Best Gambling Payment Gateway Options for Your Business in 2024

Best Gambling Payment Gateway Options

Operating a successful online gambling platform requires navigating unique struggles regarding transaction processing. Traditional banks, payment processing solutions, and even standard merchant accounts typically fall short in managing these challenges.

This, in turn, leads to major issues for most online gambling businesses, including an increased risk of fraud, chargebacks, regulatory complications, and data security concerns.

To avoid these issues, you need an experienced gambling payment gateway specialized in your high-risk business needs. Haven’t heard of gambling payment processing solutions before? Here’s what to know.

 

The Challenges of Gambling Payment Processing

The gambling industry is a part of the high-risk category due to several key factors, such as:

  • Dynamic regulatory environment

  • Scrutinized MCC Merchant Category Code

  • High volumes

  • Chargebacks

  • Fraud risks

  • Compliance with international security standards

While these might seem like small issues, most iGaming or gambling merchants struggle to navigate these challenges. This is especially true in an industry with ever-changing regulations and fierce competition, making it (often) hard to keep your head above water.

After all, once your gambling business is associated with high levels of chargebacks and fraud increases the risks, it’s even harder to find a reliable payment provider.

MCC also plays a big role in the solutions offered to these merchants. The code assigned to iGaming establishments, 7995, is scrutinized far more strictly and comes with higher processing fees than any other, unfortunately.

 

Regulatory Challenges

Owning and operating a business in the gambling industry inevitably comes with various regulatory issues involving international laws, restrictions, and compliance with security standards, like PCI DSS (Payment Card Industry Data Security Standard) and AML (Anti-money Laundering).

Online gambling fraudster jumping out of laptop

Many countries nowadays where online gambling is legal have their own unique set of restrictions and licensing requirements to ensure your business meets said standards and legislative laws.

For example, Malta, a country that’s widely known for its online gambling establishments, offers licenses issued by the MGA (Malta Gaming Authority) that are considered the industry’s benchmark.

 

Financial Fraud Risks

Having a safe and effective gambling payment gateway is essential. The heightened risk of fraud in the industry is a big factor that determines whether a bank or an acquirer will work with a business.

Common fraudulent activities within the gambling industry include the use of stolen credit card information or claims of fraudulent use of one’s card information due to a loss, among many other schemes.

 

The Financial Impact of Poor Payment Processing for Gambling Businesses

Simply picking any payment processor for your gambling, casino, or iGaming business can lead to several complications. However, partnering with a qualified gateway is about more than just having a middle-man in finding an acquirer and transaction processing.

First and foremost, it’s about understanding the delicate nature of some of the most common challenges in the industry of iGaming. The key points to consider when choosing a payment solution provider for online casinos are:

  • The level of security

  • Anti-fraud tools 

  • Chargeback prevention tools

  • Gateway integration

  • Settlement times

  • Load balancing options

  • Transparency of fees

  • Round-the-clock support

  • Ease of use

Opting for the first option available could put you, as an iGaming merchant, at risk of irreversible damage. The potential negative impacts below are what makes working with a competent payment solution provider so important.

 

Operational Hurdles

Challenges with payment processing can lead to operational inefficiencies, which directly affect the foundation of a gambling business.

Struggling with low acceptance rates and slow transaction processing can create a big gap in earnings. In an industry where instant transactions are directly tied to customer satisfaction (the ultimate goal of any gambling business—whether online or in person), you can’t afford any downtime.

Moreover, banking restrictions can also limit the growth of your business, as they may prevent you from being able to accept customer-preferred payment methods. Aside from being frustrating for your customers, this makes it hard to predict revenue and manage the financial and operational aspects.

Man sitting at desk typing on the computer

Brand Reputation & Trust

In the highly sensitive and competitive industry that is gambling, being client-centric is another core component of your success. Issues with payments, hard-to-navigate third-party payment dashboards, and delayed transactions will most likely lead to a poor customer experience that you can’t afford.

This, in turn, can lead to not only financial losses but also damage the reputation of your company.

Such damage can hurt your entire business, leading to a loss of clientele, as upholding customer trust is crucial when dealing with high volumes of transactions and personal data—especially in this industry.

 

The Importance of Choosing the Right Payment Solution Provider for Online Casinos

As an online gambling business, it is important to keep in mind the three factors that make transactions customer-friendly:

  • Security

  • Convenience

  • Diversity 

The target market for businesses in the iGaming trade is extremely diverse. And while that’s great from a business perspective (as it makes it easier for you to target specific niches), it also means every target market has its own payment preferences. However, they all share one expectation in common—convenience.

So, as an iGaming merchant, it’s your duty to ensure you’re offering various convenient payment methods, whether that’s cryptocurrencies or e-wallets, to accommodate your customers and reduce dependency on traditional banks.

Embracing as many alternative payment methods as possible will help foster the growth of your business, ensuring it’s not defined by just one or two card schemes. 

Think about support and convenience, too. As gaming platforms process transactions 24/7, partnering with a gateway that offers real-time assistance can also significantly benefit your online gambling business as well.

Having a solution provider experienced in the high-risk sector can also help prevent additional headaches and minimize downtime.

"One of the biggest tips we have for businesses in the gambling and gaming industry is to be very true to their project and mission. Look for as many alternative payment methods as you can to ensure coverage. If you go away from the card schemes, there’s a lot more leeway—you’re not defined by only Visa and Mastercard."

What Any Top Gambling Payment Gateway Should Offer

We can’t stress enough how important it is to choose the right payment gateway provider if you’re a gambling or iGaming business.

Hastily making the decision to get things moving now at the cost of finding a proper, high-quality solution could come back to haunt you. If you’re unsure what to look for when comparing the best gambling payment gateway options for your business, here are a few things to consider.

 

Compatibility

First and foremost, make sure the payment gateway offers solutions compatible with your existing systems. For smooth transactions, the solution should seamlessly integrate with your platform and adapt to evolving technologies.

Compatibility issues could lead to failed transactions, dissatisfied customers, and likely a loss of revenue.

 

Security Features

Security features are another very serious aspect of any payment gateway that should be considered before choosing one. Remember, you’re giving full access to your customer base’s personal information over to the solution provider.

So, the gateway must provide sturdy security measures to its gambling merchants. This is vital to protect sensitive data, manage the high volumes of money exchanged, and deter fraudulent activities.

 

Transaction Speed

Your customers enjoy instant earnings when they play games on your platform. That’s great for them, but it means you need to be able to offer instant transactions as well.

Players (rightfully) expect immediate settlements, and any delay could lead to customer attrition. Therefore, a gateway that can ensure timeless and uninterrupted transactions is important.

 

Global Accessibility

Global accessibility as an iGaming platform is another non-negotiable aspect of your business. As an online distributor, you are essentially providing a service to a diverse group of people from different regions.

This means that the gateway you’re opting for should accommodate that. Choosing a solution provider that is able to offer multiple currencies can help you broaden your customer base and enhance user satisfaction.

Cryptocurrencies revolving around a globe

Compliance

Don’t forget to consider compliance with international regulatory requirements, such as KYC, AML, and PCI DSS. The payment gateway you’re partnering with should comply with these standards and ensure that your business meets these obligations as well to steer clear of any potential legal risks.

 

Customer Support

Most business owners forget to factor in customer support when comparing the best gambling payment gateway solutions (or any high-risk payment solution, for that matter).

However, having a knowledgeable and responsive support team by your side in the gambling industry couldn’t be more important. A gateway that includes a support system of high-risk industry specialists can provide much-needed guidance and help troubleshoot common issues that arise.

 

Cost

Finally, ensuring the cost of the solution aligns with the quality of the service. Many cheap options exist, but most low-cost gateways fail to meet all the requirements needed to maintain a high-quality, compliant gambling business. Primarily, consider the solution provider’s transparency regarding the fees.

 

How PayFasto is Improving Gambling Payment Processing

Being one of the leading gambling payment gateways in the high-risk industry, we know first-hand what a good payment solution provider for online casinos should offer. Having years of experience with trial-and-error and by restricting the industries we work with, we ensure full knowledge of the select few. 

At PayFasto, we take pride in knowing the high-risk industries inside out. Keeping ourselves up to date with the regulatory changes and the unique needs of the gambling sector are some of our top priorities. We also support our merchants with a team full of experts who are happy to assist no matter the time of the day. 

Besides offering gambling businesses payment processing solutions, we also provide dedicated online merchant gaming accounts that will help the enterprise get the most revenue possible.

“Ultimately, we care about our merchants. So while we might not be the cheapest solution, we offer high-quality services that ensure we're helping our merchants succeed. That pays off in the long run."

What Makes PayFasto One of the Best Gambling Payment Providers

 

Addressing Industry-Specific Issues

At PayFasto, we have experience tackling common issues within the gambling industry. Our job is to ensure the merchants we work with are optimizing their sites according to the age restrictions and region-specific regulations. It is important to us to ensure our customers are compliant with the general standards.

Innovative Payment Methods and Technologies

We support various payment methods that range from different cryptocurrencies to modern solutions, like NeoSurf, a company dedicated to the gambling industry.

 

Looking Ahead: The Future of Gambling Payment Processing

There’s a transformative shift happening in the gambling industry, as in many others, particularly regarding fraud detection systems and blockchain technology.

AI-driven systems, for example, can now help prevent and detect fraudulent activities, while distributed ledger technology enhances security along with the transparency of payment processing.

Taking advantage of these innovative technologies is important in such a highly regulated sector that faces many challenges regarding payment volumes, fraud, and chargeback risks.

Fraud messages alerting man to insecure transactions

Experience the Best Payment Process for Gambling Businesses

Finding the perfect gambling payment solution is important for high-risk merchants in the gambling and iGaming industry.

PayFasto provides sustainable, state-of-the-art, and comprehensive solutions tailored for merchants struggling to find the right fit. We offer security, convenience, diversity, and premium support to help you navigate the challenges you might encounter.

For gambling-specific payment gateway solutions from a provider who understands your industry, get a free, no-obligation quote here. We’ll review your business information and get back to you ASAP.

 

Seamless payment experiences, tailored to your unique needs

Accept all major card types, empowering global cardholders to pay with ease and enhance your business's potential for conversions and seamless cross-border transactions.
There are years of industry experience behind our high-risk merchant guides and tips...