Payments in the iGaming Industry
What do iGaming businesses want from their payment partners? More flexibility! Online casinos, sports betting sites, and multiplayer games value connectivity and want to offer their customers different ways to pay for games and cash out rewards.
Our payment orchestration platform IXOPAY is ready to fulfill these requirements and support the growth of the iGaming industry. It is no coincidence that we chose to launch IXOPAY's newest payout feature at one of the most important iGaming trade shows: SiGMA 2019, which attracted a record 15,000 visitors to Malta.
IXOPAY's Secure Payouts reduces the chances of human error during the release of financial returns. This new feature lets payment teams working with IXOPAY create verification and approval processes for payouts. For example, if a payout transaction exceeds a specific limit, IXOPAY's Secure Payout notifies responsible personnel before releasing the funds.
"The feedback we received about our IXOPAY's Secure Payouts feature at SiGMA was very positive," says Kaja Franeta, Customer Success Manager at IXOPAY. "The 4-eyes-principle underlying our Secure Payouts got the interest of professionals working in online casinos, sports betting sites, and skill-based gaming."
SiGMA Malta Recap
In a high-risk industry like iGaming, the 4-eyes-principle is an integral part of fraud detection and fraud avoidance. Thus, having a payment platform like IXOPAY that facilitates the setup of workflows to both detect and prevent fraudulent payouts is of high value. Other features of IXOPAY that help white-label clients detect suspicious activities and trigger preventive measures are the Risk Management Engine and Smart Routing Engine.
IXOPAY’s Risk Management Engine uses a scorecard logic to trigger 3D Secure Verification, "parks" high-risk transactions on a manual review list for further inspection, and notifies risk managers of suspicious activities. In a multiple-acquirer-setup — i.e. when payments come in via different cashiers —, IXOPAY’s Smart Routing Engine relies on the scores calculated by the Risk Management Engine to determine which is the ideal routing for transactions with various risk classifications.
In addition to concerns about security, quite a few visitors to our exhibition stand at SiGMA told us of their struggles with legacy software and their dissatisfaction with the lack of flexibility in their existing payment setups. IXOPAY is different from other gateways in the market: we are committed to offering the best experience in payments and the fastest integration times, connecting our customers to the various Payment Service Providers (PSPs) and methods of their choice.
By visiting trade shows like ICE and SiGMA, we keep up with trends in the iGaming industry and release matching software features, including integrations to PSPs in high-growth markets such as Latin America, Africa and Asia.
"We will be attending SiGMA 2020 for sure", says Adam Vissing, VP Sales and Business Development at IXOPAY. "We offer iGaming operators the flexibility and speed they require. Our powerful tools for transaction routing, fraud prevention and analytics, coupled with global connectivity to over 65 providers and hundreds of payment methods can help in significantly increasing conversion rates while reducing fraud and maintaining compliance."
IXOPAY is a Payments Orchestration Platform enabling independent, flexible, and global payment processing. As a highly scalable and PCI-DSS certified “Fintech Enabler”, IXOPAY fulfills the needs of large merchants as well as those of “White Label” clients: Payment Service Providers (PSPs), Acquirers, and Independent Sales Organizations (ISOs). The modern, easily extendable architecture offers smart transaction routing & cascading, state-of-the-art risk & fraud management, fully automated reconciliation and settlements processing, comprehensive reporting as well as plugin-based integration of Acquirers, Payment Service Providers and Alternative Payment Methods (APMs).
IXOPAY is part of the IXOLIT Group, founded in Vienna, Austria in 2001. With local entities in Austria and the USA, IXOLIT supports national and international customers across various industry verticals. The owner-led and financed company has grown from 2 to more than 65 employees and focuses on building innovative solutions for eCommerce.
Please find more information about IXOPAY here.
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Schedule a meeting with us at ICE London 2020 to discuss payment orchestration for skill-based games and online casinos.Let's talk!