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So you've got a state-of-the-art sports betting app or website with all the latest features and functionalities, supports a wide range of bet types, and many betting markets. That's great! But do you have or thought about online payment service providers for your first sports betting website?
Let's see the top ten payment methods for your sports betting software. This comprehensive guide will help you and your business successfully apply your game to the market.
Many sports betting businesses that provide top-notch services fail to make a mark in the industry because their sports betting payment solutions are not adequate. It is because their users do not find those solutions very convenient per their needs.
And as you know, in today's fast-paced digital era, where competition is tough, and every day, new platform are being launched, providing a user-friendly platform has become necessary for achieving business targets.
Sports betting are one of the most significant and widespread iGaming sectors in our industry, especially in India. This is why Orion InfoSolutions, a sports betting software provider, wants to shed light on ways to protect your revenue, player's money and the overall security of your sports betting businesses.
This topic includes all the information about payment integration for your sports betting website and how many payment options are available to add-on to your business.
Payment Gateway is the technology that apprehends and transfers the payment data from the customer to the acquirer and then accepts or rejects the payment back to the customer. A payment gateway securely verifies the customer's card details, ensures that funds are available and ultimately enables merchants to receive payments from customer bank accounts.
It acts as an interface between a merchant's website and its acquirer. It encrypts sensitive card details, ensuring that information is passed securely from the customer through the merchant to the receiving bank.
In other words, the payment gateway works as an intermediary between your customer and the merchant, ensuring that transactions are secure and instant. As a result, an online payment gateway can simplify how merchants integrate the necessary software into their website or platform. Furthermore, as the intermediary during payment processing, the gateway manages the sensitive card details of the customer between the customer and the merchant.
Below are the top 5 points of importance of payment gateways for small and big businesses in India. This also explains why online payment is gaining an important place in transactions.
Convenience
When you add online payment integration to your platform, it means that you allow your customers to purchase or shop anything from you using your payment services. Allowing your customers to shop in their spare time adds convenience to them and you as well.
Faster Payments
As a business owner, you know that getting paid is hard. Instead of agreeing to pay on a certain day and then forgetting to do so, many customers prefer to pay immediately and end it. Payment gateways are the only solutions enabling the customer to do this, making it a win-win situation for you and your customers.
More Effective Security
The payment gateway enables a safe and secure environment for transactions and card data. Thus, it helps protect you from security vulnerabilities.
Using a payment gateway seriously reduces the risk of credit card fraud for three main reasons:
Before getting into the actual process of payment gateways, here are a few terms you'll want to understand first:
Merchant Payment Account
A merchant account is a separate business bank account used by merchants for their business receivables. During the transaction, the customer's payment is initially transferred to a merchant account, where the payment process remains until you transfer it to your business's regular bank account. You will need both payment gateways and merchant accounts as well to process and accept online payments.
Payment Processor
When a business charges a customer for a purchase he made, the payment processor is the service that authorizes the customer's card details to ensure that the payer has enough funds in their bank account to make the payment successfully. If they do, the payment processor authorizes the transaction, and all payments are processed in the business account, and if not, the transaction is declined or failed (for whatever reason).
The steps below are the complete explanation of how online payments work with payment gateways:
Step 1
Start setting up your sports betting website and connecting it to an online betting site payment gateway when accepting online payments.
Step 2
Your customer adds funds or withdraws them from your sports betting website by clicking on your online betting site payment link and filling in their payment details.
Step 3
The details of the order and payment (credit and debit cards) are sent to the online betting site payment gateway. The card information is securely accessed to the payment gateway so that only your users and their bank can access their card information.
Step 4
After that, the payment gateway verifies your customer's card information and checks whether they have sufficient funds in their bank accounts to make the successful payment. If they do, the payment gateway proceeds with the transaction page. Additionally, the payment gateway prevents any kind of fraudulent activities with the help of advanced anti-fraud tools.
Step 5
The online betting site payment gateway starts the payment process and sends a request to the customer's issuing bank to initiate the transaction. The issuing bank by the customer then sends required funds to the merchant bank, which then deposits them into the merchant business account (if they have any).
Step 6
The transaction's status is sent to the merchant as an intimation to confirmation of payment completion. The payment gateway you use for your sports betting website determines how long it takes to receive your payment. Most payments are received in minutes, almost immediately after the transaction is complete. Still, some transactions can take up to 14 or more business days to process. But this only happens if there is an error or server down the issue.
Three payment gateways are widely used across sports betting websites or any other web solutions. These online payment gateways are as follows:
Redirect: When a customer clicks on the checkout option in the sports betting software, he will proceed to the main page of the online betting site payment gateway, and here, the transaction is done and completed. This method is called redirect payment.
Payment Offsite: In these payment modes, the front end checkout is done on your betting platform software, and the rest of the process will be at the backend of the payment gateway system. The perfect example of this payment gateway is Stripe.
On-Site Payment: The entire payment process is done on your sports betting website, which gives you complete control over the payment process. Large businesses commonly use this payment method with large websites such as online betting sites or online casino platforms.
Before choosing a qualified online payment provider for your sports betting software, it is vital to consider a few factors. Below is a list of some features you should consider or consider a payment gateway before choosing one for your online betting website business.
Ease of Integration and Compatibility
Easily integrating online payment gateways helps businesses to save a lot of time. Easy to integrate payment and fully compatible, help your online sportsbook betting software go up and the process really quickly without any complications.
Advanced Encryption Systems
When you choose any third-party payment gateway provider for your sports betting software, ensure that they are providing advanced encryption systems. This is important to consider because this company is responsible for receiving and managing all of your customer's sensitive data and card information. A slight mistake in choosing a reliable payment gateway provider can cost you a fortune.
Online Payment Processing Fee
The type of business and transaction decides the payment processing fee. Hence it becomes one of the most important factors in choosing the ideal payment gateway for online betting sites. Unfortunately, some payment providers hide some of the policies about each transaction charge; checking them is essential.
Multi-currency Support
Sports betting websites are one of the most profitable businesses worldwide, and a wide range of users will use your site. Therefore, adding multi-currency support enables your users to use their home currency to add to your betting site. It also gives them reliability and convenience to play sports betting.
Mobile Payment
More than 40% of bets are placed through mobile devices. Therefore it is important to choose a betting payment solution that supports variable mobile payment options to ensure that your users can get an exceptional online mobile betting experience.
Betting Payment Limits
Some of the payment gateway providers don't provide high transaction limits. Instead, they have limit sets that allow the user to spend a specific amount of daily transactions. Sports betting websites deal with a high amount of trades in one day. Therefore, consulting with your payment gateway service provider about daily transaction limitations is also essential for your sports betting software.
Credit and Debit cards are the most popular payment gateways in the sports betting sector. Most casinos accept MasterCard and Visa cards as payment options for in-app transactions. However, others may accept Discover Card and American Express (depending on their services and locations).
Credit and Debit cards are fast, secure and reliable for any kind of transaction anywhere and anytime. These cards have been around for a long time, and it's hard to dispute their convenience and their offerings. In addition, they do not involve any third-party interference. Although most casinos have limited debit and credit card options, most major online sports betting sites still offer most card services.
Neteller is widely used in the online sports betting industry and is considered one of the most secure payment systems. UK, Canada and many other sports betting websites rely on Neteller for fast payouts.
Skrill is available on every sports betting platform and offers instant transfers and withdrawals. Skrill is used by some of the best online sports betting software solutions like Betway, Bet365, Badog, and many more. The best part about the Skrill payment gateway is its low transaction charges, top-class security, and easy payment options for fast transactions.
Instabill supports all major online betting games such as slots, blackjack, poker, online casinos and many more and enables users to pay through gift cards as well. The merchant account is verified and approved within 7-14 business days. The payment gateway comes with high-end security integration and also prevents chargebacks.
With one inherent flaw (you should use or have Apple devices), Apple Pay is one of the most used, well-known and secure options for payment and e-wallet services. With access and payment offered from Apple Watch, iPad, iPhone and many other technologies from the company, players can deposit money with most sports betting businesses through this online betting payment method.
There are no hidden charges, and it provides a highly secure transaction service. In addition, it is an easy payment mainly done by removing the need to enter card details. As a result, many players and bettors are leaning towards Apple Pay for their sports betting software.
E-wallets are one of the monetary payment systems used widely for various platforms. It makes the transaction experience very convenient for users and instantly enables fast, smooth, and without failing payment systems.
PayPal is one of those payment gateways recognized by various fields. This payment method is very high in demand, and many betting site companies are using it worldwide. The features of flawless transactions make it a preferable payment integration model for live casino sites, sports betting software, and many more.
Cardinity is one of the most trusted payment gateway providers worldwide for online gambling/betting businesses such as online casinos, sports betting, poker, andar bahar. In addition, it offers free-risk merchant accounts for gambling businesses.
It lets you accept payments from bookmakers all over the world. Cardinality is renowned for providing a convenient and fast payment method. It enabled users to make payments with one click with the top most secured mechanisms integrations.
Apart from e-wallets, there are many alternatives available in the market. ecoPayz is a highly dynamic and totally secured alternative payment solution used worldwide. ecoPayz account is for receiving, sending or spending money in one online account.
The best part of this payment gateway is that it does not take too long to open an account. Furthermore, it is secure and instant, including fraud protection technology to save users valuable data and money from hackers and fraudsters. These are why this payment integration in sports betting websites or apps has become more popular. Using this payment method makes the user's gambling experience even smoother and more secure in sports betting games.
Crypto & Fiat Are On the Rise In Today's Digital World
Cryptocurrencies and fiat are rising and spreading too fast, and it is estimated that this crypto solution will be available worldwide soon. Furthermore, integrating blockchain technology and wallets without intimidation interruptions makes it an even faster and more reliable payment gateway system.
The only difference between crypto and fiat is that fiat can take upto two or several days to complete the transaction, but cryptosystems can do transactions instantaneously within minutes.
Several crypto payment gateways are available in the market to use for your businesses.
Bitcoin is one of the most considerable digital assets in terms of cryptocurrencies. These currencies are highly used worldwide in the sports betting industry. Bitcoin has become a new trendy, innovative payment network and a new way of any kind of transaction.
Many sports betting websites use this payment gateway because of its fast peer-to-peer transaction procedures. It allows you to expand your betting business even more outside countries to grab a wide range of audiences who spend a lot on cryptocurrencies. This solution enables your business to generate high revenue from worldwide areas.
Ethereum is another highly popular cryptocurrency that includes open-source blockchain technology with smart contracts integration functionality, essentially offering end-to-end world-class security who uses or holds ETH currencies.
Ethereum is one of the most successful payment gateways for online sports betting software. It allows users to use Eth currencies in betting game platforms such as online casinos, poker, color prediction, rummy, and many more. This currency is very secure but can take several days or hours to complete a transaction, but its reliability is not comparable in terms of using it for your sports betting businesses.
The sports betting industry is snowballing, and as we discussed, it will be one of the largest gaming sectors worldwide. Therefore, the need for online betting software and payment gateway integration is in high demand and necessity.
Contact your payment gateway providers to learn more about sports betting payment integration. Choosing the right one is crucial for your online sports betting website or app. The more options you provide to your users, the more they will feel engaged with your platform. You can also contact us for further information about sports betting payment integration.
DC Kumawat is the CEO of Orion InfoSolutions, a leading provider of IT solutions to businesses of all sizes. He has over 14+ years of experience in the IT industry. He is a passionate advocate for the use of technology to improve business performance.