Having a casino payment gateway is a critical aspect to operating an online casino. This may be the single most important tool you’ll need in order to be able to make any sort of income, as this is your established method of accepting payments.
Sounds obvious, right? Well, that may answer ‘why’ it is so necessary, but what about the ‘how’? Having a casino payment gateway is one thing, however, choosing the provider that best suits your needs is another aspect altogether that is a lot more difficult to identify. Below are important criteria that can be used as an effective tool to smartly select the most appropriate casino payment gateway for your online casino. Furthermore, these criteria can be applied if searching for any type of payment processor, and can be used for businesses beyond the online gaming industry.
The buck starts and stops with the credibility of the casino payment gateway. On this score, it is essential to determine the credibility of the payment processor before acquiring any of their services. This can be done in a few simple ways: do a google search on the company’s name and include words such as ‘fraud’, ‘complaints’, ‘rip-off’ and other such terms. Incidents of unresolved complaints and unethical practices such as withholding money, are likely to be reported in some way by previous disgruntled clients who are rarely shy of voicing their discontent.
It goes without saying that security is another critical factor. The payment processor must be able to demonstrate adequate tools for managing a number of aspects such as data protection and transaction protection. Furthermore, they need to be able to evidence the use of high strength encryption for all the communication that takes place between servers. While you are at it, it certainly can’t hurt to ask about the level of PCI that the payment gateway holds, which is an acronym for Payment Card Industry and is a reference to their data security standard. As a prerequisite, all payment processors, and for that matter gambling payment gateways, require full PCI compliance.
Life is always about making things easier for yourself, and this is no less the case with your payment gateway provider. Select the most intelligent casino payment processor today and reap the benefits later, as an easily integrated program will continue to provide smooth and unhindered transactions time and time again. In contrast, if the casino payment gateway is cumbersome and requires complicated implementation procedures, you will be forced to address the technical aspects of your business rather than focusing on the profitable operation of your company. Complicated, and quite likely, unnecessary procedures can cause errors in payment transactions with the potential to hinder the user-experience of clients and ultimately impact a loss of business.
It is also worthwhile to see what technology they use and whether they process payments in real time or out of synchrony? Keep in mind that if a payment processor insists on using a particular software developer and are inflexible on this, this may be reason enough to be cautious of using them.
Fraud detection is key in the online gaming industry and can often be the sole factor that leads to the rise or fall of a business. This criteria is not an insistence that the gambling payment gateway has an Inspector Gadget character in the back room wearing a trench coat, rather it is about ensuring that the payment processor has sufficient fraud protection mechanisms in place that will be easily implemented if and when required. Good questions to ask in order to determine this may be, “What risk minimization features do you offer in your gateway service?” And “What is the process that is followed in cases of fraud detection?”
Bottom line profit, is like everything else the one sacred factor when making a determination to acquire a new service or product, therefore considering the cost of the gateway is also essential. Gambling payment gateways typically make their charges based on the number of transactions, however it is important to clarify there are no hidden costs that have not been disclosed prior to signing any agreement. All associated costs must be covered in any contract of proposal, which also needs to specify that it is a final agreement without being subject to unwanted surprises. As part of this process no costs should be left vague or left to the discretion of the gaming payment processor.
GBO International Financial Services LTD is fast becoming a world leader in providing financial services for online gaming and casino companies. These services include incorporation of companies, opening business bank accounts, licensing, payment solutions, nominee services and more. GBO offers the most innovative A to Z financial solutions for Gaming and more.