Payment System For Bingo: How To Choose And Register

Dating back to the 16th century Italy, bingo is a popular game of probability in multiple nations, including the UK, the US, Italy, Germany, and Japan.

According to the UK's Gambling Commission, online bingo generated 198 million GBP ($261 million) between October 2018 and September 2019 for service providers in Great Britain, which is up by 12.5% from the previous report's data.

While bingo halls were the standard way to play the game for a very long time, bingo activities have increasingly moved online in recent years due to the advance of technology.

However, to offer players a chance to play the game online, merchants have to integrate a bingo payment gateway solution.

What is a Bingo Payment Gateway?

A payment gateway is a service that allows merchants to accept transactions from their customers directly on their websites.

In exchange for a fee deducted from the transactions, the payment solution acts as the intermediary responsible for transferring funds between the merchant and its customers.

Players use a bingo payment gateway to deposit funds to their accounts using one of the payment methods offered by the gateway solution.

After the balance gets credited onto the customer's account, the client can use it to play online bingo via the merchant's platform.

The customer also utilizes the online bingo payment gateway to withdraw their earnings from the platform.

What to Consider When Choosing a Payment Gateway for Online Bingo?

As a merchant, it's crucial to select an excellent online bingo payment gateway solution.

For that reason, we recommend considering the following factors before creating a merchant account at a payment provider.

• Security: Service providers must select an online bingo payment gateway that utilizes advanced anti-fraud and security measures to ensure the safety of their customers. As an additional layer of protection, some payment solutions (including STICPAY) actively monitor their users.
• Payment methods: While some customers prefer faster payment methods, others may be willing to sacrifice time to save money on deposits and withdrawals. For that reason and since consumer preferences vary by nation, it's crucial for online bingo merchants to offer numerous payment methods to their clients.
• Transfer speed: Bingo players prefer fast payments so they can deposit and withdraw funds to their accounts without delay. For that reason, service providers have to select a gateway solution that processes transactions rapidly. It's also essential to use an online bingo payment gateway that doesn't hold merchant transactions for extended periods.
• Fees: To maintain a profitable business and avoid increasing the costs for players, online bingo platforms need a payment gateway that charges reasonable fees.
• Regulation: Bingo is a form of online gambling. For that reason, merchants have to possess the necessary licenses and adhere to the appropriate regulatory laws of each country they operate in to set up an online bingo payment gateway.

Why Choose STICPAY as a Bingo Payment Gateway?

Due to the high-risk nature of the industry, online bingo service providers often struggle to open a merchant account at a payment service.

While traditional payment processors reject their applications, dedicated gateway solutions take advantage of the businesses' riskier nature to charge them extra fees and hold customer funds for longer times.

To avoid the above issues, bingo service providers can open a merchant account at an e-wallet solution like STICPAY.

The award-winning e-wallet service STICPAY serves customers in over 190 nations while offering a payment gateway solution for merchants.

STICPAY considers low-risk merchants as its primary B2B user base but also accepts applications from licensed businesses in high-risk industries – including online bingo – that comply with the appropriate regulatory laws.

STICPAY offers multiple payment methods for its users, including:

• Visa
• MasterCard
• UnionPay China
• International bank transfers
• Cryptocurrencies (Bitcoin, Litecoin, Ethereum)

On top of the above payment methods, STICPAY has partnered with financial institutions in several Asian nations to offer customers cost-efficient and fast local bank wire transfers.

The local bank wire service is currently available in the Philippines, Japan, Indonesia, Malaysia, Singapore, China, and South Korea. 

However, due to the increased demand, STICPAY will expand coverage for the solution with further countries and regions shortly.

In addition to supporting 29 national currencies and 19 languages, STICPAY charges a competitive 2.5% + $0.3 fee for merchants for accepting payments from their customers. The e-wallet service features even lower costs for cryptocurrency transactions, taking only a 1.8% cut from digital asset transfers between merchants and their clients.

Proper security is crucial for online bingo merchants. For that reason, STICPAY uses a variety of advanced anti-fraud and security features with strict KYC and AML checks to ensure the safety of its users. Since all transactions are secure and indemnified, STICPAY merchants are protected from fraudulent chargebacks.

While users can access the e-wallet service via a web-based platform, the company has recently released its redesigned mobile app on both iOS and Android so customers can enjoy the full STICPAY experience from the convenience of their smartphones.

Set up a Payment Gateway for Bingo With STICPAY

It only takes a few minutes for merchants to register an account with STICPAY.

After filling out the form with the details and submitting the necessary KYC and AML documents, the STICPAY customer success team will verify the merchants' application.

Upon successful verification, STICPAY issues a merchant ID to each business, which they can use to open multi-currency accounts and start accepting payments from their customers.

Merchants can use STICPAY's Open API with its corresponding documentation to set up a bingo payment gateway with the e-wallet service.

Are you ready to get started?

Create a merchant account at STICPAY now!

In case you have any questions, feel free to contact STICPAY's customer support team to get your queries answered 24 hours a day.

Have you liked us on Facebook yet? Are you following us on Twitter and Instagram? Join STICPAY on LinkedIn!