About payment processors

If an online casino has an affiliate program, it would certainly need a payment processor. It is used to pay its affiliates their commissions. A payment processor acts as a mediator between the merchant and advertiser. It also manages the transactions of commission payments. The merchant is the affiliate here and the advertiser is the online casino that the affiliate is promoting.

Generally, payment processors work 24/7 and specialize in catering to the online businesses. The best examples of such businesses are the many online casinos that promote their services through affiliate programs. The payment processors facilitate transfer of funds to the affiliates’ accounts. It is because of these processors that the affiliates get paid on time.

Features of payment processors

It’s certainly not a challenge for online casinos to choose the best payment processor for their affiliate programs. The features that they have can be quite confusing. This is why we’ve presented the key features that the casinos must know before choosing a suitable payment processor:

1. A variety of payment methods

Choosing a payment processor that supports a wide range of payment methods would certainly benefit the affiliate program. The online casinos can acquire more affiliates and pay them through their preferred mode of payment. Some of the popular payment methods include credit cards, mobile payment solutions, and direct deposits through bank accounts.

2. Cost

Among the most important factors that online casinos must consider is the cost of a payment processor. There’s obviously a certain amount of cost involved in using such services. As their business begins to scale up, the processing fees and other costs also go up. This certainly affects the revenues of the business.

The ultimate goal of any online casino would be to minimize the operational costs. Of course, this must not be done by sacrificing the quality of service offered to their affiliates.

3. Dedicated support team

When the online casinos witness a surge in their growth, they’ll need more help with their account-related matters. This would be possible only if a payment processor has a dedicated account manager or support team. An excellent support helps the growing online casinos to sort out issues as and when they crop up. They’ll also be able to use the new features without wasting their valuable time.

4. Exclusive deals

Some of the payment processors come up with exclusive deals for businesses that use affiliate programs. Staying updated on these deals can help an online casino choose a payment processor that seems more lucrative.

5. Ability to handle large number of payments

Online casinos need to ensure that their payment processor has the capability to process large number of payments. One of the examples of such payments is mass commissions that are paid during holidays or new product launches. It would be best if the online casino can scale up with the same payment processor in the future. In this way, it can save a lot of time and costs.

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Fortunately, you have several options in payment solutions today. This makes it easier for you to choose a payment solution that’s trustworthy and hassle-free. Here are some of the best options in payment solutions for online casino affiliates available in recent times:

1. PayPal

Available in over 200 countries across the world, this is perhaps the most popular payment solution in recent times. PayPal is reliable, flexible, and safe. Its users can send or receive payments in many currencies. It began more than a decade ago and is now a well-known alternative for affiliates, merchants, and commercial users.

It is available at all the major affiliate networks and offers free transfers between PayPal accounts. The downsides of using this payment solution is its relatively high commission costs and strict rules.

2. Wire transfer

You’ll come across different forms of wire transfers, but the process that they use is the same. They are subject to some stringent procedures for KYC (Know Your Client). They are intended to reduce money laundering and other financial frauds.

In wire transfers, money is moved from the sender to the receiver either physically or electronically. One of the major drawbacks of wire transfer is that it takes around 1 to 3 days to complete. The bank charges on such transfers vary depending on the withdrawal amount and other factors.

3. Skrill

This payment solution supports 40 currencies and is available in nearly 190 countries. It was formerly known as Moneybookers. Skrill is a payment solution that many affiliate programs, online casinos, and certain financial services use. One great thing about Skrill is that affiliate payouts can automatically convert the currency.

As a result, the affiliate can get their payouts hassle-free, no matter where they are in the world. You can use Skrill if you don’t have other e-wallets available for you. Skrill charges no joining fee. If you use it every 12 months, you don’t have to pay the maintenance fee either. If you don’t use it every 12 months, you’ll need to pay a monthly fee of $3.

4. Payoneer

This is yet another popular payment solution that many affiliates and bloggers across the world use. Payoneer users with an online account also receive a debit card. They can use it to withdraw funds from ATMs or banks anywhere in the world. Many of the major advertising networks also have a direct integration with this payment solution.

If you’re using Payoneer, you can receive affiliate payments from any country. The only condition is that the company must be on Payoneer’s whitelist. This payment solution is trustworthy and extremely easy to use. Besides, it has an excellent customer support for quick resolution of issues. One of its downsides is that it has a long withdrawal period. It provides only a limited number of withdrawal methods.

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