The online iGaming industry is well known to suffer from some bad press concerning AML and other financial uncertainties. So the importance of correctly structured payment solutions is vital.
Biggest challenges when making payments in iGaming and starburst slots not on gamstop
Simple user experience
One of the biggest challenges in online gambling is providing a user-friendly experience on both desktop and mobile. This means that the user interface should be as visually tempting as possible and, most importantly, easy to understand.
Another major challenge is that in most cases, customers expect payments to be instant. Any delay in the system can lead to customer dissatisfaction, which in turn can lead to churn and thus lost revenue.
The cost of payments can be too high
Another essential factor when selecting iGaming or starburst slots not on gamstop payment solutions is the charge of payments. Using a payment provider becomes all the more important to avoid higher costs in an industry where banking fees are rising.
Banks are constantly and continuously increasing their fees and charges. This makes the situation even more difficult for iGaming operators.
Difficulty making payments in certain jurisdictions
Not all jurisdictions are the same. With regards to completing international payments for iGaming merchants, it can be difficult for payment processors to serve certain countries. For example, the Norwegian Gaming Authority has ordered all local banks to block the flow of money to what they call “unlicensed online casinos”. This has made Norway a very difficult country that many iGaming providers have chosen not to serve this market.
Change of regulations at the national level
Aside from the fact that it can be difficult to serve certain jurisdictions, another major challenge is the ever-changing regulations at the national level, making it difficult to keep up in different markets. There is a whole host of payment processing and gambling regulations that are slowing down the process of market penetration and expansion.
Brands want to retain customers
A crucial factor in any business partnership is loyalty and trust. It goes without saying that a good business relationship is essential for a smooth process. A reliable payment partner is of course essential in this scenario for processing online payments.