The iGaming industry is developing at a remarkable pace. Boosted by the lockdown, it has gained speed and isn’t slowing down: the market volume is projected to reach $136.3 billion by 2029. What does this mean for iGaming service providers? Besides the growing user base and, hopefully, profits, it brings us more regulations, more intricate security challenges, and cutthroat competition. How can we not only survive but ride the wave of this interest in online gaming? Nothing new here: we must ensure customer satisfaction, and utmost safety is the first step.
Evgeny Lapin, the head of VeliPayments at VeliTech, a leading iGaming service provider, believes that building trust with customers lies in safeguarding their data and money, which should be the top priority for online casinos today. And a reliable payment system, with all the compliances and security measures in place, is critical to high-quality service:
Evgeny Lapin
Head of VeliPayments
“Ensuring the highest level of payment security is not just about technology; it’s about building trust with every transaction.”
This article explains why iGaming businesses must carefully choose trustworthy payment gateways, how they affect both online casinos and the players, and what criteria should guide the choice of iGaming payment provider.
Why reliable casino payment gateways are key to user loyalty
As the iGaming industry expands, online casinos and betting platforms often become top cyberattack targets. This threat should not be taken lightly: David Feder, a cybercrime attorney from New York, reveals that the number of online casino cyberattacks is increasing by 1000% every year.
Ensuring the safety of an iGaming platform is a multifaceted task that includes client data protection, regulation compliance, secure transactions, and the use of advanced technology for risk mitigation. But one of your primary steps should be guaranteeing the reliability of an online casino payment system. Why?
Users’ direct interaction with payment systems significantly impacts their trust and loyalty towards online casinos. While underlying technologies such as advanced encryption and fraud detection algorithms work invisibly to secure transactions, the user-facing elements most tangibly influence player confidence and satisfaction.
Customers consider the variety of payment methods, the speed of transactions, and the presence of trusted, well-known payment providers when evaluating an online casino’s credibility. An iGaming provider that offers quick and seamless transactions without the hassle signals reliability and a high standard of service, which, in turn, enhances user retention and trust.
Let’s briefly review how exactly and by which means iGaming payment providers can guarantee the mentioned level of security and customer service.
How to ensure payment security in iGaming
As the players’ satisfaction and loyalty directly depend on online gambling transactions, trustworthy payment gateways deploy the following measures to safeguard users’ data and funds:
Encryption
Encryption is the first line of defence in securing online transactions. Most iGaming payments providers use the Secure Sockets Layer (SSL) protocol or its successor, Transport Layer Security (TLS). These protocols encrypt data as it zips between users and the casino, rendering sensitive info unreadable to intruders. On top of that, online casino payment gateways widely embrace the Advanced Encryption Standard (AES), which offers an extra layer of security.
Payment Card Industry Data Security Standard (PCI DSS)
PCI DSS is a set of security rules designed by the biggest payment operators. Their goal is to make sure that companies handling credit card data play it safe. The payment brands in all major jurisdictions must stick to these standards, running regular checks and tests to keep the network secure. They should also have a robust information security policy, including access control measures to protect cardholder data.
Fraud prevention algorithms
Some payment gateways offer additional fraud prevention mechanisms, such as CVV, device fingerprinting, IP analysis, 3DS2, and more. As the iGaming industry handles thousands of transactions daily, proactive measures are essential in preventing fraud.
Blockchain payment solutions for iGaming
Payment security standards for online gaming evolve over time, and the rise of payment gateways with blockchain-based features is proof of that. They leverage decentralised networks to make payment processing as transparent as it can be. More than that, blockchain offers transactional speed that’s impossible for traditional methods and caters to the growing audience of cryptocurrency holders.
As we’ve already mentioned, players’ confidence in an online casino depends on their ability to safely deposit and withdraw money. Therefore, iGaming businesses must ensure a verified payment partnership for their customers. Using VeliTech’s checklist will help with the decision.
Checklist for choosing a reliable iGaming payments provider
Geographic coverage: Check the countries and regions where the provider operates to see if they match your customers’ locations.
Currency support: Confirm that the provider supports the preferred currencies of your players’ countries.
Commissions and fees: Review the provider’s transaction fees, monthly account maintenance costs, and other charges. Take it as a big red flag if they don’t reveal their prices, take that as a big red flag.
Technological capabilities: Size up the provider’s tech infrastructure, including mobile apps, APIs, and real-time analytics. You’ll need them to track and optimise your payments.
Encryption protocols: Ensure the provider actually uses SSL/TSL to safeguard all the stored and processed data. Remember that the payment gateway must be compliant with PCI DSS.
Integration: Double-check that the payment solution can integrate seamlessly with your current platform.
Payment methods: To cater to your audience’s preferences, make sure the provider supports a variety of secure payment methods, from credit/debit cards and e-wallets to wire transfers and cryptocurrencies.
Terms of payment: Examine how and when funds get transferred to players’ accounts. Going for a provider with quick settlement times, you’ll bolster players’ trust and build in more predictability into your operations.
Customer service: Scour trusted third-party review websites to see if the provider’s support service has a good reputation and responds to questions and issues fast enough.
References: Contact other provider’s iGaming clients directly to hear about their experiences. Coupled with reviews and ratings, these firsthand insights will help you form a balanced opinion.
Choosing the right payment provider can be a real game-changer. You can improve operational efficiency, build player trust, and boost market standing. The stakes are high, so consider multiple options before you commit.
VeliPayments: Your gateway to customer trust
At VeliTech, we designed VeliPayments – a comprehensive and secure payment gateway that iGaming providers will ever need. It’s one of the key components of the VeliTech iGaming full-stack ecosystem, and you won’t have to look for a third-party cashier elsewhere. Here’s what it offers:
- Global coverage
- 200+ supported currencies, including fiat and crypto
- Verified payment mechanisms fully compliant with PCI DSS and other industry standards
- TLS encryption and custom anti-fraud algorithms
- 280 supported payment methods
- Payment route customisation for maximum security
- APIs for seamless integration
- Real-time analytics and 24/7 customer support
If you’re eager to make us your verified iGaming partner, contact our team today for a personalised quote and detailed terms.
