Merchant Account for Online Casino and Gambling Industry. There are so many great forms of gambling entertainment available. Securing a merchant account for online casino affairs varies from bank to bank. Because most banks cannot offer complete merchant services to the gambling industry, a verifiable gambling merchant account is well sought after. A gaming merchant account will allow your business to process credit and debit card payments. Almost every online business needs a payment processor, and with the growth of the online gaming industry, merchants need payment processing more than ever.
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With a market size of $53.7 billion in 2019 and a projected compound annual growth rate (CAGR) of 11.5%, the online gambling market and with it the need for gambling payment gateways is expanding fast.
Due to advancements in technology, players no longer have to physically visit a casino to play games. For that reason, online casinos are becoming increasingly popular.
However, for players to deposit and withdraw funds from their accounts, casinos have to set up a payment gateway service.
What Is a Casino Payment Gateway?
A payment gateway is a solution that connects merchants and their customers, allowing businesses to accept transactions for their services.
When the payment system is set up, the customer chooses his preferred method for the transfer, fills out a form, and executes the transaction.
The payment gateway then processes the transaction and transfers it to the merchant's account so the business can withdraw the funds.
An online casino payment gateway works similarly as players use the solution to deposit and withdraw funds from their accounts.
Why Is it Difficult for Casino and Online Gaming Businesses to Find a Payment Gateway?
Due to the high-risk nature of the industry, online gambling solutions like casinos often face increased difficulties when trying to open merchant accounts at traditional payment gateway solutions.
Alternatively, online gambling platforms can apply for merchant accounts at dedicated casino payment gateway solutions that accept businesses from riskier industries.
However, these providers often take advantage of the industry’s high-risk nature, charging extra fees and holding customer funds (anywhere from a few days to multiple weeks) before transferring them to the merchants.
Luckily, there’s a third option that creates a win-win scenario for both casino businesses and payment services.
Due to their advanced security features, anti-fraud measures, and rigorous KYC/AML checks, e-wallet services like STICPAY can accept those casino and online gaming solutions as merchants that hold a license and comply with the regulations in the nations they do business in.
What to Consider When Choosing a Payment Gateway for Online Casinos?
To select the right online casino payment gateway solution for your business, it's essential to consider the following factors:
- Regulation: The first factor to consider when choosing a payment gateway for an online casino is regulatory compliance. Before applying for a merchant account, you should make sure that your business has the necessary license to accept payments. It's also crucial to check whether the processor supports all nations where your users are located.
- Transfer speed and fees:Players don't want to pay high fees or wait several days for processing their deposits and withdrawals. For that reason, consider choosing a service provider that charges reasonable fees while featuring speedy transactions.
- Payment methods:While customers prefer to pay with credit cards in some nations, others may want to use other ways (e.g., bank transfers, e-wallets, cryptocurrency) to fund their casino accounts. To suit the needs of an international user base, it's essential to offer numerous payment methods so gamers can use the one they prefer.
- Security: It’s essential for online casinos to find a payment gateway solution that keeps customer funds safe. As chargebacks pose a significant issue for industry players, selecting a provider that offers measures against friendly fraud is also important.
How to Accept Payments as an Online Casino Service?
In industries like the online casino market, service providers have a tough time choosing a payment processor. While traditional solutions reject their applications, high-risk payment gateways feature excessive costs and slow transfers. For that reason, they aren't really great choices for casino businesses.
Fortunately, there is a solution.
While the award-winning e-wallet solution STICPAY serves low-risk businesses as its main clients, licensed and regulated online casinos can open a merchant account at the company.
With STICPAY, online casinos take advantage of a payment gateway solution that offers the following benefits:
- Advanced anti-fraud and security features, including storing funds in segregated accounts with uninterrupted user access
- Strict Know Your Customer (KYC) and Anti-Money Laundering (AML) checks for both merchants and customers to crack down on fraud and protect client funds
- Licensed businesses that comply with the appropriate regulations can apply for a merchant account at STICPAY
- Numerous payment methods, including Visa, MasterCard, UnionPay China, local and international bank transfers, and cryptocurrencies (Bitcoin, Ethereum, Litecoin)
- Fast and cost-efficient transfers for customers in multiple Asian countries, including the Philippines, Japan, Indonesia, Malaysia, Singapore, China, and South Korea (with support for more nations coming soon)
- International coverage with over 190 countries supported
- Convenient access via a web-based platform and redesigned smartphone apps (iOS and Android)
- Instant and cost-efficient internal client-to-client transfers at a 1% fee
- Merchants pay only 1.8% for processing cryptocurrency and 2.5% + $0.3 for accepting payments in fiat currency
- Support for 29 national currencies and 19 languages
- Limited risks of chargebacks
- Easy and straightforward online casino payment gateway integration via open API and its corresponding documentation
- 24-hour customer service to respond to the queries of both merchants and their customers
Set Up an Online Casino Payment Gateway With STICPAY
The first step to integrating STICPAY as a payment gateway for online casino businesses is to create a merchant account via the e-wallet service's website.
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Next on, merchants have to submit the necessary KYC and AML documents to STICPAY, which the company's customer success team will verify.
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Upon successful verification, online casino businesses can set up STICPAY as a payment gateway on their platforms using their merchant IDs and an open API connection for integrating the e-wallet service.
Are you ready to set up an online casino payment gateway with STICPAY?
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