It is hard to imagine an online business without a payment gateway. A gateway is an essential step in accepting transactions on websites, so it should be chosen carefully, especially for such a category of businesses as gambling. This article explains what a payment gateway is, how it facilitates the transaction, 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 certain website with the payment system to transact the funds. Check the most important 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: at the moment when he or she presses the purchase button, a gateway launches. 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 on the background of the payment, so it is not visible to customers nor to merchants.
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 issuing bank of the customer to verify the identity and funds availability. If everything is in order, money flows to the merchant, and the successful payment message is sent to the gateway to be displayed on the website.
6 best payment gateways for gambling and betting
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 it provides chargeback alert services. Maxpay has experience in working with online gambling businesses and presenting personal customer support to each client.
Stripe. Stripe is a quite 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, so it does provide 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. This is a reliable platform for multiple channels as it is quite simple to manage complicated payment requests on a variety of online platforms. Yet, WePay does not include in the services an acceptance of 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, he or she 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 is mostly focused on merchants that 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.
Which payment gateway is best for an online business?
We recommend Maxpay. It has experience in working with many businesses and provides top security measures, along with professional payment services.
What is the cheapest online payment gateway?
There is no cheap gateway for online businesses that operate in the gambling industry. It is so because it belongs to the high-risk category. We advise you to partner with a reliable provider that has 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.