Know all about Safety Pay: an extensive network of banks and partners

Businesses, that are mainly based online, need help with payment service providers to verify transactions, move funds, and protect from fraudulent customers. Choosing the right payment gateway for online casinos is more challenging than it seems, as the market served affects the entire operation. Some prefer transactions to be faster through Credit or Debit cards while others prefer to stay unbanked and have some kind of avenue for it. Latin America has been a big market for online business and iGaming payments but there are still groups of customers left untapped because they don’t have banking accounts.

With Safety Pay, a customer’s choice of payment method can be catered to whatever they have on hand. If they have a bank account, then they can choose Internet banking on checkout and use Safety Pay when buying from an online business. If they don’t have an account, then they can go for alternative payment methods thanks to the many partnerships that the brand has fostered. Either way, the integration of a payment gateway for an online casino in Latin America should always include Safety Pay.

We’ll be going through some details about this payment method and the many benefits and disadvantages that it has over the competition.

Safety Pay: a short rundown for alternative payment methods

Latin America is home to a large pool of competitors when it comes to payment service providers. Some of these topics have been discussed in our recent blog posts, with more to come as contactless payments gain momentum. Setting up iGaming payments becomes complicated when having to weigh out the pros and cons of each payment method. Luckily, Safety Pay is one of the simpler ones and a trusted brand by players in Latin America.

Started as an e-commerce payment platform for online businesses, the service has evolved into a fully realized alternative payment method focused on non-card transactions. Available in around 16 countries, it’s a major player in cross-border transactions between Latin America and even parts of Europe. Some of the countries where iGaming payments are available include:

• Latin America: Peru, Colombia, Brazil, Chile, Mexico, Ecuador, Costa Rica, El Salvador, Panama, and Guatemala;
• Europe: Austria, Belgium, Germany, the Netherlands.

For the currencies it supports, this payment service is recommended to be used with USD or EUR for ease of iGaming payments but can also be used with the local currencies of supported countries. These include the Brazilian Real, Chilean Peso, Costa Rican Colon, and Mexican Peso to name a few.

How it all works for transactions

Safety Pay mainly acts as a payment processor that can be used by both banked and unbanked customers through the different payment options it offers. Once customers select Internet banking on the checkout page of an online business, they are redirected to their bank’s online site for a debit transfer. Confirmation is immediately sent out as soon as the fund transfer is completed alongside a receipt of the transaction.

It can even be used for cash payments in a similar way to Boletos or payment vouchers. Thanks to the over 180,000 collection points and the many banks that Safety Pay has partnered with, players in Latin America can make iGaming payments through physical cash. This goes the same for any business as each transaction has a unique reference number to bring to any collection point.

For merchants, alternative payment methods need to be fast in distributing sales to their accounts and this payment method does it quite well. The service will first settle the merchant’s account at predetermined times alongside checking whether the customer’s account has enough funds for the purchase. Merchants will be notified by the system once the transfers go through, allowing for the swift delivery of receipts for iGaming payments.

Pros and Cons

Any payment method has its own set of pros and cons that need to be checked out before the integration of the payment gateway goes through. Here are some of the main advantages of choosing Safety Pay for your online business:

• Entering unbanked markets;
• Familiarity with local players;
• Contactless payments and traditional options.

There are certain disadvantages of using Safety Pay compared to the rest of the competition. Here is a quick rundown of the bigger ones we’ve researched: 

• Limited Range of Usage: For a turnkey online casino, the prospect of going cross-border is a goal to aspire for. However, many alternative payment methods in Latin America are exclusive to the region and this one is no different.
• Direct Competition with Other Digital Wallets: The region is home to many kinds of payment service providers with each country having its preference. Solely relying on this one might limit the user experience and lead to fewer conversions.
• Dependency on Partners: The whole setup of Safety Pay is reliant on its partnered banks and stores. This might limit the reach of this payment option.
   

Integration of payment gateway

Securing an iGaming license and buying a domain isn’t just the only step to setting up your online business. Working out how payments will flow through the system is as important as setting up the casino itself. Checking whether the user experience while depositing is key to winning over customers and gaining some repeat players too! The right payment gateway for online casino purchases can make or break the whole business so investing in it is the way to go.

If you’ve ever set your sights on an iGaming license and hoped to set up website in the region, then you’ll know how important trusted brands can be when winning over the crowd. With us at Monoup, you’ll be able to figure out the best ways to tackle UI/UX for payment flow issues and right approach to set up payment routing for your business. Browse our official website for our whole list of services and contact us for consultation with industry experts!