There are hundreds of iGaming payment providers out there. Which one will meet your demands? Many businesses ask this question. Not many get the right answer.

With the global online gaming market expected to reach $127 billion by 2027, getting the right iGaming payment services is paramount. Simply put, the better provider you have, the more customers you can serve, the faster payments will be, and the higher your income you will have.

Yet, choosing the right provider can be challenging, especially with the unique needs of high-risk industries like iGaming. In this piece, we will go through a nine-point checklist. These steps ensure you enter a pool of top iGaming payment providers.

So, buckle up.

1. Verify If an iGaming Software Provider is High-Risk Friendly

iGaming is a high-risk industry. That means higher fees and more scrutiny. Choose a provider specialising in high-risk sectors to avoid disruptions and reduce transaction rejections.

Keep note: Not all payment providers are willing to work with high-risk industries, leading to potential delays or increased fees.

The right iGaming payment provider must have these aspects to be truly high-risk friendly:

1. Have no volume restrictions
2. Understand the industry to the bone
3. Provide a dedicated account manager with expert knowledge of the sector
4. Support licenses in different jurisdictions

2. Check How Long It Takes for an iGaming Payment Provider to Open a Business Account

Now, you narrowed down the list of best payment providers for iGaming. The next important question to ask:

 How long will it take to open a business account?

In most cases, when you need to open a business account, you can expect two challenges:

1. Lengthy approval process.
2. A lot of documents to provide.

Many banks does not understand industries like iGaming. That is why they ask tons of unrelated questions and require documents you don’t simply have. As a result, getting a business account can take weeks or months.

A good provider opens a business account for you in several weeks. A great iGaming software solutions provider opens a business account in about 48 hours.

https://account.paydo.com/en/auth/business/sign-up

3. Make Sure an iGaming Payment Provider Has SWIFT In Their Arsenal

For international transactions, SWIFT is a must. This scheme allows for faster, more secure iGaming transactions. It reduces delays and ensures smooth processing of player deposits and withdrawals.

Without SWIFT, iGaming operators risk slower processing times and dissatisfied players. Yet, the rule of thumb dictates that the more payment schemes you have access to the better.

4. Does iGaming Payment Provider Offer Multiple Currencies?

This should be your next question. Even if an iGaming payment provider is high-risk friendly, opens a business account fast, and is connected to SWIFT, this does not mean you get many currencies to work with. You still need to pay contractors in their local currency.

Also, setting up a multicurrency account can come at a significant cost. Banks and EMIs impose additional charges for each extra currency you might need.

5. Check If an iGaming Payment Provider Offers Merchant Services

If you have a website accepting payments, you need a good checkout.

What constitutes a “good” checkout?

In most cases, the number of chargebacks, holds, rolling reserves, as well as payment methods available. Besides, you want a checkout that can be easily integrated.

6. What About Mass Payouts?

Every iGaming operator knows how hard it can be to send multiple payments to several customers. When you don’t have mass payments with your iGaming provider, every payment must be made one by one. Without saying, it will take a lot of your time and nerve.

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7. Confirm Whether an iGaming Payment Provider Have Virtual and Physical Cards

Virtual and physical cards allow flexibility for both business payments and player withdrawals. They can be used for payouts, ad spending, or corporate expenses. Besides, having a personalised plastic card speaks volumes about your brand.

8. Compliance With Global and Local Regulations

After going through the arsenal of services of a chosen best iGaming payment provider, the next logical step is to look at compliance. You must be sure a selected provider has the legal right to provide certain services and operate in partnership destinations.

To illustrate, as an iGaming payment provider, one should have at least these:

1. The Financial Conduct Authority (FCA).
2. Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

As an add-on, a good iGaming payment provider should have an Authorised Electronic Money Institution (UAB) license. This one allows the platform to issue electronic money and offer related financial services within the European Union (EU) and European Economic Area (EEA).

9. Double-Check the Security Measures an iGaming Payment Provider Implements

For top iGaming payment providers these security measures are non-negotiable:

• Built-in anti-fraud.
• PCI-DSS Level 1 compliance.
• 3D-Secure (3DS) technology.
• Anti-money laundering (AML) protocols.
• Automated KYC.

PayDo—All Payment Solutions in One Place

While all roads lead to Rome, all aforementioned aspects lead to platforms like PayDo.

PayDo is a payment ecosystem. It made sure all the aspects we talked about were covered. Namely, the platform is:

1. High-risk friendly:

1. 1. No volume restrictions.
   2. No hidden fees
   3. No minimal commitments
   4. No minimal balances
   5. No nonsense requirements
   6. All iGaming licenses (Curacao included).
   7. In-depth understanding of high-risk industries.
   8. Curacao and other licenses supported
   9. A dedicated account manager with extensive experience in iGaming
   10. Momentary payouts
   11. Scheduled payments
   12. 140+ destinations

2. Business account opening:

1. 1. Takes about 48 hours.
   2. Completely remote.
   3. Requires a standard package of documents.
   4. Onboarding is as quick as verification.

3. Nine payment schemes: 

1. 1. SEPA
   2. SEPA instant
   3. Fedwire
   4. Target 2
   5. FasterPayments
   6. Chaps
   7. BACS
   8. Kronos2

4. Multicurrency:

1. 1. Dedicated IBAN with 35+ currencies and 150 countries.
   2. Personal account with 12+ currencies.
   3. No extra charges for currencies.

5. Checkout:

1. 1. Zero chargebacks
   2. No holds or rolling reserve
   3. Easy API integration
   4. 350+ payment methods
   5. Localization
   6. Instant settlements
   7. Conversion rate > 98%
   8. Unlimited websites

6. Mass Payouts:

1. 1. Automatic payouts without any manual inputs.
   2. Customers receive their funds without fees.

7. Virtual and Physical Cards:

1. 1. Offer employees personalized cards.
   2. Improve corporate expense management.
   3. No limit on issuance.

8. Compliance and Security:

1.Licensed by:

1. 1. 1. FCA.
      2. FINTRAC
      3. UAB.

2.Security measures:

1. 1. 1. Built-in anti-fraud.
      2. PCI-DSS Level 1 compliance.
      3. 3D-Secure (3DS) technology.
      4. Anti-money laundering (AML) protocols.
      5. Automated KYC.
      6. Encryption.
      7. Safeguarding.

Besides, recently PayDo was nominated for the Payment Innovation of the Year award at a

reputable iGaming-focused SBC 2024 convention.

Finally, PayDo have become a SWIFT Direct Participant. Now the platform can send and receive messages directly through the SWIFT network without intermediary banks.

For PayDo clients, it means faster transaction speed and fewer delays.

Conclusion

When choosing a payment provider for iGaming, check these aspects:

1. High-risk friendly;
2. Business account opening;
3. SWIFT availability;
4. Multiple currencies;
5. Merchant services;
6. Mass payouts;
7. Virtual and physical cards;
8. Compliance;
9. Security measures.

The list is that long because top iGaming payment providers like PayDo work hard to develop a solution that will stand out in a competitive market. With PayDo, you get the services of 8-9 payment providers in one place and under one contract.

Don’t hesitate to open an account right now. We are ready when you are!