Gaming platforms work by depositing. After verification of accounts, users can replenish their accounts and then use the money in the system to play, buy items, skins, and artifacts.
So, the most important requirements for a provider of payment include the highest quantity of payment options, as well as a fast processing speed for both inbound and outgoing payments, that have the highest conversion. Also, the company must address the particular issues associated with the games industry.
The biggest issues faced by the proprietors of gambling websites:
- A high turnover and a large number of transactions. In the case of gamers, the speed and speed of processing payments are vital. A rapid “influx” of transactions at a specific time, overburdens the processing center and makes it difficult to monitor and process. The high volume of traffic on the gaming website can overwhelm that payment processor.
- An overwhelming number of requests for refunds. Chargeback requests, mistakes in the details. False activities that involve the betting of bets and the later cancellation of the money are not uncommon.
- The risk of money laundering and infraction the KYC (“Know Your Customer”) rules. The use of money laundering, credit cards, and identity theft. These all can be a danger to gaming sites, and consequently, the payment processor.
- Legal obstacles. The legislation of some countries has stricter requirements on the gaming industry as compared to others. The gaming platform, as well as the payment service provider, must fulfill a number of conditions for processing payments.
The responsibility of the retailer is to locate the right payment processor that will be able to meet the requirements of international law in gaming, have the capability of instant gambling processing, and have the necessary servers and the technology to guarantee the security of the payments. Sites like betFIRST Sport have a variety of payment processors.
Considerations to choose an appropriate payment processor for an online gaming platform
- A variety of payment options as well as multicurrency payment processing. Recently, new forms of payments are being added to traditional bank payments such as credit/debit cards, e-wallets, and credit/debit. For instance, a merchant has to accept payments made using digital instruments.
- Quick transfers and low costs. Including transfers from one account to another on the site for gaming. Payment processing for gaming is calculated in a matter of minutes.
- Security enhancements and the anti-fraud system of the provider. Automatic payment monitoring will identify fraudulent transactions. However, at the same time, the number of steps required to confirm transactions for the user must be reduced. Customers want to pay with just a few clicks, without spending time on confirmations. The company must be certified by a PCI DSS certificate.
- High conversion. The number of successful transactions relative to the total money that is made on the website must be greater than 90%.
- Personal account that functions as a functional one for the merchant and user. The ability to alter the payment forms makes the experience for users easier. Merchants may also make use of analytics tools to analyze conversions and uncover issues with payments.
Corefy is an orchestration and payment platform with all the necessary tools to complete the challenges of a gaming website. It’s a financial institution that has more than 150 payment providers that are integrated and acquirers. It is a processing company that has its own processing hubs, as well as integrations with other hubs and processors. The payment gateway and its technological capabilities are perfectly suited for the games site’s tasks.