Open Banking with VOLT as a new way to reach digital storefronts

VOLT is a comparably new player in the field of digital transactions thanks to innovations in open banking technologies. This payment gateway serves major markets in the European Union and allows for online casino payments to be made with fewer redirects than ever before. Businesses have reported easy integration with iGaming APIs and other reviews have been positive about this payment provider.

Is that everything this payment gateway offers? Also, how does open banking relate to payment processing for iGaming? With so much competition in the space, e-commerce businesses must understand the pros and cons of each payment option they support. This review will go through some of the facts about VOLT and what businesses should expect if used in their own casino experiences.

What is VOLT?

Launched back in 2019 and successfully backed by several investment groups, VOLT has been tailoring its service towards the creation of an online open banking experience. It means that their third-party service will be able to access the bank information of users, performing transactions on their behalf with fewer costs attached. Not only does its use of open banking principles bypass having to go through intermediary services constantly, but it also gives retailers quicker access to sales through real-time transactions at smaller rates according to the service.

Data security is another issue that is tackled by this payment gateway by relying on bank-grade encryption and tokenization of user information. Users who opt to save their data with VOLT won’t need to fill in their payment information. It makes bank transfers to iGaming accounts as simple as a few taps and swipes on their phones. All transactions through VOLT are made digitally with no option for physical transactions such as cards.

One more important key to VOLT and its success in the EU region is how optimized the payment provider is when used on mobile devices. Through their service called “Transformer”, VOLT suggests alternative payment method choices like low-cost bank transfers instead of credit card payments with transaction fees. 

Supported Currencies are as follows:

• Great British Pound (GBP)
• European Euro (EUR)
• Polish Zloty (PLN)
• Norwegian Krone (NOK)
• Australian Dollar (AUD)
• Brazilian Real (BRL)
• Swedish Krona (SEK)
• Danish Krone (DKK)
• United States Dollar (USD)

Beyond the EU/European Union, VOLT can also be accessed by users in the United States, Brazil, and Australia. Thanks to partnerships with other payment provider services such as PIX and PayTo, it has a foothold in Oceania and the Americas. However, banking support is still limited because the full integration of the service is still in its early stages.

Overall, the design behind this payment method focuses on user friendliness and a complete suite of options for transactions.

Why use it as for iGaming?

Hosting a variety of other services, this payment gateway aims to tackle all sorts of issues regarding the payment structure of online services. For one, its “Checkout” service allows for a mobile-optimized API. This can be localized according to which countries are being catered to. Increasing conversion rates for online sales is key to further growth, so giving users an intelligent bank searching system can help get payments through quicker. The company has also published instructions on the integration of this service with other Payment Service Providers (PSPs).

For managers and owners who want to safeguard their businesses, keeping watch against fraudulent payments and accounts is easier with the service’s “Circuit Breaker” feature. It focuses on tracking real-time transactions to block fraud attempts according to whatever rules the business sets. For example, the business might flag payments over 200,000 GBP if they consider transactions of this size to be unusually suspicious. You can read more about risks in our recent article.

Multicurrency transactions and automated reconciliations are also available to businesses to help hasten cash flow. Lastly, the service supports the creation of downloadable payment reports that keep online casino owners informed about business performance. Paired with this is the ability to show financial data to other team members of an online casino depending on their position, showing only relevant data to the proper parties.

Advantages:

• Instant settlements with real-time payments;
• No log-in is required for every transaction;
• No chargebacks as each transaction is approved through the customer’s bank account;
• Card fraud is unlikely as transactions are vetted through bank-grade security standards;
• User loyalty through user friendly systems, lower fees, and mobile optimization.

This service is a great choice for online casinos as its features are built for speed and transparency. With real-time payments, businesses can access funds as soon as deposits are made and are able to adjust their business strategies accordingly. All these aid businesses in raising conversion rates by removing as many obstacles users experience with their payments.

Disadvantages:

• Limited reach beyond Europe;
• Limited customization from the default checkout page layout;
• No mention of transaction fees for businesses;
• Lack of confidence in new open banking systems.

Bank transfers through traditional payment method channels are trusted by most users compared to the open banking system this service uses. It might be difficult to convince users to place their trust in a new option compared to trusted institutions. This is especially true outside Europe as the service has not yet completed its expansion into different territories. 

The transaction fees for each payment made through the service are also not listed on their website or their brochure for businesses. For an online casino, being unable to factor in the expenses of using a particular payment option can lead to unexplained costs down the road.

Conclusion

VOLT is an excellent addition to the roster of payment options for online casino operators, being able to make bank transfers efficiently and in such short times. Not many services make such use of open banking principles in their business, so this payment method is unique in that aspect. Made to be sleek and simple to understand for both users and businesses, payment processing for iGaming is made accessible to more players overall.

However, its disadvantages and relatively novel state should be something that businesses consider when choosing to support it or not on their sites. iGaming is an industry reliant on improving customer experiences so payments should be done through the best channels for your chosen clientele. 

Understanding how these gateways affect payment routing is a complex topic and Monoup helps to remove some of the confusion from it. Consult with us through our official website and check out Mono Talks for relevant info to help your business grow!