The volume of online sales is growing quickly and is already comparable to the volume of traditional (offline) trading. There are business sectors where remote payment for goods and services is dominant, and sometimes the only one. These businesses include online casinos and other types of gambling.
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The main difficulty in organizing online payments for online casinos
What exactly is any online payment? This is a technology that allows you to change the owner of money without physically transferring it. When a person makes a purchase, for example, using a bank card, this technology debits the purchase amount from his account and credits it to the seller’s account, excluding the service fees for this transfer. Such a procedure implies a gaining bank that organizes online payments and credits the sale money to its account. If necessary, the gaining bank will convert the buyer’s money into the currency required by the seller.
Since, ultimately, the seller’s money is credited to his bank card, the international payment system (MPS) takes part in the online payment technology, which controls bank cards issued under its auspices. It can be Visa, MasterCard, Mir, etc. In certain cases, MPS may recognize an online payment as illegal and require the gaining bank to return the buyer’s money. This procedure is called a chargeback. Those types of business where the probability of a chargeback is high are called high risk.
Because the fact that the chargeback turns into additional costs for the bank, they offer higher service rates for high-risk businesses. This is preceded by a lengthy verification procedure, which often ends with a refusal to cooperate. The gambling industry, in particular online casinos, is such a highly risky business.
The second reason banks refuse to service online casinos is reputational. It is believed that gambling is something vicious, almost immoral. So, to have a business relationship with such a business is to spoil your image. And for the banking sector, reputation is everything.
What should an online casino do?
First, let us outline our position regarding the gambling industry, in particular online casinos. Gambling, which appeared at the dawn of human history, is an integral part of the lives of tens and hundreds of millions of people. And gambling is neither good nor bad. This is a given. Like sex. It all depends on the organization of these games. If you organize everything in a civilized way, minimize the likelihood of fraud, if you pay taxes, then why is it bad? After all, a person has a physiological need for passion. And if you do not create legal ways for him to satisfy this need, then he will still satisfy it, only this time often illegally. Therefore, we are for a civilized gambling industry.
Our company Wellcoinpay offers its services in organizing Internet payments for online casinos and other companies operating in the gambling industry, for example, bookmakers.
Payment system from Wellcoinpay
Wellcoinpay is a high-tech payment system aggregator that provides reliable gaining. Our company has been operating in the international financial market since 2018. Over this short time, over 200 companies have become our clients, mainly those whose business is highly risky. The clients of these companies live in over 180 countries. As you can see, we can rightfully declare that we provide our services all over the world. Wellcoinpay is headquartered in London, which once again testifies to the reliability and respectability of our company.
Why Wellcoinpay aggregator is perfect for online casinos
What criteria should be followed when choosing a payment system (aggregator) for your business. Let’s list the main ones:
- A variety of ways for customers to make online payments.
- Favorable tariffs for services.
- Terms of crediting money to the seller’s account.
To organize online payments, we use the most modern software that meets the PCI DSS Level 1 security standard.
Our software allows you to:
- Warn about an attempted fraudulent transaction in real time (AntiFraud system).
- Assess the reliability and solvency of the counterparty.
- Reduce false positives.
As a result – over 200 companies in high-risk business in clients. We also remind you that our headquarters are located in London. And the UK is known for its very scrutiny of companies operating in the financial sector.
Variety of payment methods for customers
Wellcoinpay aggregator cooperates with 53 payment systems. Online casino owners can accept payments in 32 currencies. Among these 53 payment systems, there are all that are popular with online gambling customers. Let’s briefly characterize them.
Transfer methods for Runet online casinos
Visa, MasterCard and Maestro
The cards of these systems are most often used by online casino customers to pay for services and receive money won. In order to fund your casino account you need:
- Log into your personal account.
- Select the “Cashier” section.
- Choose a payment method – bank cards.
- In the appeared payment form, enter the required fields:
• name and surname;
• card number;
• its validity period;
• CVV code;
• amount and currency of payment.
Some payment systems may require a phone number linked to a bank card.
We recommend using a separate card to pay for online casino services, the funds to which are credited immediately before payment.
Perhaps the most popular electronic payment system for paying for online casino services and receiving money. Advantages:
- a variety of ways to replenish an electronic wallet;
- low rates.
To work with this payment system, you need to create a wallet in it. Qiwi offers several types. We recommend “Basic”. It allows you to transfer up to 200,000 rubles a month and have up to 60,000 rubles in it. Few? Then create yourself a “Professional” wallet. It allows you to transfer up to 4 million rubles a month and keep up to 600 thousand rubles in your wallet.
The type (status) of the wallet depends on the identification method. To receive a professional wallet, you must complete full identification in person. The Qiwi e-wallet number is your phone number.
The disadvantage of Qiwi is the inability to transfer / receive money in foreign currency. This limits the possibilities of playing in foreign online casinos, but you can still find those that cooperate with this system.
The electronic payment system WebMoney is devoid of this drawback. She has dollar and euro wallets. But unlike Qiwi, there are higher commissions and fewer ways to replenish your WebMoney wallet. In addition, this system is little known abroad, but several foreign online casinos cooperate with it – Surf, BitStarz, etc.
To transfer money using WebMoney, you must select this payment method, show the wallet number, amount and currency of the transfer.
One of the most popular systems among CIS users. True, until December 15, 220, it was called Yandex.Money. But Sberbank bought it out and made a rebranding. Its advantages are low commissions, simple linking of your Ymoney wallet to your bank card. Ymoney operates only in rubles, but you can transfer money to many foreign online casinos. The most famous ones are Joy, BitStarz, Redstar, Riobet, Betchan, Surf, ТТР.
Transfer methods for European online casinos
This payment system has been known in Europe since 1999. It is noteworthy that it was created just for the gambling business. Neteller came to Runet in 2010. It supports over 20 currencies. Almost all foreign online casinos willingly cooperate with this system. For users of the Runet, Neteller is convenient in that its wallet can be filled through Umoney. The disadvantage is rather high commissions. For replenishment – 2.5%, for currency conversion – 1.29 – 3.99%.
A reliable, well-known payment system. All you need to send and receive money is an email address. Only works with the dollar. But you can replenish your account in different currencies, there will be an automatic conversion. You can transfer money to and from your Skrill account using bank cards from most European banks. Russian banks support transfers from this payment system. In addition, the account can be replenished using the Bitcoin cryptocurrency (BitPay wallet), Webmoney payment system (from the WMZ wallet) and Neteller. Skrill advantages:
- most western online casinos work with it;
- low commissions – commission for replenishing your Skrill wallet is 1%.
- Limit on withdrawals – up to $ 7,000 per day.
Payment system headquartered in Zurich. Known since 2007. Like Skrill, it boasts low rates. For example, a deposit is charged 0.5% for a verified account and 1.99% for an unverified one. But, besides the dollar, it also works with the euro. It is especially convenient for working with cryptocurrency. There is no commission at all for funding an account with Bitcoin. When withdrawing funds in Bitcoin – the commission is 0.5%. It is possible to replenish and withdraw money from Perfect Money to many electronic wallets, including all those popular in Runet – Ymoney, Qiwi, WebMoney. By the way, Perfect Money charges 4% per annum for keeping funds in your wallet on your wallet.
Payment system headquartered in London. Started its activity in 2000. It operates in 45 countries of the world, including all CIS countries – Russia, Ukraine, Belarus, Kazakhstan, etc. The system is distinguished by its loyal attitude towards clients from the CIS countries. Works with 45 currencies.
It is very popular among bookmakers. It has high withdrawal limits, so EcoPayz is often used by high rollers, those who play for high stakes.
Payment system registered in the UK. Supports 40 currencies and works in 180 countries. For users from the CIS countries, it is most convenient to replenish the electronic wallet of this system through a bank card. In European countries, you can purchase a prepaid card (Jeton Card) of various denominations. Withdrawal of funds – to a bank card. This payment system is also very popular among bookmakers.
A rapidly gaining popularity method of paying for online casino services and receiving winnings. The most popular cryptocurrencies in the gambling industry are Bitcoin, Ethereum and Litecoin.
The advantages of cryptocurrency are:
- almost instant crediting of money to a personal account;
- maximum protection of transactions;
- low commissions.
An aggregator works with all these payment systems – our company Wellcoinpay. Besides them, we cooperate with other payment systems – Paypoint, Click2pay, Sofort, etc. In total, we repeat with 53 payment systems and 32 fiat currencies.
For high-risk businesses, we offer rates lower than the banking sector. And the shortest terms for consideration of the application. It is important that we have developed procedures that minimize the likelihood of a chargeback. This allows you to further reduce costs.
A certain time passes between transferring money by the client for the service and their crediting to the seller’s account. This is due to both the technology of online payments and the bank’s desire to protect itself from a chargeback. For ordinary business, the term for crediting funds is up to 3 banking days. If the company is engaged in a high-risk business, the terms increase. Wellcoinpay makes a transfer regardless of risk within up to 3 banking days.
If you have a high-risk business related to the gambling industry – online casinos, bookmakers, etc. look at our aggregator Wellcoinpay. This will allow you to organize online payments (without them, your activity is simply impossible) – quickly, with low commissions and more payment methods for customers.
If you still have questions, write to us and get a detailed consultation.