When starting a new online casino, payments are the single most important factor to consider whether you’re a high-roller or a frugal bettor, one thing everyone cares about is how the payment is made.
If a casino is not able to accept payments, then its customers cannot place any bets. In this article, we’ll take a look at the key payment providers for casino sites that gaming operators simply must have, in order to operate successfully.
What is an online casino payment gateway?
An online casino payment gateway is the technology that bridges the gap between a player’s preferred payment method and the merchant accounts of online casinos. It facilitates electronic payments, allowing customers to load their casino account, as well as withdraw their funds, using a wide range of deposit methods. Payment gateways may include everything from bank transfers, to card payments and even cryptocurrency.
How do online gambling payment services work?
The main function of payment gateways found at online casinos is to act as an aggregator for real money transaction options. They securely move funds between the merchant account of a gambling website and their customers. But payment gateways can also play many more roles in the casino business.
While the security of the funds involved in a casino transaction is the primary concern, the right payment gateway can also contribute to increased customer retention rates, for instance. By streamlining the deposit process of a gambling website, and providing customers with multiple deposit and withdrawal options, the payment gateway can make for a more pleasant user experience.
It can also assist with various security measures, such as KYC (Know Your Customer) and ID checks, as well as anti-money laundering protocols.
Essential payment gateways for new online casinos
All casinos, both new and existing, should place a great deal of importance on choosing the right payment gateways. Credit, debit and prepaid cards are all crucial options, but e-wallets such as Neteller, Skrill and PayPal are just as important to consider.
Here’s what we consider to be the 6 most essential online casino payment gateway services for a new site.
There are more than 1.5 billion Visa cards in global circulation, across six continents. The company, which has been a trusted name in the financial services game since 1958, has been facilitating internet casino payments ever since gambling online first became possible in the mid to late 1990s.
Why Visa is the king of online casino payments
A secure and reputable brand, Visa also has low merchant account fees. For players, there is no need to pay transaction fees in order to deposit or withdraw funds. With so many users around the globe, it is a no-brainer to offer Visa online payments on your casino site and that’s why it is one of the most commonly used payment providers.
Despite UK regulation rendering credit cards illegal at online casinos, Mastercard remains one of the most common casino payment providers globally. With around 10% of the world’s population in possession of a Mastercard, that’s an awful lot of people who might be looking to make online casino payments.
A global payment solution
New casinos are far from being low-risk businesses, so mitigating as many potential risks as possible is common sense. That’s why it makes sense to do business with a global, trusted company such as Mastercard, which have been in the payments business since 1966.
The popularity of Skrill for online casino payments is clear to see. Formerly known as Moneybookers, Skrill is available for use in more than 200 countries, and with 40 different currencies. Players do not need to pay deposit fees when using Skrill.
Essential e-wallet for online casino payments
Skrill is a common sight among the payment options of all major online casinos, so it would be remiss to fail to include such a payment gateway when starting up a new online gaming site of your own.
Much like Skrill, Neteller is a hugely popular wallet for online casino payments. Although customers must pay fees in order to make a deposit, the fact that they operate in more than 200 countries makes Neteller one of the more popular casino payment options. In addition, they also offer a Prepaid MasterCard.
Handling online casino payments for decades
In the early 2000s, Neteller was the undisputed king of online casino payments, believed to be handling around 80% of global gambling transactions. In recent years, they have exited the North American markets, which has seen a slight reduction in business. But they remain as relevant as ever.
Founded in 2008, Trustly is comparatively new to the online casino payments scene. But it is rapidly growing in popularity with players, due to the convenience of being able to make fast and secure casino payments, directly from their bank account.
Increasingly popular payment gateway with online casinos
Trustly is a simple way for players to make a deposit at their preferred casino website. With around 67 million customers globally, any new casino business should be taking this payment option seriously.
Making a casino deposit with a Paysafecard is extremely common in Europe. These online casino payments work in a way that is very similar to that of a mobile phone credit top-up card. The card contains a 16 digit number, which can be used directly at the casino website or to fund wallets like Skrill or Neteller.
Top prepaid card for online casino payments
Although it is not common for players to use a prepaid card in some countries, the fact that over $100 million worth of transactions are carried out annually means that it should be taken seriously as a payment option. Anyone looking to use a prepaid card for online casino payments is likely to be using Paysafecard.
The future of online casino payments
While we don’t have a crystal ball, there are some clear trends emerging in the world of payment providers for casino sites. The following services are worth considering when setting up a new casino business.
It is increasingly common to see the PayPal slot sites as an online casino payment option in the UK. But the company, which was founded back in 1998, has a troubled relationship with online gambling in certain parts of the world. For instance, poker pro Chris Moneymaker is currently taking legal action against PayPal, due to what he claims are “immoral and illegal practices”.
The crux of the case is that Paypal’s terms and conditions technically forbid online gambling payments without prior permission. Moneymaker feels that PayPal is taking advantage of a lack of clarity to unscrupulously confiscate funds. This is something to keep an eye on.
Bitcoin divides opinion, but it continues to enjoy record levels of popularity, especially for online casino payments. More and more casino sites are accepting not only Bitcoin, but currencies such as Ethereum, Litecoin, Bitcoin Cash and even Dogecoin. It would be foolish to completely ignore such payment methods.
Online casino payments – final thoughts
That wraps up our list of the best payment providers for casino sites gateways for new online gambling sites. We’ve covered some big players in the world of online payments, all of which are absolutely crucial additions to a new online gaming business.
All of our recommended payment options offer fast transaction processing times and industry-leading security features. They are popular with established online casino businesses due to their handling of sensitive data, friendly fraud and anti-money laundering practices, in what is undoubtedly a high-risk industry. So if you are looking to start a new online gambling company, make sure that you integrate these essential payment solutions.
Online casino payment gateway FAQs
What are online casino payment gateway services?
A payment gateway is software that allows customers to fund their casino gaming accounts, in order to play games of chance for real money. It facilitates payments between the online casino’s merchant account and the payment methods used by their customers.
Why do you need payment gateways to make deposits at online casinos?
If players are not able to fund a gaming account, then new casino businesses are not going to last very long. The very best online casinos and gambling sites give their customers as many ways of transferring money as possible, to ensure that they are able to get their funds into their accounts.
What are the most popular online casino payment gateways in the UK?
In terms of e-wallets, PayPal is an increasingly common sight at many casinos in the UK. But the more traditional casino payment gateways remain the most popular. Recent regulation in the country has put an end to credit card usage, so the likes of Mastercard have suffered. But other card payment solutions are still going strong and Visa is as popular as ever.
Which is the best online gambling payment gateway service?
Everyone will have their own favourite payment providers for casino sites for making deposits and withdrawals at an online gambling website. But there is a good reason why a vast number of online casinos accept Visa card payments. With fast transaction times and a long history of secure payments, for both credit and debit cards, Visa is a popular choice with both the online gambling firm and its customers.
What is an online gambling merchant account?
Merchant accounts are a kind of bank account that enables online gaming businesses to process electronic card payments. Without a merchant account, your new online casino will not be able to accept debit card transactions, such as Mastercard or Visa.