Some well-known online casinos and betting sites are now focusing on alternative payment methods, which are easy enough for the players to buy their bets.
In a world where cybercrime is haunting everyone, players are always looking for alternative ways that aren’t easy to crack. Players have become increasingly cautious about releasing their sensitive data to an online scam.
Thanks to the vastly developing technology, there are many payment models players can use to buy their bets, instead of using the traditional methods for online gambling.
About alternative payment methods
Alternative Payment Methods (APM) are the payment module that you can use to buy goods and services which are not associated with cash or card.
Alternative Payment Methods act as the barrier between your bank and the merchant. Some common examples of alternative payment methods are prepaid cards, e-wallets, mobile payments, credit services, and instant financing.
Casinos have realized the fact that not any customers prefer to enter their ban account number or card details and are inclined towards various alternative methods.
It is the harsh truth, that if players could not find their preferred payment method on your site, they are going to abandon your casino.
Casino operators are mending their payment methods and adding the ones that are popular in a particular market. The notion of APM is significantly growing in Europe.
Why are players hesitant to pay via card scheme?
There are many negative consequences of paying via a card scheme. The first and foremost issue is the low conversion rate. Once you have made payment, there are 4times higher chances of payment failures by card when compared to the alternative payment methods.
Hence, card schemes offer less efficient deposits and require more time managing failed payments which leads to more customer care queries and late responses.
Payment confirmation is a big issue faced by many players. Deposit done via card takes up to 3 days to go through and withdrawals done by cards take more than 5 days to process.
The slow payment process seems frustrating to players. The feeling of triumph and excitement of winning a massive amount, but being able to have it in your account because your bank takes lots of time to process the transaction is very disheartening.
Promoting card schemes means the operational cost for merchants. The transaction fees deducted on card schemes are twice more expensive than the alternate payment methods.
Recharging your casino wallet with a card scheme means extra charges every time you do a transaction.
Apart from the challenges, there are many regulatory challenges faced while using a card in an online casino.
The UK Gambling Commission has prohibited the use of credit cards on any online or land-based casinos. In Germany, online casinos offering customers gambling services cannot include visa or Mastercard services.
The critical drawbacks of using card schemes for making payments online is that it is always beneficial to use alternate Payment Methods for any kind of transaction.
The technology used in the alternative payment methods is highly advanced and keeps customer security as the priority.