Since traditional credit cards from VISA and MasterCard are accepted globally, so they are the go-to payment method of choice. This usually isn’t a problem until the customer wants more freedom with their money.
For iGaming enthusiasts using credit cards can often be a problem and are, in fact, not the players’ first choice in a number of regions because their jurisdictions prohibit gambling.
Since there is still a lack of concrete regulation in certain areas, players must ditch their credit cards for other methods of payment, such as:
- Bank transfers;
- Payment gateways;
- Digital wallets;
- Bank transfers;
- Cryptocurrencies.
But out of those 5 options, let’s look deeper into the option most players choose – cryptocurrency.
Crypto Transactions for Online Casinos
Both the technology and the operations side of online casinos have undergone major changes due to the introduction of blockchain. The fact that many casinos offering the best RTP rates also take cryptocurrency makes the current scenario even more favorable.
Payments made using cryptocurrencies are becoming increasingly commonplace worldwide, not only because they are quick and convenient but, most importantly because these same people are discovering that crypto is not nearly as risky as the media portrays it to be.
The first blockchain-based money to be accepted by casinos was in May 2012, when Bitcoin’s adoption paved the way for the further development of the industry. This was swiftly followed by the introduction of a number of other well-known digital currencies, such as Ethereum and XRP, which came shortly afterward.
Let’s take a look at a few of the advantages of using cryptocurrency compared to credit cards:
- High Security;
- Cost-effectiveness;
- Transfer speed;
- Worldwide accessibility;
However, one caveat to utilizing cryptocurrency as a payment method is the volatility of cryptocurrency exchange rates.
That is why it is critical to process client deposits as rapidly as possible and convert cryptocurrency to fiat to limit your risks. A payment gateway is the best way to handle this so that the merchant encounters no volatility risk since all the transactions are instantly converted into the merchant’s fiat currency of choice.
Another way to eliminate volatility risk is to enable the use of ‘stablecoins,’ which are fixed 1-to-1 to the dollar.
All risks, however, are reduced by partnering with the iGaming industry’s most trusted cryptocurrency payment gateway, CryptoProcessing.com.
The Ideal Solution For Accepting Cryptocurrency Payments
Why is CryptoProcessing.com the best solution for online iGaming payments? Let’s look at a short review of the company and key benefits where they excel.
Today CryptoProcessing.com is the world’s top crypto payment gateway in total crypto processed, currently processing over $1 billion monthly.
They have been in operation for over 9 years, during which more than 800 merchants have begun using their services, including 5 of the world’s top online crypto casinos.
CryptoProcessing.com is registered and licensed in the European Union and passes annual security audits, including 10Guards and Hacken to guarantee top-level security to its clients
They accept over 20 major cryptocurrencies for payments and over 40 fiat currencies, payments are processed immediately, and by connecting to this cryptocurrency payment gateway, you can always rely on 24-hour technical assistance that will guide you from the initial moment of integration to the very conclusion of the complete payment process from the client.
Connecting CryptoProcessing and accepting cryptocurrencies will improve online casinos
Now let’s look at the advantages of utilizing cryptocurrency in an online casino.
The blockchain technology that underlies Bitcoin and other cryptocurrencies provides a high level of encryption. Each transaction is written in an immutable code block, and a decentralized blockchain network must confirm all transactions.
Transactions are direct, flowing straight from one crypto wallet to another, removing any third-party participation, reducing the potential for fraud and other security breaches, and lowering transaction fees.
In terms of audience, there is a lot of overlap between online gamblers and cryptocurrency users. Both iGaming and Bitcoin attract the same demographic: predominantly young men who are interested in technology.
Any casinos which work with CryptoProcessing.com will get a variety of attractive benefits, including:
- borderless payments
- no hidden monthly or subscription fees, you only pay only for a transaction processed
- multiple payment methods, including channels – the best option for the iGaming industry
- 80% cut on commissions compared to fiat currencies
- withdrawals available 24/7 unlike in banks.
- instant conversion to fiat
- withdrawals to bank account via SEPA / swift
- plug&pay plug-in for recurring payments
- A 5-7% increase in new customers by connecting areas where card payments are not accepted (physically or legally);
- improved ARPU and LTV by setting up automatic payments
Security and Compliance
And of course we also provide top level security which is facilitated through our partnerships with trusted risk scoring systems, ScoreChain and Crystal. By utilizing these systems we actively track suspicious transactions, notify the client immediately when one is discovered, and subsequently advise the client on what steps they should take.
For constant education and awareness of what’s happening in the industry, CryptoProcessing.com participates in Europolo on an annual basis and is a member of the Blockchain group, which ensures that our clients are among the first to learn about changes in law in the field of cryptocurrency payments.
Ease of Integration
The last question that we would like to answer for you is the question of difficulty. CryptoProcessing.com has the smoothest integration of any crypto payment gateway as well as the best API on the market.
Integration is seamless, because we offer a free connection, a test account and the first month is free of commissions. Before ever connecting, the client may check how everything works in the test ‘sandbox’. Furthermore, online onboarding is carried out fully in the application, complemented by training materials and a personal manager for speedy product integration.
In conclusion, we can confidently say that cryptocurrency payment integration is a wise decision for online casinos, not only because of the various reasons listed above but also because crypto is becoming increasingly popular with online casinos’ target audiences.
A dependable service provider like CryptoProcessing.com will enable the integration of cryptocurrency payments into your company as quick, efficient, and comfortable as possible.
So what are you waiting for?
