How to choose a payment provider for a gaming site
Gaming platforms operate on the principle of deposits: after account verification, users replenish their account and use this money within the system: for betting, buying artefacts, skins, etc.
Therefore, the main requirements for a payment provider are the maximum possible number of payment options, a high speed of processing incoming and outcoming payments with the highest conversion. And also the payment provider must solve the specific problems inherent to the gaming industry.
The main challenges faced by the owners (merchants) of gaming sites:
- High turnover and number of payments. For gaming platforms, the high speed of payment processing is very important. A sharp “influx” of payments at a particular moment overloads the processing centre, complicates their monitoring and processing. Heavy traffic on the gaming site can overload the payment gateway.
- A large number of requests for refund payments. Chargeback requests, details errors. Fraudulent activities involving the execution of a bet and subsequent cancellation of the payment are common.
- Risk of money laundering and violation of KYC (“Know Your Customer”) rules. Money laundering, credit card and identity theft, etc. – all these pose a threat to gaming sites and, accordingly, to the payment provider.
- Regulatory obstacles. The legislation of many countries imposes more stringent requirements on the gaming segment in comparison with others. The gaming platform and payment provider must meet several requirements for the payment processing activity.
The task of the merchant is to find a payment provider that would meet the requirements of international legislation in the field of the gaming industry, have the technology of instant gambling payment processing, sufficient server capabilities and technology to ensure the security of payments.
Criteria for choosing a payment provider for a gaming platform
- Variety of payment options and multicurrency processing. Recently, new types of payments have been added to classic bank payments, credit/debit cards, e-wallets. For example, a provider must support payments using digital instruments.
- Fast transfers and low fees. Including transfers from one account to another within the gaming site. Gaming payment processing must be calculated in seconds.
- Increased security and the provider’s anti-fraud system. Automatic payment monitoring should filter out suspicious transactions. But at the same time, the number of steps toconfirm transaction for the user should be minimized. Users want to make payments in a few clicks without wasting time on additional confirmations. The provider must have a PCI DSS certificate.
- High conversion. The number of successful transactions in relation to the total amount of payments on the site must exceed 90%.
- Functional personal account of the user and merchant. TThe ability to customize the payment form will make user experience more streamlined. Merchants can also useanalytics tools for analyzing conversion and revealing problems with payments.
Corefy is a payment orchestration platform that has all the tools necessary to solve the tasks of a gaming site. It is a payment operator with over 150 integrated payment providers and acquirers. It has its own processing and integrations with other hubs/processings. The payment gateway and technological capabilities are completely suitable for the gaming site tasks.