Payment processing is essential for all ecommerce businesses, and iGaming is no exception. 

Aligning yourself with the right processing provider ensures that funds can be seamlessly transferred between you and your customers, leading to higher revenues for you and an enhanced player experience for your clients.

What is iGaming payment processing?

Gaming payment processing occurs among various parties and is vital in the seamless exchange of funds. It facilitates activities such as depositing money into accounts, purchasing in-game items, and withdrawing winnings.

To achieve smooth and secure payment processing for your gaming business, you need to form a relationship with a payment processing provider, ideally someone with expertise in your industry. 

This vendor will furnish you with the systems necessary to transfer funds with your customers. For this to happen, various parties are involved: players, your company, a payment gateway, and a payment processor.

The influence of a gaming payment processor is widespread. 

They are essential in numerous aspects of your daily operations, including transferring money back and forth between you and your customers, facilitating the purchase of in-game items, and enabling players to withdraw their winnings.

How gaming payment processing works.

The processor is involved in every step of the transaction. This includes the initiation of a purchase on your platform, routing through a secure payment gateway, and the eventual transfer of funds.

As soon as your customer makes a purchase on your platform, the payment processor becomes involved. The money is immediately sent to a secure payment gateway, which acts as an intermediary between your customer and your payment processor. 

After the processing company validates the customer’s identity and validates the payment method, the transaction is authorized and the funds are transferred.

Since this payment regimen is vital for ensuring a positive customer experience and for guaranteeing that funds arrive safely at their destination, it is important to seek the best payment processing company. Insisting on several important features will maximize the efficiency, security, and profitability of your gaming business.

Partner with a high-risk gaming payment processing company.

Due to the nature of the gaming industry, you should always collaborate with a high-risk merchant account provider. Although you can expect to pay higher per-transaction fees and may also need to undergo additional scrutiny during and after the application process, you will have the peace of mind that comes from knowing that this specialized company has expertise in navigating the complex security and regulatory landscape of the gaming sector.

Not all high-risk providers are created equal. 

For that reason, do your research to ensure that the one you eventually choose has specific gaming expertise, offers fair and transparent pricing, and provides prompt and knowledgeable customer support.

Request various payment method choices.

Requiring that your provider offers a wide variety of payment choices helps to ensure a premier, seamless purchasing experience for your customers.

Credit cards might be most popular with many of your clients, but you should also make sure that you make additional methods available to them as well. This is particularly true if you process global payments.

Other choices that you should be sure to give to customers include digital wallets, ACH bank transfers, and other alternative payment methods as they become available. 

Furthermore, you should make sure to accept all foreign currencies with which your global customers are familiar. Letting them send money in their native denomination boosts your credibility and helps to inspire trust in your iGaming site.

Seek fair fees.

Although transaction fees are inevitable, they vary wildly from one processor to the next. Demand affordability, transparency, and fairness.

As you peruse your payment processor options, you will notice that the transaction fees they charge vary significantly. Keep in mind that cheaper is not always better. At the same time, don’t assume that you will need to break the bank.

Before selecting your processing provider, review several to learn what rates are competitive. Then balance these against the scope of the services on offer. You may pay slightly more to get the options you want, but it will be worth the expense in the long run.

Prioritize security.

Focusing on security protects both your company and your customers against fraud, identity theft, and chargebacks. Demand that your payment provider puts security first.

As an ecommerce business, your gaming company does not have the luxury of earning trust through face-to-face relationships with its customers. That’s why concentrating on creating rock-solid security protocols at all touchpoints is vital for your gaming website.

Your payment processor will be a primary ally in making this possible. Be sure that the one you choose can demonstrate to you that they have updated anti-fraud and identity verification features, and make it a point to ask them to show any certifications that they have earned. 

Additionally, they should be in compliance with the Payment Card Industry Data Security Standard (PCI DSS), a set of mandatory measures that have been put in place to protect cardholder data.

Require seamless integration.

You should not need to give up your existing software and gaming systems. Require that your provider dispenses products that interface seamlessly with what you already have.

If you have accounting programs or gaming systems and software that are already a part of your business, you don’t need to sacrifice them when you choose a secure payment processing provider. 

Before signing any contracts, let the provider know what you are already using. Ensure that they can furnish you with systems that are compatible so that you don’t need to unnecessarily endure a steep learning curve.

Examine approval rates.

When a high percentage of your payments go through without a hitch, both you and your customers benefit.

Declinations and glitches during the payment approval process can lead to frustration, can cause customers to abort their purchase, and can ultimately erode their trust. Although a certain number of difficulties are inevitable, choosing a provider who can demonstrate a history of high approval rates can prevent problems from happening in the first place. 

Remember, it’s all about creating a safe, secure, and seamless gaming experience at every juncture, from the game itself to the process of paying for it.

When you run a successful iGaming business, your payment processing provider will be your closest and most important ally. 

The time you spend today in careful research and vetting will result in maximized security, flexible payment options to an expanded global market, and hassle-free funds transfers that lead to profits for you and an enhanced gaming experience for your clients tomorrow.