Getting rid of complex gaming payment landscape
Payment system is an initial necessity for practically any business. Few products can do without stable payment acceptance from customers, as the ultimate goal of most online products is profit and sales. For gaming this issue is more acute than for online stores due to industry high-risk nature. A successful gaming product operates in the international market, covers many players, and processes hundreds of thousands of transactions daily. Also, it has to consider that each country has own preferred payment methods, and you need to find and connect them before the website starts actively promoting.
Many creators of gaming platforms struggle to determine which payment system they need, as a lot will depend on its choice. So, you want to keep it serious. Monoup select and connect payment systems for gaming projects and knows exactly how to find the right PSP. Let's break down the complexities in today's article.
Why do you need a payment system?
When delving into the process of finding payment system for your business, you need to clearly understand what exactly this system should do for you. We want to clarify that "processing payments" is not a task, or rather, it is an extremely incorrect formulation. Here, we consider it necessary to precisely define the following questions:
- What legal structure will you have (or already have)? Depending on the type of license and country of registration of your gaming project, certain payment providers will be available or unavailable to you. Recently popular jurisdiction of Curacao, where most offshore businessmen were based, is going through tough times, specifically a change in licensing rules. As a result, many operators are switching to alternative, simpler licenses, such as Anjouan. At the same time, not all payment systems have adapted to this trend and may not accept merchants with an Anjouan license or any other. Considering this in advance, you can protect yourself from "surprises" and ensure a smooth process of connecting payment systems.
- Which markets do you plan to operate in? One of the most important factors in choosing a payment provider is your operational markets. Not every PSP works in every country, so you need to determine your target GEOs in advance.
- Which payment methods you need first, second, and last. Especially when launching a startup, rare company can organize connection of all payment systems at once, and this must be considered. Therefore, prioritizing the main and secondary methods is critically important. For example, for operating in Brazil, you definitely need PIX first, and then you can add PicPay, Mercado Pago, and crypto methods. Implementing them in a different sequence can delay your business setup.
- Which prices suit you, and which do not. You have to calculate your margins and build a forecast. For that we suggest to check market prices of payment solutions and base your decisions on them, while also accounting for losses due to exchange rates and fund transfers. However, extremely high fees from PSPs that are not in line with market rates can negatively affect your profit, so keep that in mind.
- What technical capabilities should payment system have to be compatible with your software? If you work as White Label, this can become a blocking factor. Since White Label product owners are highly dependent on software operators and often cannot choose payment providers at all. But if you have your own software or a Turnkey online casino solution, pay attention to the technical aspects and study the integration documents. Is the system really feasible and stable?
By gathering information on these parts, you can form a precise request that will sound not just "I need a payment system for a casino," but correctly. For example, like this: "I need a payment system for a casino that can cover Kazakhstan market, process payments from bank cards and wallets, integrate with our platform via API, and offer market prices, but not higher than value X." Sounds much better, right?
Forming these points may be difficult, especially if you have not previously conducted market analysis and do not know which payment systems you will need. Visa/Mastercard will not be a panacea for every country; moreover, they are not popular in some places. Therefore, you can contact us for help and receive market analysis and information on the region of your interest. We constantly analyze the market for our clients and implement specific requests for market segments research.
Popular payment providers for iGaming
Payment market for online casinos is currently experiencing a real boom. New payment systems appear almost every day, and their quality may vary. Some enter the market with a new approach and provide excellent service, while others create a copy of an existing system, only more expensive, or aggregate other PSPs. Undoubtedly, both approaches have their fans and followers. But how not to make a mistake by looking for one thing and constantly finding another? Study the market and understand the differences between one and the other.
We can talk about this for hours, and our entire website is dedicated to this topic, but today we decided to consider a number of major and well-known payment system providers for gaming projects and what exactly they offer their merchants.
Visa and Mastercard, as the main global payment systems, are needed by most products and are available through direct acquirers. Acquirers often change, so we will not discuss the names of specific payment systems due to the rapid obsolescence of information. But payment method itself is interesting because it allows you to instantly deposit into a gaming product from your own card without additional costs and actions. Card payment has long been familiar to most of the world's population and is therefore perceived by businesses as the number one solution.
At the same time, with iGaming, not everything is so straightforward, as players value not only speed and convenience but also anonymity of their payments. Here, Jeton wallet can be useful, which does not disclose the client's payment data. This well-known wallet provides the ability to top it up with a card or bank transfer (as well as other local payment methods) and then pay with wallet balance at points of sale where it is accepted. Electronic wallet has become the most used in Turkey but provides solutions for many countries in the world and is in demand, except perhaps Europe. Due to the presence of its own analogs, Europeans do not actively use Jeton.
Coinspaid's crypto processing, developed by Softswiss, is one of the most used among offshore operators. The company has several licenses and offers processing of most used cryptocurrencies for incoming and outgoing payments. For online gambling, crypto processing forms an important share of overall payment acceptance and payouts, so the company has gained great popularity. And, of course, because it is default solution on Softswiss platform itself.
Astropay is another wallet designed to work in hard-to-reach exotic markets, including India and rest of Asia. Payment method is a standard wallet that provides the ability to store a balance within the system and make transfers to other users. At the same time, business also needs to open a business wallet and obtain ability to receive payments. In addition to manual payments, wallet provides API integration, so players can make deposits faster and more conveniently within one interface.
Another well-known solution in iGaming market for paying out winnings to players is Inpay, based in Denmark. It provides mass payout services in the EU and beyond. The company makes payments to IBANs and specializes in payouts, not providing payment solutions for accepting deposits. At the same time, the policy of accepting merchants is quite good for everyone, and most popular licenses are accepted. Payments work via API, which allows the player to submit a withdrawal request, indicate their account number and amount, and wait for funds. Such requests are processed immediately and automatically go to the payment system for debiting. At the same time, merchant have to always be sure that balance in the payment system is sufficient for making payments, as it is replenished manually (since the PSP does not provide incoming payments).
Of course, in addition to the above, there are several hundred or more payment providers you can cooperate with in the iGaming industry and which provide various payment solutions. This article is not a recommendation of these payment systems but only an overview of their functions and market position. In your specific case, these options may not be suitable, and you may need to select more relevant PSPs for yourself.
And here, Monoup is ready to help! Order payment systems connection for gaming websites from us and get the result turnkey and in the shortest possible time.
