It is impossible to make a profit and generate money if your customer cannot make a simple deposit or is unable to cash out the money. And for this elementary reason, we are going to raise the topic of payments, namely casino gateway payment solutions, and touch on all its aspects. So, in this in-depth article, we are going to explain to you what a payment gateway is, its working algorithms, different types, and many other things related to the question of the right choice of the right gateway payment solution. So, let us get started and learn more about it and its integration into your online casino.
What is a gambling payment getaway?
At first sight, it seems like a payment gateway is a complicated term. However, there is nothing complicated to understanding the interpretation of it. A payment gateway solution is an innovative and cloud-based technology that aims to help transfer the monetary funds from one point to the final destination. To simplify it, a payment gateway plays a role in authorizing the transaction flow.
In general, the transfer is a two-step operation that includes the transfer of banking data to decide whether to accept the payment or decline it and the transfer of actual money from a buyer (in our case – a gambler) to a seller (online gambling platform). So, the essential idea of every casino payment gateway is the money transfer from a gambler to an online gambling establishment and vice versa.
How does a getaway payment solution work?
The working process is more complicated than the definition of the term, but we would like to explain it as simply and straightforwardly as possible. As you have already known that every payment casino gateway solution has one purpose to organize a proper money transfer from point A to point B, and the transferring process can be divided into several steps.
1 Step. The first step requires the provision of your personal bank account data because without this information any financial transaction will not be technically possible. To put it simply, it is necessary to fill out the mandatory fields, which ask a gambler/bettor to enter such bank details as card number, card holder’s name, etc. After entering this information, the chosen online casino receives the player’s request and submits it.
2 Step. During this step, the chosen gambling operator sends this request to a payment gateway (this is the first appearance of the technology in this financial cycle).
3 Step. When the information has reached its destination, the payment gateway directs it to the financial institution (the next step is crucially important).
4 Step. As we mentioned above, the fourth step is a key player in this cycling chain. Why is it so? It is simple – the financial institution should check the correctness of your banking data. The check is a mandatory measure that has the purpose to identify the player’s solvency – whether the player has sufficient funds in their bank account or these funds are not enough to cover the expenses. In case of a declined request, the money transfer cannot be processed further. And if you have enough money to pay for the casino services (depositing purpose, for example), the financial institution authorizes the transaction.
5 Step. And finally, the financial institution sends the approved request to the payment gateway to send the monetary funds to the online casino.