of payment methods, which is only a minimum requirement. Here are the key characteristics to look for when choosing a payment solution:
- Security. It includes data encryption and fraud protection methods. Payment platforms are required to protect user information, especially personal data, from leaks.
- Convenience. The payment system should provide the ability to accept payments from all over the world. It is vital for online casinos operating in different countries, as it is necessary to process transactions from various regions and on other devices.
- Efficiency. Efficient transactions imply ease of integration and scalability. The service should be able to handle a large number of transactions quickly.
- Customer support. Choose a payment system that provides 24/7 support. Predicting when technical problems will arise is impossible, so having a personal account manager will also be a plus.
Online transactions should be simple, fast, and secure. It is an essential requirement when starting a gambling business.
Future trends in payment solutions for iGaming
The iGaming industry is still in its active development stage. Payment platforms are constantly updating their solutions to remain competitive.
Typically, product development is driven by the following trends:
- Technological innovation. Artificial Intelligence continues to impact the industry significantly. New elements such as blockchain, cryptocurrencies, and e-wallets are also emerging. Players expect iGaming brands to be able to adapt to these changes.
- Regulatory changes. New regulations are introduced periodically. Legalization of new payment platforms is possible, which expands the choice for users.
- Market evolution. There is a trend towards mobile payments in iGaming. This applies to online merchants and fixed casinos, which also move to cashless payments.
Conclusion
Payment processing plays a crucial role in creating an outstanding gaming experience. In the realm of gaming, money matters are of utmost importance. Regarding cash, everything has to happen smoothly and without delays. That is why businesses must consider the importance of a variety of online payment methods and payment service providers. They secure transactions and protect a large amount of financial data. In addition, they make your transactions more profitable and efficient. However, don’t be in a hurry to make a choice; thoroughly research all your options and choose the ones that best suit your goals.
