Indie to iGaming: All Retailers Should Use Alternative Payment Methods Like Online Casinos
There’s no denying that the world of online retailers is continuing to flourish, but when it comes to experience, few internet-based industries are more well-rounded than iGaming. Having offered customers online casino experiences and games ranging from poker to video slots for decades, iGaming is arguably the most successful online industry of all time.
It’s no surprise then that indie retailers can learn a lot from the industry, particularly when it comes to crucial factors such as online payment methods. Today, we thought we’d take a look at three of the best financial transfer systems that have been tried and tested by the iGaming industry for years, and explore what they have to offer up-and-coming online indie retailers.
Founded in December 1998, when it was known as Confinity, Paypal is an American company that supports online payment systems and money transfers. For decades it has been regarded as a leading alternative to more traditional payment methods such as cash and card, offering customers simple yet secure one-click online transactions. The company owes much of its success to having been acquired by eBay for $1.5 billion back in July 2002, as it enabled millions of new customers to use the payment system and for a loyal customer base to be formed.
Now, over a decade later, almost every well-established online service that requires monetary transactions uses Paypal. Online marketplaces such as big brand retailers ASOS offer Paypal as a payment method, as does Amazon, Walmart and almost every other big name in the world. Of course, one industry that has always embraced Paypal is iGaming, as it allows online poker sites and their customers to easily make deposits and withdrawals with no fuss at all. This is why well-regarded poker rooms such as 888poker facilitate Paypal transactions, ensuring fast, reliable monetary transfers to player accounts in order to play games such as Texas Hold’em, Omaha, SNAP and more. Once an account has been set up, all that is usually required is an email address ensuring swift, safe and simply transactions perfect for online stores and services.
It is almost expected of all online marketplaces and service providers to offer Paypal as a payment method these days. The company is so well established, respected and trusted that it can even improve the reputation of anyone who uses them, so it is highly recommended that indie retailers provide the system for their customers.
Speaking of reputations, few companies are more globally admired than Visa. In fact, the company is so popular that in 2015 the Nilson Report reported that Visa processed 100 billion transactions with an estimated worth of $6.8 trillion. This American multinational financial services company is based in California but operates all over the world (with the exception of Antarctica) to facilitate online payment transactions. While Paypal uses their online portal to support these transactions, Visa operates through the use of branded credit cards, gift cards and debit cards, which means Visa can also be used to purchase things in the physical world, not just online.
Needless to say, this has encouraged almost every leading business on the planet to accept Visa as a payment option, regardless of whether they operate as a physical brick-and-mortar store or as an online entity. You could even argue that not providing Visa support would actually prevent people from using businesses even if they wanted to, as while MasterCard, UnionPay and other alternatives are popular, many more people use Visa. So, it’s no surprise that most iGaming operators, whether they’re huge poker sites or brand-new slots operators, have Visa as a preferred payment method. In fact, some sites even offer prepaid poker Visa cards, so you can play anything from Texas Hold’em to Omaha Hi-Lo with no problems.
The company is trusted, reliable and used globally, allowing almost anyone anywhere to use their services. Clearly, offering Visa should be a priority for any flourishing indie retailer, as without it you may miss out on a huge chunk of possible customers.
Of course, not every payment method in existence was founded in the 20th century and has gained a reputation over decades of operation. No, some of the most trusted financial services in the world are far newer, created by younger generations who have grown up in a world where internet transactions are crucial. One such alternative payment method is Skrill, a UK company that not only provides online financial transactions but also low-cost international transfers, something that is highly sought after in a world where the internet practically removes geographical boundaries.
Skrill may not be as universally supported as Paypal or Visa, but for particular industries it is a fantastic option that facilitates the use of different currencies from all over the world. One such industry is iGaming. Due to its internet-centric nature, iGaming requires a service that can work with any currency regardless of where it originates. Say for instance, someone in Canada wishes to play seven-card stud at an online poker site that deals primarily in Pounds Sterling, Skrill can facilitate those transfers securely and safely with little to no hassle or fees.
For retailers who plan on accepting customers from a variety of locations, Skrill may be a fantastic option to try. It’s cheap, quick and safe, and those who rely on Skrill to make their online purchases will surely thank any business who offers it as an alternative payment option.
So, whether an indie retailer opts for Paypal, Visa, Skrill or all three it’s clear that they will be offering their customers some of the best alternative payment options out there. After all, all three companies have been used by online poker and casino gaming operators for decades and are yet to fail anyone. Of course, we’re open to hearing about other payment methods as well, so please let us know about your favorite if it didn’t appear on this list.