These days more and more people are using online services for making purchases, money transfers, payments for services, etc. on a regular basis. It is fast and convenient.
Consumers pay a lot of attention to the service itself, namely, prompt responses from customer support, the quality of content, attractive bonus system or convenient payment systems that are popular among the majority of users.
What a Payment System Is
A payment system is a combination of procedures that provide money transactions from one person to another. To put it simply, it’s a mediator though which a client transfers his money to the company for its services, and vice versa.
Payment methods appeared in 1985 when three central banks introduced the system of real-time payments. It started developing very fast and at the beginning of the 21st century over 90 banks were offering such types of payments for their clients. It was a real breakthrough in the financial sphere and gained popularity all over the world.
Currently, there is a wide range of payment systems, and the most popular of them are:
Read more: The Role of Blockchain in Cashless Economies
Benefits of Electronic Payment Systems
Payment methods have several serious advantages.
Speed. The minimum time for a payment transaction is a couple of seconds, and maximum – a day. By comparison: a usual mail transfer takes a few days. Besides, the client will not have to waste time on paperwork, wait in line or even leave the house.
Security. Certainly, it is a difficult task to protect your money completely. It’s hard to provide any guarantees since frauds manage to adapt to any complexities and overcome obstacles very quickly. However, payment processing companies also adjust to new types of scams and develop efficient ways of tackling them.
Accessibility. It takes just a few minutes to make a digital account with the help of one’s computer or mobile device. As a rule, you just need to enter your personal data.
Besides, thanks to electronic reports clients always have the opportunity to control their money flows.
These days’ digital payments are a usual thing. You can pay for any kind of service or product in land-based and online shops, exchange currency, withdraw funds to your bank account or card as well as transfer your own money to the company’s account. All this and much more can be done with the help of digital payment systems.
Payment Systems in Gambling
A convenient system to withdraw winnings and make deposits is the main criterion, basing on which players choose an operator. There are other important aspects, such as a bonus system, user-friendly interface, range of bets on the event and a good customer support service. Nevertheless, clients will always choose the website where they won’t face any problems with money transactions.
Read more: Best Software for Interactive Casino
Secure Payment Systems in Betting Companies
Modern bookmakers use several payment methods simultaneously so that their clients can choose the one that is more familiar and convenient for them.
One of the best and most popular payment systems for websites is Visa. It can be used with almost any currency. Its main benefit is impeccable reputation. Visa has already managed to establish itself as a safe and credible payment tool. The only disadvantage – the fee is rather high.
Almost all of us have already made money transfers with the help of such electronic payment services as WebMoney. It is convenient and easy to use, that is why this service is so popular. WebMoney is used my many betting companies that are targeted at Russian-speaking audience. It makes the action of money processing very fast. Besides, the service offers regular bonuses for its clients. The main disadvantage here is also connected with fees.
This payment service is widely used in Russia. The user-friendly interface makes it easy even for beginners. The speed of payment processing is the same as with WebMoney. The service has a high level of security, so the clients have no need to worry about their funds. But this service has one serious disadvantage which makes it impossible to be used outside Russia. The only currency for operations with Yandex.Money is ruble.
Payment System Servicing Fees
As it was already mentioned, any payment system charges fees for its services. As a rule, commission for withdrawing cash prizes from a betting company, in case this payment system and the operator signed an agreement, is about 1-2% of the total amount. But some companies choose not to charge fees as a way of attracting more clients.
The fee amount, charged after the money transfer to the settlement account, depends on the payment purpose description: bank transfer, money withdrawal or currency exchange.
As mentioned earlier, betting companies joined payment suppliers for the specialized event dedicated to payment technologies in the igaming industry.