Payments are one of the crucial parts of the iGaming sector. Many online casino operators struggle to choose a reliable banking provider out of numerous companies in the market. ConnectPay service can be regarded as one of the Top trusted payment service providers for iGaming operators.
More and more top-tier gambling websites in the European jurisdictions choose ConnectPay as their primary payment platform. The electronic money institution offers its services to a wide range of businesses in the iGaming sector, including:
- online gaming platforms;
- virtual casinos;
- betting operators;
- affiliates;
- higher risk business listings.
Login Casino provides a detailed review of the ConnectPay services and special features.
Basic info about ConnectPay: company type, license, market share
Judging by the customer funds, ConnectPay is the second biggest electronic money institution in Lithuania with close to 400k secure transactions conducted per month. The company provides services to online businesses across 167 countries, with a gambling sector as its primary clientele.
ConnectPay is one of the fastest-growing financial companies in Lithuania, the renowned financial hub in Europe. According to official statistics, in 2020 the electronic money institution has had a 189 percent increase in customer funds and a 243 percent rise in income.
Apart from the website with the user-friendly UX, since 2020 ConnectPay has also launched a mobile application that offers multi-factor authentication at the convenience of client mobile devices both for iOS and Android.
Who provides a license for ConnectPay?
As iGaming is a highly regulated sector of the economy, gambling operators prefer to work with fully licensed banking service providers. This is also a good way to protect their clients’ finances. With ConnectPay ops can be sure that their financial operations are safeguarded, as it is a highly regulated financial institution.
ConnectPay was established in one of the European Union states, Lithuania, in 2018. The company is authorized and licensed by the Bank of Lithuania and operates under the European Central Bank regulations.
This electronic money institution also has a European Economic Area (EEA) passport and is permitted to operate in any of 30 EEA jurisdictions. On top of that, the payment platform has obtained a SWIFT membership and participates in a Single Euro Payments Area (SEPA) Credit Transfer (SCT) plan.
As the financial institution works with gambling operators in multiple legal jurisdictions, ConnectPay knows all the specifics of the compliance work and helps its clients to successfully operate under the strictest regulations.
Main services that ConnectPay provides
ConnectPay is an electronic money institution with a wide range of services. The company has a client-oriented approach and helps its clients to conduct compliant and safe payment transactions.
So, what does ConnectPay banking platform offer to gambling ops?
Open merchant accounts
Setting up players with an easy and secure way to deposit and withdraw money is a primary role of every payment platform that works in the iGaming sector.
ConnectPay offers a merchant account service for gambling ops in Germany, Finland, and the Netherlands constantly widening the supported country list. The service allows to accept and send payments.
Upon creating a merchant account, the gaming operator can:
- make fast credit transfers via the online platform;
- accept player’s deposits via credit and debit cards;
- facilitate the age and identity verification process;
- monitor gaming revenue via reports on sales and declines.
ConnectPay makes the user experience as easy as possible. Platform collaborates with many local banks in multiple countries and provides instant payments status notifications. The KYC and AML processes will also be easier than ever, as the payment platform has an up-to-date customer identification service.
Open multicurrency accounts
IBAN accounts are imperative for any digital business in the 21st century. Connect Pay has got you covered in this matter as well.
Operators can open an international account via the international bank account number (IBAN) on the platform. The single account at ConnectPay allows to store, send, and withdraw funds in the 8 most popular currencies. The platform also offers a currency exchange service, as well as 24/7 access to all the funds.
Gambling ops also can create segregated accounts for company’s and player’s funds and manage them separately.
SEPA and SWIFT payments
The payment platform offers two primary ways to send and receive money:
- Eurozone (SEPA) transfers;
- Cross-border (Swift) money transfers.
For the customers operating in the Eurozone, ConnectPay offers instant payments with direct SEPA transfers. As gambling is a highly growing sector in Europe, many online casino users would find this feature useful.
Sending and receiving funds across the world is also easy with ConnectPay cross-border payment feature. The payment platform offers secure and fast transactions with its unique algorithm and partner network.
The banking platform also facilitates complex group payments by using batched file uploads. ConnectPay also offers reduced fees for monthly minimum commitment.
Manage corporate cards
Digital businesses can also obtain corporate cards via the ConnetPay service.
It doesn’t matter where your company is based, as ConnectPay cards are accepted world wide. The cardholders can make contactless payments or withdraw funds at 20M ATMs across the globe.
7 compelling reasons for an online casino to work with ConnectPay
For an operator in the iGaming market, it can be hard to choose an optimal payment platform among all the variety of banking providers. Here are some of the unique features of the ConnectPay banking service that distinguish it from the hundreds of other similar companies.
An IBAN account with multiple currencies
At the ConnectPay platform, ops can open highly secured IBAN accounts that can hold funds in 8 currencies:
- Euro;
- US dollar;
- Pound sterling;
- Canadian dollar;
- Japanese yen;
- Chinese yuan;
- Russian ruble;
- Polish zloty.
As many online casinos have multiple licenses from different jurisdictions and attract players from all over the world, such a multi-currency approach is a huge benefit for many gambling ops.
24/7 access to the funds
Unlike many payment platforms, ConnectPay doesn’t reinvest the client funds and keeps them 24/7 at the Central Bank of Lithuania. This means that all of the client funds are safe and available for transfers and withdrawals at any time.
Straightforward fee system
ConnectPay offers an open price list, which is available on the company website. This way, the gambling ops can plan their budget ahead. The company also doesn’t have any hidden fees and provides unique solutions for businesses with high amounts of transactions.
User-friendly API integration
To facilitate the integration of the payment platform, ConnectPay offers an up-to-date API software. This integration is easy to connect to and provides transparent updates on the client’s balance info and all transactions.
High safety
ConnectPay is safeguarded by the Lithuanian Central Bank and adheres to the European Central Bank regulatory framework. So, it is a secure payment platform, which is 100% safe for managing customer funds.
Professional help with KYC processes
The ConnectPay team is also willing to go the extra mile to help gambling operators with the compliance work. The company provides detailed guidelines for KYC processes.
Excellent customer support
Many of the ConnectPay users have stated that the platform offers 24/7 customer support, which proved to be efficient and fast. The users can address their issues via a 24-hour phone helpline or write an email to support@connectpay.com. There is an extensive FAQ section on the website as well.
Read more: Best Gambling Payment Providers
