Payment gateways are essential in the online casino industry, especially since the shifting trends follow people’s access to smartphones and internet connection at home. As the market is growing, iGaming companies invest more in customer safety, website design, and bonus offerings to sustain the rising demand for these services.
The payment gateway experience is the most important for the customer, ensuring the safety of funds and personal information. That’s why online casinos must be picky about the payment service they choose. In Canada, the most popular option online casinos provide for payment includes Interac, a Canadian interbank network, but payment alternatives can also present several advantages.
Customers tend to pick online casinos with the safest payment features that are also fast and come with affordable fees. However, there are other factors they have in mind when choosing an online casino, so let’s look at how to research a reliable provider as an iGaming business.
Security and privacy
Your iGaming business should prioritize payment gateway security protocols to guard the customers’ personal data and protect the online casino from breaches or compliance violations. Some of the best protocols include the following:
- PCI DSS compliance ensures a standardized approach to secure transaction processes and helps avoid penalties;
- SSL and TLS protocols secure encryption between the browser and the server to support end-to-end protection for sensitive data that CasinoswithInterac utilizes;
- 3D Secure manages issues of fraud in transactions, including the 2FA (two-factor authentication) and biometric identification features;
A payment gateway that aims to access as many securities technologies as possible offers trust in its payments and complies with the country’s requirements.
Transaction fees
Some payment providers charge higher transaction fees than others, which might not be advantageous for your customers. Remember that fees apply for deposits and withdrawals as well, so check multiple options before partnering with a payment provider.
Usually, casinos collaborating with Interac don’t charge fees for any of these transactions, but this can depend on the iGaming website. Still, other providers like iDebit have a transfer fee of C$1.50, while MuchBetter comes with a 2% additional fee for the customers’ transactions in Canada.
Ensure the payment gateway you choose won’t put customers in an uncomfortable situation with unexpected charges. This can be possible if you’re not paying attention to their payment rules.
Processing times
Deposit processing times are different from withdrawal processing times. Customers who deposit money in their casino accounts usually benefit from instantaneous or rapid processing times, but withdrawing money can depend on the payment provider and iGaming business.
For example, according to GamblignInformation.com, Interac’s processing speed is between 24 and 48 hours, and there are no transfer fees. Similar providers include MuchBetter, whose processing times can last up to 72 hours. However, using iDebit or InstaDebit can take up to a week to process a basic transaction.
Usually, e-wallets and cryptocurrency payments process transactions fast, while bank transfers and credit card payments last a bit longer. Still, this can depend on the online casino operator.
Transaction limits
Besides processing times, checking the limits for deposits and withdrawals is essential. Again, e-wallets and bank transfers might have employed such limits, so check them out before collaborating because online casinos might also have their limits when it comes to how much users can withdraw, for example.
Ideally, the limits should cover the transaction sizes, so they must benefit both beginner and professional players who deposit and withdraw small and big sums of money. It is best to encourage customers to engage with iGaming by allowing them to withdraw enough to cover their costs.
If you’re open to more opportunities, you could allow cryptocurrency transactions, which are subject to fewer restrictions. However, you may need a specialized gateway to support these digital assets.
Accessibility
An accessible payment gateway should be easy to use by most customers, regardless of their tech-savvy knowledge or smartphone device. That’s why most Canadians prefer online casinos with Interac, as the provider is well-known in the country as one of the most reliable and safe brands. This also includes choosing payment providers accepted in your region based on government policies and restrictions.
Online gambling accessibility expertise also includes a user-friendly interface that’s easy to navigate and use, meaning customers can make a payment without breaking a sweat. Still, one of the most important aspects of accessibility includes technologies that make gambling equitable through:
- Assistive technologies, such as screen readers and voice recognition software for those with different types of disabilities;
- Customizable interfaces, such as adjustable layout options for individuals with visual impairments;
- Accessible content, such as closed captioning for people with hearing impairments or descriptive audio for individuals with visual impairments;
Prioritizing responsible gambling
Besides making sure payments on online casinos are safe and efficient, your iGaming business must also invest in ways to help customers struggling with addiction. While people are encouraged to play responsibly and limit their gaming sessions, it may happen for some to cross these limits and struggle with symptoms like:
- Sleep issues from lengthened gambling sessions;
- Less productivity at work or school;
- Mood swings that include anxiety and depression;
- Financial challenges due to increased bet amounts;
Reliable online casino providers are aware of these possibilities and include several tools people can use to gamble responsibly. Some include limits for deposits, wagering, or losses. But in more serious cases, there’s self-exclusion that can extend for six months or indefinitely. Some iGaming providers also collaborate with counseling services, offering direct links to professional counseling or organizations like Gamblers Anonymous.
Final considerations
Having an iGaming business in this competitive industry can be difficult, especially since you must pay close attention to features like payment gateways. These channels ensure safety and efficiency for customers making deposits and withdrawals when playing in online casinos, so collaborating with the best providers in your area is imperative. In Canada, most online gaming providers leverage Interac, as it is a trusted financial brand that ensures top-notch security, has no transaction fees, and is accessible.
