The online sports betting market is flooded with software and apps each promising an exceptional betting experience. However, only a few sports betting platforms can fulfill bettors’ requirements and be on top of their expectations. Is your platform amongst these? It can be, but only when you emphasize some significant components such as payment gateways, during sports betting software development. Yes, the integration of the right type of payment gateways has a crucial role in improving user retention on your platform and making it successful. Your sports betting platform must offer highly secure and easy-to-use payment modes for users’ convenience. This eventually helps enhance bettors’ experience and turn them into your loyal customers.
But, how will you select the best payment gateways? There is a wide range of payment gateways, which means your job is going to be difficult. To make it easier, here we have listed ten payment gateways that are popular and widely used in the sports betting area. Let’s first understand the concept of payment gateway in detail.
What is Payment Gateway?
A payment gateway refers to an online service facilitating digital payments for online and eCommerce businesses. It is one kind of channel connecting users’ bank accounts to the software, website, or app where they wish to do transactions. Payment gateways allow end-users to do and receive payments via net banking, credit card, debit card, and many other means.
Why Adding Multiple Payment Gateways is Important?
When it comes to sports betting software or apps, it is essential to include more than one payment gateway for better user retention. Here are a few more reasons you must integrate multiple payment modes into your sports betting platform.
Adding multiple payment gateways proves to be an excellent decision from the business perspective as it brings greater flexibility in the operations. For instance, by using multiple payment gateways you can easily transform your transactions to another partner as and when required. Also, having several gateways on hand helps you re-route transactions efficiently through another gateway without much disturbance.
Better Geographic Coverage
Multiple payment gateways are essential when you are planning to expand your sports betting business across the world. This is because not all gateways are supported in all countries. Some gateways are available to use in a particular country and support limited currencies and payment methods. By using different payment gateways you can easily do transactions across different countries and meet the needs of bettors around the world.
Improve Customer Trust
According to a research report by Statista, 15% of the customers abandon the cart due to payment security concerns. Bettors will not proceed with the transactions on your platform if they don’t find a trustworthy and proven payment gateway. Providing them with different gateway options not only solves this problem but also helps gain users’ trust. Bettors will find your platform credible and will come back frequently.
For Backup Plan
Online transactions may stop due to some technical issues. Some payment gateways may not work seamlessly if the transactions get overloaded. In this case, having multiple payment gateways proves to be a great savior. Bettors can switch to another gateway to make payments. This ensures seamless transactions on your platform and helps avoid a high abandonment rate.
Checklist for Selecting the Right Payment Gateway
As said earlier, choosing the best payment gateways is not an easy task. You will have to inspect several important things to come with an excellent selection of gateways for your sports betting website. Here are a few crucial aspects you must consider when choosing payment gateway providers.
Security: The gateway should be highly secure and must possess high encryption standards.
Easy Integration: It should be integrated seamlessly into your sports betting site.
Fast: It should process payments swiftly and smoothly.
Mobile Compatibility: It must support payments through different mobile devices.
Reporting Tools: There should be best reporting tools for tracking all the transactions, commissions, chargebacks, and other information.
Support for Multiple Cards: It should accept payments through different cards, including Visa, Mastercard, Debit, and so on.
Multiple Currency Support: It should support different currencies for the convenience of bettors in different countries.
Maximum Limits: It should offer maximum transaction limits for
Dedicated Customer Support: The support should not be limited to tickets or emails only. Live technical support will be a plus.
10 Best Payment Gateways For Sports Betting Software
While the above list will definitely ease your task, the below list will help accomplish it. Here are some of the excellent payment gateways used by sports betting giants.
Founded in 2009, AstroPay is one of the most used online payment services. It supports 200+ payment methods, such as Caixa, PhonePe, Google Pay, Mastercard, Visa, and more. China and a few South American countries can avail this prepaid virtual payment system. It is best suitable for online sports betting as it allows bettors to deposit and withdraw cash on betting platforms effortlessly. Top sports betting platforms, including Bet365, 22Bet, 1xBet, Betway, and more have adopted AstroPayl to smoothen their transaction process.
Starting with a straightforward solution for receiving and sending money, PayPal has now become one most reliable and popular money transfer platforms. Many popular betting sites like Betwinner, Bet 365, 888 Highlights, etc, have integrated PayPal to offer easy and fast payment platforms to their users. Bettors only require an email account to create their e-Wallet for making transactions. PayPal is well-known for its secure and fast transaction facility.
Instabill has established a trustworthy image in the online payment processing field. From online casinos to online sports betting, it has been used in several businesses due to several perks. Instabill enables seamless transfers from person to person, which makes it one of the most convenient payment processing platforms. Also, it provides a flexible storage solution on smartphones or PC. With Instabill, you can track transactions easily and prevent fraud.
When it is about swift and secure transactions, many sports betting brands trust PurePay. It offers the best online payment solutions for the gambling industry. The gateway comes with excellent security measurements to ensure the safety of both business and users’ data. It facilitates payment options in North America and Europe.
5. Merchant Scout
Merchan Scout is one of the best payment gateway providers renowned for its amazing perks. It supports over 150 currencies, the latest credit card processing standards, and recurring billing. Merchan Scout offers payment solutions for high-risk merchants accounts, such as gambling, online entertainment, and many more. It facilitates payment processing through Visa, Maestro, MasterCard, and +30 other payments methods.
Many renowned sportsbooks across the world accept Skrill deposits. It is the best payment solution for sports betting and other gambling businesses. It is operated in 200 countries and has low transaction fees. Skrill offers a quick and easy payment processing solution. Some of the key players in the industry like Betway, Bet365, Badog, and more have integrated Skrill into their platform.
Created in 1999 in Canada, Neteller has started to process online gambling payments in the year 2000. It is one of the most preferred payment gateways in the online sports betting industry. It is available in 200+ countries and offers fast payments.
Ikajo is one of the most trustworthy online payment service providers offering secure and hustle-free payment solutions for the gambling industry. This gateway supports over 100 payment methods and currencies and is available in 150 countries. It also offers an anti-fraud tools chargeback system for secure transactions.
Cardinity is another most reliable payment gateway provider for online gambling businesses like online casinos, sports betting, poker, and more. It provides high-risk merchant accounts for gambling businesses. It lets you accept payments from bettors all over the world. Cardinity is renowned for providing a convenient and fast payment method. Users can make payments with one click.
Latpay is one of the renowned and reliable payment processors in the iGaming market. It provides secure and flexible payment solutions for various gambling businesses, including online lottery, online casinos, sports betting platforms, and more. It comes with excellent fraud detection and prevention system, which ensures secure payment processing on your sports betting website.
How Mobiweb Technologies can Help you?
Are you thinking to launch online sports betting platform and start a business? If yes, Mobiweb Technologies can be of great help. We are recognized as a reliable sports betting software development company having a talented team and vast experience. Whether it is payment gateway integration or developing a custom betting software, we have got you covered with every requirement. Our team provides you with innovative and powerful solutions that help you attain significant goals and desired success.