There are hundreds of iGaming payment providers available. Which one can meet your needs? Many businesses ask this question, but few get the right answer.

By 2027, the global online gaming market is expected to reach $127 billion, making it crucial to get the right iGaming payment services. In short, the better your provider, the more customers you can serve, the faster the payment process, and the higher your revenue.

However, choosing the right provider can be challenging, especially for unique needs of high-risk industries like iGaming. In this article, we will introduce a nine-point checklist. These steps can ensure you enter the top tier of iGaming payment providers.

So, buckle up.

1. Verify if the iGaming software provider supports high-risk

iGaming is a high-risk industry. This means higher fees and stricter scrutiny. Choose providers specializing in high-risk industries to avoid interruptions and reduce transaction rejections.

Please note: Not all payment providers are willing to work with high-risk industries, leading to potential delays or increased costs.

The right iGaming payment provider must have the following to truly handle high-risk:

No volume limits

In-depth industry knowledge

Dedicated account managers with industry expertise

Support for licenses in different jurisdictions

2. Check how long it takes for iGaming payment providers to open corporate accounts

Now that you have narrowed down the list of best iGaming payment providers, the next important question is:

How long does it take to open a business account?

Mostly, when you need to open a business account, you face two challenges:

Lengthy approval processes.

Requirement to provide numerous documents.

Many banks do not understand industries like iGaming. That's why they ask many irrelevant questions and require documents you don't have. Therefore, opening a business account can take weeks or months.

A good provider will open a business account for you within a few weeks. An excellent iGaming software solution provider will open a business account in about 48 hours.

3. Ensure the iGaming payment provider has SWIFT payment systems

For international transactions, SWIFT is essential. This system allows faster, more secure iGaming transactions. It reduces delays and ensures smooth processing of player deposits and withdrawals.

Without SWIFT, iGaming operators face slower processing times and player dissatisfaction. However, the rule of thumb is, the more payment solutions you can use, the better.

4. Does the iGaming payment provider offer multiple currencies?

This should be your next question. Even if an iGaming payment provider is high-risk friendly, quickly opens business accounts, and connects with SWIFT, it doesn't mean you can use multiple currencies. You still need to pay contractors in local currency.

Moreover, the cost of opening multi-currency accounts can be quite high. Banks and EMIs charge extra fees for each additional currency you might need.

5. Check if the iGaming payment provider offers merchant services

If you have a website that accepts payments, you need a good checkout method.

What counts as a "good" checkout?

In most cases, refunds, holds, rolling reserves, and the number of available payment methods. Additionally, you need a checkout method that can be easily integrated.

6. What about bulk payments?

Every iGaming operator knows how difficult it is to send multiple payments to multiple customers. When your iGaming provider does not have bulk payments, each payment must be processed individually. Needless to say, this takes a lot of time and effort.

7. Confirm if the iGaming payment provider has virtual and physical cards

Virtual and physical cards provide flexibility for business payments and player withdrawals. They can be used for payments, advertising expenses, or company costs. Additionally, having a personalized plastic card can greatly showcase your brand.

8. Compliance with global and local regulations

After understanding the range of services your chosen best iGaming payment provider offers, the next step is to look at compliance. You must ensure that the selected provider has the legal right to offer certain services and operate in your intended destinations.

For example, as an iGaming payment provider, at least the following should be met:

Financial Conduct Authority (FCA).

Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Additionally, an excellent iGaming payment provider should also have a licensed Electronic Money Institution (UAB) license. This license allows the platform to issue electronic money and provide related financial services within the European Union (EU) and European Economic Area (EEA).

9. Carefully check the security measures implemented by the iGaming payment provider

For top iGaming payment providers, these security measures are non-negotiable:

Built-in anti-fraud features.

Compliance with PCI-DSS Level 1 standards.

3D-Secure (3DS) technology.

Anti-money laundering (AML) protocols.

Automated KYC.