Online gambling is not only fun but also a global business that confines all the world. By 2022, the global online gambling industry was estimated to reach $72.01 billion. And it is predicted to increase by 11% by 2025.
Growing urbanization and the digitalization of advanced technologies across the globe are the primary leaders of the industry’s growth. Additionally, most countries are developing bills to legalize the online gambling business.
Customers have the opportunity to play legally without the fear of blocking their accounts and all funds. At that time, merchants get more opportunities to extend their business, enhancing players’ user experience. But, gambling still comes under a high-risk category of business and needs a suitable merchant account to process transactions.
One of the primary decisions a merchant must take is to prefer an online gambling payment gateway. In this blog, we will reflect on the major issues that gambling merchants encounter. And getting acquired with the standards for selecting a payment gateway.
Challenges that online gambling merchants frequently come across with
- Security of personal details. Online gambling delivers a lot of attention to security. The security of customers’ personal information is the first priority for any online business. And during the pandemic period, the number of frauds in the online gambling business increased by 55%. So, when selecting a payment gateway. You should focus on how to secure the payment system from fraudsters.
- Withdrawal of funds. Online gambling comes under a high-risk category of business in numerous countries. It refers that these businesses have complications when trying to withdraw funds from a bank account. Furthermore, most payment gateways have strict prohibitions on the amount of withdrawal.
- Excessive chargebacks. There is a maximum chargeback level for every business type and upon which further restrictions are assessed on the company. Fraudulent transactions also cause chargebacks. So an online gambling payment gateway should deliver a high level of security.
However, online gambling businesses must stick to safe gambling practices. And keep minimal away from gambling, and manage responsible gambling. They have to associate with a payment gateway that comprehends the business’s unique requirements.
Measures for selecting an online gambling payment gateway
Based on the above-mentioned challenges. We have made a list of primary measures that can answer your question easily. Which payment gateway is most suitable for the online gambling business?
- Security. Customer data protection is the first major support a payment gateway should deliver. The most advanced fraud detection and prevention tools are based on machine learning and artificial intelligence.
- Availability. Any customer should be able to pay from anywhere in the world by using a convenient method. The more payment modes, a payment gateway provides, the better.
- Transaction Ratio. The transaction ratio is the rate of successful transactions to the total number of transactions in the percentage form. The more trustworthy the payment gateway is, the higher this ratio.
- Payment Modes. The system should deliver multiple payment modes that are comfortable for customers, both domestic and international.
- Technical support. The payment gateway should offer professional technical support to answer all queries of customers and help in resolving any issue.
Amald is not just a payment gateway but a full-fledged internet banking that delivers a complete range of payment services for both particulars and legal commodities.
Moreover, we provide your business with a full-fledged payment gateway and merchant account with multiple payment modes and assistance for international acquisition.
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