What makes the online sports betting business successful? Of course, a robust sport betting software! But, there are some crucial components of the software having a major contribution to the success of the software and eventually the gambling business. And the payment gateway is one of those pivotal components. Bettors prefer using sportsbook software that offers flexible and secure payment options. They want to make faster transactions while ensuring the safety of their payment details. If your online sports betting platform doesn’t have reliable and multiple payment methods, the chances of abandonment are high. Therefore, it is essential to put emphasis on payment methods during sports betting software development.
However, choosing the right payment gateways can be a challenging task, as the options are in abundance. Being one of the leading iGaming software companies, we know what payment methods are perfect for sports betting software and operating an online gambling business successfully. We want to share the list of these most used payment gateways with you and help you make a wise choice for your online sports betting software. So, let us first gain some basic information related to the payment gateway.
What is a Payment Gateway?
If you are completely new to the online gambling world, you may first want to understand payment gateway and their work. A payment gateway is an online payment service used in eCommerce and online businesses. When integrated with an eCommerce platform or online shop allows users to make and receive payments through various means such as credit card, net banking, UPI, debit card, or online wallets. The payment gateway acts as a channel that connects users’ bank accounts to the platform where they want to transfer their money.
Simply put, a payment gateway plays the role of a third party that transfers money securely and swiftly from users’ bank accounts to the merchant’s payment portal.
How does a Payment Gateway Work?
The payment gateway works by following a procedure of settling the payment every time. This happens whenever a customer buys a product/service from a merchant having payment gateway integration. The below steps can best describe the working of the payment gateway.
Step 1: When a customer on the sportsbook website or app presses the withdraw or deposit button, he/she is directed to the online payment options.
Step 2: Once the customer gets payment options, he/she needs to choose their preferred option and enter all the required details, including name, card details, bank details, security questions, address, etc.
Step 3: After entering the essential information, the customer is directed to a security check page to authorize the payment.
Step 4: After completing the above process, there comes a banks’ role. The sportsbooks’ bank reviews customers’ account balance to ensure if he/she has adequate money to perform the transaction. If there is a sufficient amount, the bank informs the merchant and processes the transaction. If the amount is less, then the merchant receives an error message.
Step 5: The transaction is performed through the 3D protocol and an HTTPS web address to ensure data security. The information provided by the customer gets encrypted, which protects the user’s information.
Why is Payment Gateway Important?
Payment gateway supports the transaction between your business and customers. The transaction procedure can’t be completed without the approval of the payment gateway. Means you won’t receive the cash. This means payment gateway plays a vital role in any online business.
Besides this, payment gateways offer several advantages, which makes them worthwhile for your online sports betting platform.
- Payment gateways facilitate secure transactions by checking and validating them
- They are easy to use
- Many payment gateways providers offer fraud screening tools that help you reduce the risk of information loss.
Also Read – Everything You Need to Know About Live Cricket Score App Development
Types of Payment Gateways
Payment gateways can be found in different forms, such as:
In this type of payment, the front-end checkout is performed on your sports betting software and the rest of the process is performed on the payment gateways’ back-end. PayPal is the best example of off-site payment.
In this type, the entire payment process is executed on your sports betting platform and you have complete control over the process. Stripe can be the best example of an on-site payment gateway.
Redirects are the most common type of payment gateways used by eCommerce sites. Once the user presses the check-out button, he/she is directed to the payment gateways’ main page where the transactions are completed.
How to Choose the Best Payment Gateway Provider
To increase the credibility of your sports betting platform and avoid a high abandonment rate you must select the payment gateway provider carefully. Here are a few points you need to consider when looking for the best payment gateway.
- The payment gateway should have high encryption standards to safeguard customers’ information.
- It should be easy to integrate into your sports betting platform.
- The gateway should offer multiple currency options so that you can engage bettors from all over the world.
- It should have a fast payment processing capability.
- It should support mobile payments.
- The payment gateway should offer an unmatched user experience.
- It should provide reporting tools to help you to review all the transactions, chargebacks, commissions, and other details.
- It must support all types of cards such as Debit, Mastercards, Amex, Visa, etc
- There should be a dedicated support service.
- Choose the one with maximum limits, as sports betting sites deal with a lot of transactions daily.
10 Best Payment Gateways for a Credible Sports Betting Platform
Now that you know how to find the right payment gateway for your sports betting software, let’s see some most popular options. Here is a list of the ten best Payment gateways that can help you retain maximum bettors on your platform and win trust easily.
Skrill is one of the most used payment systems by a lot of sports betting platforms. It allows bettors to palace bets securely and cash out winning amounts easily. With Skrill, you can allow bettors to pay money using debit or credit cards. Currently, it also allows payments without paper money by connecting MasterCard to the business’ Skrill account.
Founded in 1999, Neteller is an international electronic payment system. At present, Neteller processes payments in over 200 countries and supports 22 currencies. It is another widely used payment gateway in the majority of sportsbook software.
Harvexs is one of the ideal payment gateways for gambling sites. It offers a casino merchant account and allows you to accept payments through credit and debit cards. It supports both crypto and fiat currency, which makes betting more convenient for bettors.
Ikajo offers hustle-free and safe payment solutions for all types of gambling businesses. It supports more than 100 currencies and payment methods, thus offering a high level of payment convenience to your customers. Ikajo comes with fraud prevention and chargeback system and operates in 150 countries. It is a beneficial payment gateway for both gamblers and merchants.
Cardinity is a secure and easy to integrate payment mode you can consider for a range of online betting applications including dice games, poker, sports betting, online casinos, a game of chance, and more. It offers high-risk merchant accounts for online betting businesses and complies with PCI DS. Cardinity supports major currencies and allows you to accept payments from customers across the world.
Paypal is one of the most popular payment gateways used by a range of industries. It is operated in over 200 countries and supports about 25 currencies. Paypal can be the best option to consider during online sports betting software development to ensure safe betting transactions. Bettors can deposit and withdraw money from online betting accounts, in regions where online gambling is permitted.
AstroPay is a popular prepaid virtual card payment system available in China and several Central or South American countries. It is the most convenient payment gateway allowing bettors to deposit money on betting sites quite easily and instantly. Many popular betting sites including 22Bet, Bet365, Betway, and 1xBet have chosen AstroPay to simplify transactions for bettors.
Instabill is a popular payment gateway offering effective payment solutions for online casinos and gambling businesses. It supports poker, blackjacks, online slots, and many more applications. The best part of using Instabill is you can set up a merchant account quite easily and accept payments from bettors across the globe in real-time. With Instabill you can ensure a highly secure transaction on your online sports betting platform.
Puerpay is one of the most secure payment gateways having 3D security. It supports cryptocurrency and allows payments across Europe and North America. Puerpay offers a fast payment processing system.
Merchant scout has been the choice of over 50 popular sportsbook software across the world as it supports over 30 payment methods, more than 150 currencies, and 30+ merchant banks.
Empower Your Sports Betting Business with Powerful Payment Gateways
Above, we have listed the most trusted payment gateways that are known for excellent features, functionality, and security. But, it is always advisable to first analyze the unique requirements of your sports betting business and customers and accordingly select an appropriate payment gateways provider. It is wise to seek assistance from the experts in this area, such as Betfoc. We have been in the sports betting software industry for years, which enables us to deliver top-tier payment gateway integration services to our clients. Our sports betting software developers have an extensive understanding of different payment gateways and their integration processes.