Games are an incredible source of entertainment for many people. To the skilled and lucky ones, casinos can be rewarding as well. Developments within the e-commerce space have allowed casinos to go online, granting access to a global clientele. The increased number of clients comes with higher volumes of transactions involving paying subscriptions, placing bets, and cashing out. Traditional retail payment systems could not cope with such fast-paced technology-driven enterprises.
The incredible expansion of the internet and technology in the last couple of decades has birthed better solutions like the payment gateways that are commonplace today. These gateways serve as an extra layer of security to protect credit card information from being bandied around. Setting them up is faster than opening up bank accounts and obtaining credit cards. There is also the added convenience of not requiring a credit card to shop once funds are on the gateway’s account.
How Payment Gateways Work?
A payment gateway is an e-commerce application that serves as an online platform to ease payments between parties in a transaction. A payment gateway functions with a buyer, seller, issuing bank, acquiring bank, and one of several payment networks (MasterCard, Visa, American Express, Discover, and others). From the subscriber’s perspective, the entire process goes like this:
Step 1: Subscriber selects a subscription package online and then checks out the payment page.
Step 2: On the payment page, the subscriber selects the gateway from the payment options. This page transmits the information collected to the seller’s bank.
Step 3: The seller’s bank then sends a payment request to the subscriber’s bank.
Step 4: The request goes through the payment network, which encrypts the payment information to secure it.
Step 5: The money transfer is complete.
Three Key Concerns
Deciding among PayPal, Stripe, 2Checkout, Authorize.net, and many other payment gateways, we are spoiled for choice. However, there are many factors to consider in deciding on what is ideal for you. We will look at some important ones.
Probably the biggest concern about buying online is the security of funds. BigCommerce claims that about a third of consumers hesitate to shop online because of security concerns. High-quality payment gateways encode transmitted information with SSL encryption ensuring hackers cannot decipher transaction details. If you are taking a chance at gaming, you don’t want to risk losing your funds to some hacker!
No one is happy having to wait for eons for payment to get through. People choose payment gateways over other methods to avoid delays. If the solution is as slow as traditional methods, the changeover is not worth it. In placing bets, timing is critical. You want a mechanism that will allow you to deposit or withdraw funds fast enough. As a subscriber, you wish to effect end-to-end transactions within minutes.
An excellent payment gateway should work seamlessly with other payment options. These include credit cards, bank transfers, and cryptocurrencies. Compatibility with other options is particularly helpful in dealing with local regulatory restrictions. Compatibility generally eliminates the hassle with moving funds across different platforms and ensures one can access them easily.
The PayPal Edge
PayPal offers all the features described above and more. The service stands out from other payment gateways in the following ways:
- PayPal is the most internationally accepted payment gateway available in over 200 countries, with over 305 million accounts. Finding a PayPal accepted casino USA should be fairly easy.
- PayPal offers a platform for holding funds and shopping across different online stores like eBay, Amazon, Alibaba, and many others. You don’t have to transfer funds to your bank account to buy online.
- PayPal’s customer support is excellent, and they offer refunds to customers who lose funds in transaction errors or fraudulent purchases.
The development of technology is an ongoing phenomenon that has made many things significantly easier and more convenient in our day-to-day lives. The way we manage funds and consume entertainment is no exception. As all things change, so do the payment gateways. Finding one that suits your needs will allow you to focus on the entertainment and enjoy your favorite games instead of dealing with problems.