Finding an appropriate payment gateway is one way to get the most out of an online casino business. However, the good and most trusted ones will not come easy without effort. Playing online games requires withdrawals and deposits, which are restricted by some traditional well-known payment gateways.
Payment gateways are not a new phenomenon in the online world at all, as they have dominated the eCommerce sector for a long time. Recent changes in the gambling space have shifted the attention of some FinTech firms to capture the new opportunities created. One of those firms is Finateco, which has been at the forefront of online financial services for a while. It provides trusted gateways to get money exchanging hands from clients to online gambling sites.
Payment Gateways for Online Gambling
Payment gateways are not an entirely new idea, only that some trusted traditional sites have shifted their business strategies not to support gambling businesses operating online. Laws in places like Germany also restrict the use of credit cards for gambling activities, causing the need for alternative means to send gambling money.
Gambling payment gateways have popped out everywhere to cover the gap created by the shifting business strategies of traditional sites. The gateways complete a transaction by following various key steps that are easy for an ordinary person to follow. The top of the list in the steps is to have the funds move from a gambling site to a known banking system.
Noteworthy, the banking system has a right to accept or reject the transfers in real-time. That is where services like Finateco become imperative because they help eliminate some barriers created by the receiving banks.
In the scenarios of online gambling sites and clients, trusted platforms like Finateco act as the intermediary. They help address the barriers that might exist between the banks, the player, and online gambling sites.
Gambling Payment Solutions
Explaining the technology that goes into creating a bridge that connects a buyer and a seller is hard. It involves many parties that help make money move seamlessly anywhere around the world. Ultimately, gambling payment solutions exist because some well-known payment gateways refuse to accept gambling proceeds.
In addition, gambling payment solutions help push money to the right sources online via various channels that might involve traditional banks and some popular payment platforms. Some processes involved in the payment networks are:
- The casino-site client creates a request to make payments by entering their bank’s details on the spaces provided`
- The gambling site accommodates this by offering spaces for entering banking details
- The bettor then requests a third-party, in this case, the gambling payment solution to complete the payment
- Before any money moves from a point, the parties involved counter-check every detail to find out the accuracy
- Once each party receives approval, the money moves from the bettor to the gambling site
- The process repeats when making withdrawals
Trusted Payment Solutions
One name that pops out in this article is Finateco. Plenty of other gambling payment ecosystems exist, which employ different technology. Such technologies include redirects, third-party resources, and websites. The safest among the three is the redirect method, which highly secures a transaction because of the immediate redirects to the payment gateway.
Finateco employs an offsite system via its website payment terminals and the redirects method for people already in supported gambling sites. On the other hand, merchant accounts give a little sense of security, judging from what has been happening lately in the online world. Increased fraud cases have hit many merchant accounts online, making them not a safe bet. Merchant accounts have some other issues to deal with, which might not be convenient for the clients of the online gambling site.
Final Remarks
Finding a trusted platform online is difficult now more than ever because of the bustling Fintech space that is churning payment platforms at a rate never seen before. However, the hawkish tone towards supporting gambling activities online has pushed some trusted traditional platforms to shift their strategies, opening up room for gambling payment gateways.
