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Published by ve02, 2021-04-28 05:20:52

Description: Hey, before you check out. Check this out! (Payment Processing)

You might be wondering how the online payment processing industry works. Look no further! We’ve got you covered. Check out our finest collections of comprehensive and content-rich blogs about online payment processes.

Keywords: Business process outsourcing,payments,bpo,outsourcing,contact center


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CHECK OUT: A Guide on Payment Processing 1 Table of Contents ____________________________________________________________________________ 5 Reasons why online transactions fail ..................... 2 7 5 Proven Tips To Avoid Chargebacks And Fraud . . . . . . . . . . . . . . . 14 20 5 Smart Ways To Maintain A Safe Online Payment . . . . . . . . . . . . . . 24 Online Payment Gateway – An Amazing Walkthrough ........ 33 Effective Strategies to Safeguard Your E-Commerce ........ Business from Fraud Online Casino Payment Methods to . . . . . . . . . . . . . . . . . . . . . . . . . . Ease User Transactions

CHECK OUT: A Guide on Payment Processing 2 5 REASONS WHY ONLINE TRANSACTIONS FAIL Failed transactions are one of the most common challenges that online businesses and shoppers face whenever online payments are involved. As simple as it may seem, online payment is a complex process. A single glitch in the payment system can cause a cascade of errors that eventually hamper the complete transfer or exchange of money between the two parties involved. Failed transactions occur more often than not—and each it happens, the security and privacy of online shoppers are also compromised. Not to mention, unsuccessful transactions waste the customer’s valuable time and money. It is a must to know that there are two possible types of unsuccessful payment transactions. It can either be that (1) the amount is not charged or (2) the amount is charged. Basically, the first instance is relatively a minor issue as this only means that there is insufficient money or balance left in the

CHECK OUT: A Guide on Payment Processing 3 payer’s bank account. As for the second type of failed transaction, it indicates that money has already been processed yet failed to materialize. The second instance usually points to a more serious issue. But whatever the instance may be, it is still imperative for all users to have an in-depth understanding of the reasons why the processes involved in an online payment system tend to encounter certain discrepancies. That said, below is a list of the most common reasons why an online payment transaction fails, along with simple ways to avoid these blunders: 1. INTERNET CONNECTIVITY Since the internet serves as the very backbone of making online payments possible, any issue associated with internet connectivity may abruptly disrupt ongoing payments or stop it from taking place. Additionally, an unstable internet connection can also be a factor that hampers the success of online transactions. In other instances, users tend to be careless when purchasing online—closing their browsers or exiting online payment apps even while the payment process is still ongoing. In order to avoid these scenarios, it is important to have a stable internet in place when making purchases or sending payments online. Always make sure that payments are successfully completed before closing the browser or application. Check for a verification code or message that confirms the completion of the payment process. 2. DOWNTIME OR MAINTENANCE For starters, a payment gateway and a bank and/or card firm are required before an online payment process can take place. If any of these components

CHECK OUT: A Guide on Payment Processing 4 are undergoing downtime or maintenance, there is a high probability that the transaction will not push through. It is important to stay updated with the card company’s announcement of downtime and maintenance schedules. This way, users will get a heads up and eventually schedule their payments ahead of time. On the other hand, unannounced downtimes are also unavoidable. At times, banks may allow users to transact for a specific timeframe. Should a user fail to make transactions during the given time constraint, the payment process will not be completed. 3. AUTHENTICITY The bank’s system usually traces the spending patterns of the user. As such, it may flag the transaction if the system detects hints of a security threat. Banks may decline to process the online payment once they see that there is something wrong with the authenticity of the transaction or a user transacts money beyond their usual spending threshold. This usually happens when the card is used in a different country. The best way to prevent being flagged by the bank system is to stick with one’s usual spending patterns. Always be mindful of credit limits and try not to exceed it. If the purchase or payment involves an emergency or urgent need, it is important to call the bank or card firm’s customer support and inform them beforehand. 4. WRONG DATA Online payments have a very strict and sensitive authenticating system. Since online payment processes deal with money, the system is very stringent when

CHECK OUT: A Guide on Payment Processing 5 it comes to any false, inaccurate, or missing data. Any transaction with mismatched credentials or incomplete information is bound to backfire. It is best for users to double-check every information they input before they get started with their payments. Be very wary when entering pin codes or passwords as financial intermediaries may impose data input limits. More importantly, adhere to an online payment system’s requirements and directions at all times. 5. BALANCE Basically, an online payment transaction will be declined or refused if any of the two instances take place: One, there is insufficient balance in the cardholder’s bank account; and two, the cardholder is purchasing beyond their credit limit. Cardholders should always check their balance before making an online payment as well as adhere to rules when using credit or debit cards. Online payment processes offer a seamless way for users to purchase items through the internet. But as prolific as it may be, there are still underlying issues that inevitably take place in the midst of any transaction. It is a must for all online shoppers to comply with the rules and regulations coupled with the online payment system they are using. They must also coordinate with the bank or credit card provider involved in the purchases or payments they make online. Next time an online transaction fails, it is important to have a deeper analysis of why it failed. Once the reason for failing is correctly identified and assessed, it will enable shoppers to do the necessary actions or retrace the steps to help ensure that the transaction will be successful the second time around. Furthermore, knowing possible factors that affect the success of an

CHECK OUT: A Guide on Payment Processing 6 online transaction allows customers to minimize the chances of encountering the said issues in the future.

CHECK OUT: A Guide on Payment Processing 7 5 Proven Tips To Avoid Chargebacks And Fraud A chargeback is simply the reversal of a payment via a credit card that comes directly from the bank. From a merchant’s perspective, a chargeback is a potential threat to their business especially when some consumers take advantage of this to execute fraudulent activities. From the consumer’s point of view, a chargeback may seem like a protective barrier against possible dishonest merchants, the truth is chargebacks were never really intended to work that way. The purpose of a chargeback is relatively similar to the traditional way of refunding. The only difference between the two is in a regular type of refund, consumers directly contact the business to get a reimbursement. Meanwhile, in a chargeback, the consumer asks the bank to forcibly take back the money from the merchant’s or business’ account. This is followed by investigations that are operated under a legal framework.

CHECK OUT: A Guide on Payment Processing 8 Finally, if the bank decides that the cardholder’s request is valid, the money is taken back from the merchant and returned to the cardholder’s account. The following are the common reasons why customers demand a chargeback: ● The item is not delivered. ● Quality of items or services are below standard ● Billing errors However, not all customers who request a chargeback are real customers who have availed the merchant’s products or services. In some instances, scammers pretend to be customers and demand a chargeback to get easy money. As a merchant, it is indeed difficult to avoid a chargeback because of the possibility of uncontrolled factors preventing the smooth delivery of the service or product that a customer decides to purchase. In addition, fraudsters/scammers are still rampant nowadays. That said, although chargebacks tend to be inevitable, there are still ways on how merchants can minimize it: Below is a list of reliable ways that will help online sellers or merchants eliminate potential instances of a chargeback. 1. Always Practice Honesty “Do unto others as you would have them do unto you.”

CHECK OUT: A Guide on Payment Processing 9 Keep in mind that customers will not treat businesses and merchants amicably if they know and learn that they are being taken advantage of. Make it a point to provide realistic details about the items and services offered. Avoid making promises or giving out unrealistic expectations beyond the item or service’s limitations. A customer will become eager to demand a cashback once their expectations on the item are not met or if they feel that they have been deceived through their purchase. It is also advisable, albeit a bit rude, to blacklist customers that have demanded chargebacks. Keeping track of which customers have asked for chargebacks and for what specific reasons or under what particular circumstances help zone in on probable scammers who filed disputes and will more like take advantage of the business or merchant again when the chance arrives. Use the list as a preventive measure to avoid any further abuse from fraudsters. 2. Enumerate & Explain Transaction Details Clearly Many chargebacks often take place when the details provided during and after a transaction are unclear. Clarify whether the item needs to be pre-ordered or shipped overseas and that payment is required first to acquire the desired item. If not, list down payment options that customers can choose from. Can they pay using their credit cards? What other types of payment methods are accepted? Is cash on delivery also an option? Will the customer be charged with the shipping fee? If so, how much will it cost?

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CHECK OUT: A Guide on Payment Processing 11 Customers tend to demand a chargeback whenever they discover unexplained charges in their purchase. Always provide the business name in the transaction details so that customers can easily identify the origin of the charges when they review their bank statements. In addition to the transaction details, merchants must always make it a habit to provide consistent updates on the progress of each customer’s purchase. Keep them updated on whether the item has been shipped or not. Provide them an exact estimate of the length of time customers need to wait before their item is delivered. At the same time, always let customers know whether their payment was successfully transferred or not. This way, any possible dispute, system malfunction and/or odd purchasing behavior can be detected and acted upon early on. 3. Provide Round-The-Clock Customer Service Whenever customers hate slow customer service, especially whenever they encounter problems during their purchase. If a support representative is not readily available, customers tend to reach out directly to the bank instead. Enabling more than one mode of communication for customer support helps maximize the assistance that the business can provide to its buyers or customers. Once a customer’s queries about their transaction are adequately answered and explained, then they are less likely to demand a chargeback. 4. Always Be Efficient Aside from providing quick, accessible and reliable customer support at all times, meeting customer expectations in all aspects of the service should be the priority of every business and merchant. After all, nothing beats efficient service.

CHECK OUT: A Guide on Payment Processing 12 Always deliver the customer’s desired goods and services on time and notify the customers as often as possible regarding the shipment of the product purchased. Be clear and concise about product and transaction details. Enumerate all possible payment methods that customers can use and explain each condition needed to be met (if any) for each transaction and payment method chosen. Aside from avoiding a chargeback, this can also significantly boost your customer’s loyalty. 5. Suggest Choices For The Best Payment Solution Provider Giving customers a flexible way to settle their bills or pay for their purchase is a plus point. Laying out the customers’ options helps make the service more efficient while providing customers the assurance of fast, secure and transparent transactions. Business owners know very well that chargebacks are usually difficult to foresee. Still, that doesn’t mean that it cannot be prevented. The best way to counter instances of chargebacks and block scammers from attempting to extort money from both customers and the merchant is to practice efficiency and transparency in all aspects of the transaction. Setbacks may, at times, be unavoidable, but a commitment to honest and dependable service will always go a long way.

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CHECK OUT: A Guide on Payment Processing 14 5 Smart Ways To Maintain A Safe Online Payment Today, online shopping is gradually becoming the norm. The majority of the world’s population is using the internet to make purchases. This is the result not only of the broadened options that online stores have to offer; but also of the maximum convenience that virtual shopping can deliver. However, there are certain risks that come with sending payments online, and among these threats are scammers and hackers who can phish or steal sensitive information of customers. If an online transaction is not carried out carefully, customer accounts can be used fraudulently. There are effective countermeasures that can be practiced to ensure safe online purchasing and reduce the potential risks of being robbed by fraudsters.

CHECK OUT: A Guide on Payment Processing 15 Here are some countermeasures to help keep accounts and personal information safe from security breach attempts and scams: 1. Be Mindful of the Different Types of Scams At first glance, it is impossible to identify scams from legitimate online transactions. Scammers are becoming smarter and their methods come in different forms such as fake promotions, free trials, phishing, credit card scams, charity scams and even malware disguised as cryptocurrency. How can a scam be identified? Scams can usually be spotted when they are least expected. Scams can look and sound like the real thing. But, what makes it stand out as a scam is that it is often too good to be true. Cautiousness is the best way to avoid scams. Avoid clicking on links sent via email or even via private messages. Take note of email promotions and newsletters recently subscribed to and always track purchasing activity (what items were purchased in the last few months, what payment methods or credit cards were used during the transactions, what subscriptions were signed up to using which email, etc.) By keeping a close eye on one’s purchasing and subscribing activities online, it will be faster to determine suspicious emails and promos from genuine ones. Scammers could be phishing links. Phishing links are fraudulent, online attempts to steal every personal detail found in the victim’s account. Upon clicking on the link, unsuspecting customers or users will be automatically sent to a website identical to the original site. The website tends to require personal account and it leads the victim to download malicious software the moment they click the link.

CHECK OUT: A Guide on Payment Processing 16 Consider installing an updated security software for computers and mobile devices. Using multi-factor authentication is also a great way to counteract attempts of scammers and hackers. It works by providing other methods aside from the usual password and PIN-creation to secure the user’s account. These methods can include more personalized identity authentication such as fingerprint scanning and retinal scanner. Customers should also trust their gut. If they feel that something is not right or something smells fishy, they can either choose to ignore the message or report it to the proper authorities. 2. Data Encryption Every customer’s account details are, to a certain extent, vulnerable to all fraudsters. Aside from determining the different scams executed by swindlers, using a data-encryption software is another way to make safe online payment possible. A data encryption software executes a method wherein the financial information provided by the user or customer is rearranged or scrambled into a hard-to-read format. This secures that the transaction is unviewable to unauthorized personnel. A lock icon signifies that the website is safe and that any transaction that will take place in that website is secure. Checking on the lock icon on every website is a simple and basic step that every internet user needs to do before sending any personal details through the web. 3. Mobile Bank Alerts Mobile bank alerts have helped customers take better control of their security with just a touch of their fingertips. Mobile bank alerts, made possible by tailor-made applications for different banks, enable customers to get updates on their payment’s dues, credit limits, and other relevant concerns involving

CHECK OUT: A Guide on Payment Processing 17 their bank account. Updates are usually sent either via the app/software designed for the bank or it can also be sent through SMS. This is one of the best ways to ensure customers that no one else can have access to their account but themselves. It also helps them identify if there had been suspicious activities involving their bank account and if this could be linked to a potential form of scam. 4. Passwords Now that technology is constantly changing, hackers are consequently devising more modern ways to decode passwords and PIN codes. As such, it is not entirely impossible for them to easily breach account security. It is important to set up a strong password to ensure that no one else can get easy access to the account. Make it complex but still easy to remember. It can be a combination of letters and other suitable keyboard elements. Avoid using personal information (e.g. birth dates, address, anniversaries, etc.) as password. Make it a habit to modify passwords as often as possible. Make it complex but still easy to remember. It can be a combination of letters and other suitable keyboard elements. Avoid using personal information (e.g. birth dates, address, anniversaries, etc.) as password. Make it a habit to modify passwords as often as possible. Multi-factor authentication is applicable to making passwords harder for hackers to guess. As mentioned earlier, it is one of the best ways to stay secure. Some mobile phones are optimized for this kind of feature. By carefully setting up the user’s fingerprint or retinal ID, it will add another layer of security against fraud.

CHECK OUT: A Guide on Payment Processing 18 5. Security Software Protecting one’s computers and mobile phones with security software is a must. This means updating existing anti-spyware and antimalware software to obtain the maximum security. Obtaining a reliable security software is not difficult, although different software may offer varying prices. The price range depends on how good the software’s performance is. Different features and functionalities may also be offered, but at the end of the day, the main goal is to give 100% security. Having reliable security software is one of the most basic things that every modern-day customer or internet user should do to effectively safeguard their account. Online payment offers a fast, reliable and convenient way to acquire desired goods and services. But because the environment where it operates is a vulnerable target of frauds, it is essential to always be vigilant. There is no way for customers or users to control the criminal means of cyberthieves. But there are still tons of countermeasures to prevent their dirty tricks. Online security starts with each and every customer, and the first line of defense lies in their hands.

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CHECK OUT: A Guide on Payment Processing 20 Online Payment Gateway – An Amazing Walkthrough Did you know that 80% of the overall number of internet users make their purchases online? On a global scale, it is so interesting how e-commerce briskly changed the game in the retail industry. What is the secret behind how purchases have been made easier by e-commerce? The answer is PAYMENT GATEWAY. Does it sound unfamiliar? Payment Gateway is an e-commerce software that authorizes online merchants and buyers by seamlessly connecting to an in-house payment processor via credit cards or an online banking system.

CHECK OUT: A Guide on Payment Processing 21 This system operates on a high level of security by encrypting all the information between the cardholders, the merchant, and the bank. Understanding the process involved in payment gateway can be intimidating or confusing at first glance. Below is a simple yet informative list that will help you learn about how Payment Gateway works. Let’s get started! Payment Gateway: Step-by-Step Guide 1. Customers place their order on the website or phone application by hitting the “Buy Now” or call to action button present on the platform. Some e-commerce websites require customers to input their card details on the field provided or confirm it through an automatic phone answering machine. 2. Merchants will now transfer the customer’s order details to the payment gateway. Customers can now proceed to complete the necessary payment transactions with their preferred payment methods. The usual payment options that customers can choose from include credit/debit card, domestic banking, or cash. Once the customer chooses a payment option that suits them best, the payment is sent to the issuing bank for transaction authentication. 3. During transaction authentication, the bank may accept or decline the payment based on the remaining balance in the customer’s account. If the customer has an outstanding and unsettled balance or has insufficient credits left in their account, then the bank rejects the payment and the transaction is discontinued. 4. When the transaction is verified and approved by the bank, the merchant then receives a message, indicating or confirming that the transfer of payment was successful.

CHECK OUT: A Guide on Payment Processing 22 5. The last step that completes the payment gateway process is the settlement of the amount paid. Settlement of the money used to pay for goods or services acquired through e-commerce website goes as follows: (1) Bank to the Payment Gateway, then (2) Payment Gateway to Merchant. Once the payment successfully reaches the merchant, the order is ready for delivery. Payment Gateway plays an important role in e-commerce. It enables a seamless method of making purchases online either by card, online banking or even cash. Using a Payment Gateway contributes to the success of making every online transaction hassle-free for both merchants and customers.

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CHECK OUT: A Guide on Payment Processing 24 Effective Strategies to Safeguard Your E-Commerce Business from Fraud Online Payment Fraud refers to any illegal transaction committed by criminals online with the goal of stealing a person’s money or sensitive information. Fraudsters or scammers are highly intelligent individuals who are capable of detecting a card owner’s information without the consent of the card holder. Nowadays, eCommerce businesses and their buyers are the main targets of various online scams. This kind of cybercrime can be executed in several ways, including the following: ● Identity Theft

CHECK OUT: A Guide on Payment Processing 25 This type of fraud is very common and it has victimized several unsuspecting customers. Identity theft is executed by acquiring a buyer’s personally identifiable information (PII) such as credit card/debit card number, card verification value, name, address, user accounts, email accounts, IP addresses, personal devices and other important data. Fraudsters steal PII by installing malicious software in a person’s computer. The sensitive and personal information obtained are then used to purchase products online without the knowledge of card holders. ● Phishing Phishing is a method wherein cybercriminals send emails. These emails may appear to be safe and authentic because the cybercriminals or scammers would disguise as representatives from a legitimate financial institution or trusted organization. The aim of phishing is to lure receivers into opening attachments or clicking on links which requires updating their PII. This method is made possible by phishing kits which is installed on a server, enabling fraudsters to send out malicious emails. ● Chargeback Fraud It is also known as ‘Friendly Fraud’, which occurs when a customer demands for a chargeback from their issuing bank upon receiving their order.

CHECK OUT: A Guide on Payment Processing 26 Reasons for chargeback request can either be because the customer is unsatisfied with the product or their card was stolen. As a result, the claimant will receive a refund while keeping the purchased goods, and the merchant will be held liable for the transaction.

CHECK OUT: A Guide on Payment Processing 27 ● Clean Fraud Clean Fraud is one of the most dangerous types of payment fraud. It often targets merchants by making payment transactions seem legitimate. Clean Fraud is usually operated by using stolen credit card information to purchase items online. In addition, before bigger purchases are performed, cheap test purchases are carried out to ensure the efficiency of the strategy. ● Triangulation Fraud Triangulation Fraud is a complex type of online payment scam. Its method is quite complicated, that it involves the unknowing participation of unsuspecting and well-meaning online sellers. The setup often involves an unsuspecting customer or buyer, a fake seller, and a trusted eCommerce website. In most cases, the fraudulent seller does not even realize that they are already engaged in a scam. This type of fraud usually begins with an employer, or the mastermind posting an ad where aspiring online sellers are encouraged to sell a list of items.

CHECK OUT: A Guide on Payment Processing 28 The employer holds stolen credit card information which they use to purchase the items on their list. Items are ordered on legitimate eCommerce websites using the stolen credit card information. Meanwhile, the unknowing online sellers will post the items online. Next, a customer makes a purchase, and the online seller forwards the information to the employer. The employer will then place the order for that specific item on the eCommerce website using the credit card information they have stolen. The employer likewise sends tracking information for the item to the online seller. In the end, the customer receives their order without any idea that the item was in fact, acquired through fraudulent means. With the exception of the employer, all other parties involved in a Triangulation Fraud are the ones at the receiving end of the scam’s consequences. eCommerce websites may be obligated to provide a chargeback and retrieve the order, while the online seller may not be able to sell once again in the future despite being unaware of their involvement in the said fraud. Most importantly, the individual who owns the stolen credit card information, along with their issuing bank, will have to work together to settle the unauthorized purchases executed by the fraud’s mastermind. Here is another possibility that could take place in a Triangulation Fraud: Once the customer provides their credit card information, their card will be charged for the real price of the product; thus, the credit card charge will be higher compared to what has been promised. This way, the fake seller will earn at least 30% to as high as 100% commission.

CHECK OUT: A Guide on Payment Processing 29 ● Merchant Fraud In this type of fraud, the fraudster lists a high-quality product on an auction site such as Amazon or Ebay at a bargain price. A customer will be lured to make a purchase by providing their PII. The problem is that the product does not exist and the buyer will be charged without ever receiving the goods that they paid for. What are Preventive Measures that can be done to prevent Fraud? 1. Address Verification Service (AVS) In Address Verification Service (AVS), customers who pay using their credit card need to verify their billing address using their ZIP code. AVS, which is widely used in card-not-present (CNP) transactions, will then validate the numeric portions of the address provided by the card bearer to ensure that the information matches with the address that was provided with their issuing bank. The result will help merchants decide whether to accept the transaction or if additional verification is needed. 2. Card Verification Value (CVV) CVV is the security code that is normally found on the back of the card. It contains three to four digits that a customer has to provide during online shopping.

CHECK OUT: A Guide on Payment Processing 30 Payment Security Industry (PCI) prohibits businesses from storing the security code. It is an effective security measure that prevents fraud. 3. Run Security Checks with Antivirus Software Use business-grade anti-malware and anti-spyware which have the ability to detect and remove malicious software and spyware programs. These types of software are great in cleaning any damage left on a computers’ database. Moreover, businesses are highly encouraged to update their operating system to the most recent version because the unsupported ones do not possess the capability to receive security updates. Hence, perpetrators can gain sensitive information without difficulty. 4. Payer Authentication (3D Secure) This is an additional layer of protection for Visa and MasterCard cardholders as a security code or one time PIN is sent via email or text. Payer Authentication prevents unauthorized charges and chargebacks. eCommerce businesses are then highly encouraged to activate 3D Secure in their security system to boost the protection of their customers. 5. Code 10 For any activity that may seem suspicious, it is essential to make a Code 10 call that alerts the card issuer without the knowledge of the customer, making it a private transaction. As soon as Code 10 Authorization Request is placed, the concerned merchant will be directed to a specialist who will ask ‘Yes’ or ‘No’ questions that will help

CHECK OUT: A Guide on Payment Processing 31 the specialist decide whether the card should be kept or if the transaction should be completed. 6. Monitor Transactions Existing customers’ and repeat buyers’ information should not vary every time that customers purchase on a merchant’s store. If there is inconsistency in the customer’s billing and shipping information, it may be a warning that there are suspicious transactions going on. There are also specific tools that can be utilized to track IP addresses, operating systems, internet connections and browsers which assess risk.

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CHECK OUT: A Guide on Payment Processing 33 Online Casino Payment Methods to Ease User Transactions Are you evaluating which method you should use for your online casino? As difficult as it may be, having a multichannel method of paying allows you to cater to your diverse community of players. Payment processing is essential to your gambling business since branding yourself as legal, safe, and accountable allows you to gain the trust and loyalty of your avid players. Players need to know that their money is transferred directly to you. Likewise, the fact that they are getting their money on time is an important determinant of excellent user experience on your gambling platforms. A surefire way to guarantee and accomplish that is through exploring suitable payment methods for your customers. By exploring options you can offer to

CHECK OUT: A Guide on Payment Processing 34 your end-users, you are also fleshing out the features that will highlight convenience on your online casino. Here are five of the most highly recommended payment methods for your online gambling business: 1. Bank Transfer 2. Debit/Credit Card 3. e-Wallets 4. Mobile Payment 5. Online Banking 1) Bank Transfer This mode of payment is characterized by the physical transaction of money between the players’ and the casino’s bank account. Although it is widely used, a bank transfer is prone to delays and hours of processing. The reason is that the player would have to wait in line, fill out forms or checks and wait for the bank to approve the transaction. You can balance this with the help of email support; your players are able to give you a head’s up and let your business know that their money or the payment they sent has been verified by the bank. They can also inform you should they encounter any delays in sending payments. The information shared between the two of you stays in the email and is managed by email support agents. 2) Debit/Credit Card Your players can pay anytime and anywhere with this kind of online banking. Although there are additional fees when transferring money through debit or credit card, most online casinos accept this form of payment. Specifically, MasterCard or Visa are the most widely accepted types of cards. It is important to note that there is a 2-3 waiting day for your online casino debit

CHECK OUT: A Guide on Payment Processing 35 card withdrawal. It might seem like a bit of a stretch, but it is one of the safest and fastest ways for your players to send payments and for your business to transfer funds into their bank account directly.

CHECK OUT: A Guide on Payment Processing 36 3) e-Wallets Paypal, one of the most famous e-Wallets in the world, brings your players the convenience of not having to create another account. Paypal is also used for most shopping sites like Amazon, thus you are assured that it is a trusted and widely recognized online payment system. You can send and receive money on e-Wallets through bank or online transfers, so your customers would not have to keep shifting between transactions and avoid complications. Most e-Wallets also support email, call, or live chat support as a way of securing transactions. You can answer various queries in real-time and in detail to increase loyalty and assure your customers. 4) Mobile Payment This kind of payment allows players to have their casino bills directed to their phones, a method that helps secure their banking details. By installing the app on their smartphones, it eliminates the need to give away their account details or card numbers to customer support representatives when paying their dues. Contrarily, since cash cannot be transferred through mobile, they cannot do online casino bitcoin withdrawal or any other form of money withdrawal. Transfers are limited only to the scheduled bills of the players. 5) Online Banking The difference of online banking is that the payment processor would need the card number details of the player. Online banking also gives your users the security of not having to give the processor their bank details except when their information is required for withdrawing cash. Your users get to use their bank’s domain rather than getting an acquirer domain. These are some of the finest methods available in processing payments in online casinos. It is entirely up to you to weigh the pros and cons of each and decide which one is best for your gambling business. Make sure to take into

CHECK OUT: A Guide on Payment Processing 37 consideration where your players are coming from, so that your payment processing methods can easily be paired with email, call, or live chat support. This is because with the diversity and multitude of players you have, you need to set up or outsource your customer support services in accordance with your budget. Email support allows you to have a secured line between you and your users with an electronic receipt or a more detailed conversation. Call support allows your agents to directly address concerns and issues that clients may have towards your casino and at the same time verify details and guide your customers. Live chat support also gives instant resolution to your clients’ concerns using short and concise replies. When executed aptly, your customer support becomes your biggest asset for your online casino and the payment method(s) of choice. It enables you to maintain a smooth transaction and earn the favor of both existing and new customers..

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