It is hard to imagine an online business without a payment gateway. A gateway is an essential step in accepting transactions on websites, and so it should be chosen carefully. Especially for such a category of businesses as gambling. This Maxpay article explains what a payment gateway is, how does it facilitate transactions, and which one is the best to choose.
What is a payment gateway?
A payment gateway is a web-based tool that allows accepting electronic payments on websites. It is the first step in the transaction acceptance process: a payment gateway connects a specific website with the payment system to transact the funds. Check out the essential features in choosing a gateway for casinos and betting.
A gateway itself is not visible, but a client interacts with it on the checkout page: when they press the purchase button, a gateway starts working with a transaction. The global process of the transaction flow is called payment processing. Let’s see what it is and how it works.
How does the payment processing work?
Payment processing is responsible for connecting all the responsible parties in performing an electronic transaction. The payment processor is working in the payment background, so it is not visible to customers or merchants.
Basically, the payment processor launches after the gateway gives it encrypted information about the transaction. Then the processor passes this data through inner banking networks to the customer’s issuing bank to verify the identity and funds availability. If everything is fine, money flows to the merchant, and the message of the successful payment is sent to the gateway to be displayed on the website.
6 best payment gateways for gambling and betting
Stripe. Stripe is a pretty well-known provider. It works in 40 countries and supports 135 currencies along with alternative payment methods. It functions for both online businesses and retailers, providing POS terminals. Despite the global aspect of Stripe, it does not obtain personalized customer support, which can be important for gambling and casino companies.
WePay. WePay provides an integrated merchant account and a gateway. It is a reliable platform for multiple channels as it is pretty simple to manage complicated payment requests on various online platforms. Yet, WePay does not allow accepting lots of currencies in many countries.
PayPal. PayPal is one of the most famous providers currently, and it is a payment method as well. It operates in more than 200 countries and allows a merchant to accept 26 currencies. It offers alternative payment methods as well, including its own. But PayPal does not have an integrated checkout page, meaning that every time a client wants to purchase services, they will be redirected from the casino website to the PayPal page.
Square. Square presents solutions for the online business and retail merchants, allowing the synchronization between the two. It is well secured and easy to set up. Thus, Square mainly focuses on merchants who work in the symbiosis between eCommerce and retail.
Authorize.Net. Authorize.Net provides services to online businesses in the USA, UK, Canada, EU, and Australia, accepting currencies of these locations but not all of the European Union. It offers an on-site checkout experience and strong fraud protection. But when it comes to personalized customer support, there is none.
Maxpay. Maxpay operates in the EU, including Germany and Italy, the UK, and the US, accepting all currencies along with alternative payment methods. It has its own developed fraud prevention service Covery and provides chargeback alert services. In addition, Maxpay has experience working with online businesses and presenting personal customer support to each client.
Which payment gateway is best for an online business?
We recommend Maxpay. It has experience working with online casinos and betting and provides top security measures and professional payment services.
What is the cheapest online payment gateway?
There is no cheap gateway for online business in the gambling industry. It is so because it belongs to the high-risk category. Therefore, we advise you to partner with a reliable provider with experience in the industry.
Which payment system is best for small businesses?
We advise you to contact Maxpay if you have a small online business. Maxpay has worked in the industry for many years, providing a full payment cycle for websites, fraud protection, chargeback alerts, and top security measures. Also, it connects every business with the personal customer support manager to follow all the processes in detail.