Casino owners must ensure speedy and efficient payment options to elevate their players’s experience to stand from this heavily competitive market. The usual traditional payment options often result in delays and verification issues, which affect the approval time for many online casinos and their customer success rate. To break even: incorporating cryptocurrency payment options becomes the best solution to eliminate payment backlog and ensure near-instant deposit and withdrawal. This article explores how old and prospective casino owners can deliver a satisfactory customer experience to their platforms.
What Do Payment Approval Times Mean?
Payment approval times are a measurement of how long it takes a payment processing service provider, bank, or card issuer to approve or authorize a transaction carried out by a customer. The average payment process in the casino typically involves the customer’s issuing bank, the casino’s acquiring bank, the customer’s card issuer, and the casino’s payment processing provider. The presence of multiple middlemen during payment contributes to a slow approval time.
A faster payment session in the casino guarantees more plays, as customers are often frustrated about slow processing. For casino owners, a faster approval time improves cash flow and revenue and also exposes the efficiency of their chosen payment processor.
Problems of Traditional Payment Options in Casinos
The existing payment options have resulted in a poor experience for gamblers and casino owners all around the world for many reasons:
Legal Compliance Issues
All casino owners are bound to the same restrictions as traditional payment options, which makes setting up a casino and payment options time-consuming, and non-compliance can result in revoked casino licenses.
Expensive Setup Fee
Traditional payment processors heavily charge casinos looking to integrate their payment processors into their existing system. Setup fees can range between $500 and $3000, and maintenance fees can be between $20 and $100. The fee range depends on the services provided. Small casino systems are less likely to benefit from traditional payment solutions.
Poor Security
The issue of security remains a prevalent problem in casinos, despite paying compliance and regulatory fees. Casino owners still deploy additional security techniques to prevent fraudulent payments due to the poor capacity of traditional payment options.
High operational costs
Like customers, casino owners also incur high operational costs while managing or setting up a casino. They are charged the Merchant Discount Rate (MDR), a fee most acquiring banks charge for facilitating transactions and can be between 2 and 5% per transaction, for casinos with a higher risk profile, acquiring banks charge much higher. Since iGaming and casino owners are highly risk-prone, payment processors deploy advanced fraud detection tools and charge an extra 0.5 to 2% risk and fraud management fee.
How the Prefered Traditional Payment of Your Casino Affects Customers
While casino owners bear the brunt of traditional payment, their online customers also experience the following drawbacks:
Delayed or slow withdrawal
The process of making a withdrawal after a win in the casino is slow and torturous. While withdrawal delays are due to several reasons, like the legal regulations of your state and the casino’s processing time, the payment option actively contributes to the delay. Many payment options assure their users of a 24-hour withdrawal period, but they still fail to process their withdrawal within a day.
Account verification problems
Casino verification is a process that ensures only approved demographics participate. This process requires users to submit their data and documents to verify their identity before they can play and is crucial to deter underage betting. The verification period ranges between 48 hours and days or weeks. Likewise, traditional payment options also require essential documents to verify one’s account, eliminating financial anonymity.
High Transaction Costs
The casino and iGaming industry is known for high transaction costs, particularly after a win. Customers face an exhaustive list of fees, like the interchange fee, which is usually charged by the card issuer or bank during a transaction and ranges from 2 to 5%. Also, customers pay a payment gateway fee, which is 1 to 5% of the total transactions. For customers in other parts of the world, they may also pay a currency conversion fee of about 2 to 5%.
How to Improve Your Casino’s Payment Approval Times
Casino owners looking to improve their customers’ approval time must employ different strategies that solve their customers’s problems. The following strategies address the cause of delayed payment approval and also help customers during delayed payments.
Offer Diverse Payment Option
By diversifying payment options, customers can choose to deposit or withdraw with any of their choices. Offering diverse payment choices promotes more deposits and also caters to a broader audience, particularly foreigners, who may not have access to certain payment types.
Provide Customer Support
Casino owners can set up multi-support customer services that casino customers can reach out to during delayed payments. These supported solutions can range from auto-reply chatbots, phone numbers, and emails that provide immediate responses. Employing skilled customer associates to handle these support options can help improve the customer experience.
Deploy Fraud Detection Measures
Online casino customers increasingly prioritize privacy, data safety, and fast transactions. Online casino owners must deploy fraud detection tools and other security measures to improve payment processing. However, it’s essential to find a balance, as overly strict measures can lead to consistent transaction rejections.
Provide a Heads-up on the Expected Processing Time Frame
By simply providing a public notice of payment processing delays. Casino owners build customer trust and also set realistic expectations. Erich reduces their anxiety during delayed processing. Also, a public notice reduces overly dependence on customer support services.
Offer Cryptocurrency Payment Option
The cryptocurrency gambling market is worth over $250 million, and BTC transactions accounted for 73% of total transaction costs in 2023 alone. Cryptocurrency payment option is becoming a preferred payment option for customers as it processes both deposits and withdrawals within minutes. Customers do not have to wait for hours or days as they can enjoy near-instant payment, which elevates their overall gambling experience.
When compared to the traditional option, cryptocurrency payments charge lower fees for both local and international transactions. Since there is no need to reach out to both the issuing and acquiring bank, card issuers, and payment service providers, transactions are faster and smoother, incurring little to no fees.
PTPShopy is a cryptocurrency processing gateway designed to help iGaming and casino owners offer diverse payment options. This cryptocurrency gateway serves as an intermediary, handling transactions for customers. Along with other advantages, PTPShopy provides digital financial tools for calculations, tax preparation, and invoicing for casino owners.
Many casino owners prefer PTPShopy because of its low transaction fees and quick payment processing and confirmation times. In addition, PTPShopy allows customers to pay in over 400 cryptocurrencies, and casino owners can easily integrate the PTPShopy API without professional assistance. PTPShopy only levies a 0.99% transaction processing fee in contrast to other payment gateways, allowing casino owners to increase their earnings.
Physical casino stores can also use the PTPShopy payment gateway via the PTPShopy POS that employs the Near Field Communication (NFC) technology in the form of scannable QR codes. There is no financial requirement for casino owners who wish to install a PTPShopy point-of-sale system in their establishments. All that is required is to register or sign up and navigate to the POS platform to set up their payment QR code that is compatible with smart devices, such as iPads, desktop computers, and cell phones.
Simplify Payment and Improve Approval Times in your Physical and Online Casinos with PTPShopy
Physical and online casino stores can increase their payment approval time by integrating the PTPShopy API into their system. Merchants can now enjoy smooth transactions with zero chargebacks while their customers can easily deposit and cash out their winnings, further improving their credibility and customer experience. Stay ahead of your competitors and improve your customer’s experience with PTPShopy payment gateway and PTPShopy POS.
