Payment gateways allow casinos to effortlessly process online and in-store payments if necessary. However, they come with fees and other charges. Their features also differ, from the security architecture to the processing times.
Our 7 best payment gateways in Canada are Stax, Chase Payment Solutions, Square, Stripe, Adyen, Helcim, and Braintree. These are affordable, efficient, and reliable.
How Does a Payment Gateway Work?
A gateway acts as an intermediary for digital financial transactions. It works for in-person and online e-commerce sites, small business operators, and online casinos.
With the gateway service, casino operators can effortlessly manage their online business operations. The players can use their preferred banking method while you get the money in your merchant account.
The gateway services can handle both local and global payments. For the former, they simply have to support the local banking methods. The same goes for international payments.
In summary, here’s how an online transaction gateway works:
- The gateway encrypts the player’s payment details (sensitive payment information)
- The service provider then connects the checkout with the processor
- Then, the payment gateway provider sends the encrypted data to the acquiring bank for the business owner, in this case, the casino.
- The bank contacts the player’s bank or processor
- Once payment is processed, the service contacts the casino
Besides facilitating payments between multiple banking methods, the gateway can also help even a small business owner manage their operations. However, the entire process comes at a cost, which is why they have a fixed processing fee per transaction. The fee might increase when dealing with an international transaction gateway provider.
Our 7 Best Payment Gateway Providers
When it comes to choosing a gateway that is cheap yet effective and reliable, here are our top recommendations:
1. Stax
Stax is one of our favourites when it comes to the top international payment gateways. It is the ideal choice if you need a gateway to handle one-time payments and recurring billing.
For a monthly fee (subscription), Stax offers low transaction fees. Not only that, but the online payment gateway is available for most casinos, including StoneVegas Casino.
Today, Stax serves over 30,000 merchant accounts. Even better, it has processed 23 billion with cheap fee structures.
2. Chase Payment Solutions
Chase is unique because it supports transactions across online platforms and also works as an acquiring bank. The provider works in casinos that support PayPal and other e-wallets.
If you need a payment gateway that works on the majority of the gaming platforms, then Chase fits the bill. It’s an efficient system for money without borders, with 5 million customers across the US and Canada. Even better, you can stick to your credit cards with payment card industry data security while Chase does the rest.
3. Square
This option is one of the best payment systems. Like the rest, it has a fixed fee per transaction structure, but there aren’t any hidden fees.
You can get a seamless transaction with Square for small and less complex financial processes. While Square has a cheap processing fee, it lacks the features to support high rollers.
Square makes it easy for beginners to fund or transact with various payment providers without hassles. As such, you can use it as the preferred intermediary for your business without trouble.
4. Stripe
Stripe is one of our top 7 and cheapest payment gateways, thanks to its global reach and low fee per transaction. Regardless of the casino, whether StoneVegas or another offshore platform, you can be sure of getting a reliable transaction whenever you transact.
You will also get robust technology to manage payments. The provider also works well with recurring billing, making it easy to initiate and process a new transaction. And the payment process is less complex with little to no bottleneck.
5. Adyen
With Adyen, you’ll get a multi-channel transaction management platform. While it doesn’t offer a one-off fee to receive overseas payment, it is still a reliable option for low fees and pricing model.
Our experience with Adyen has been positive, even on casinos that support PayPal and other e-wallets. Adyen accepts PayPal payments, unlike Stripe.
6. Helcim
Helcim makes our list, thanks to its transparent pricing, a zero monthly fee pricing model, and low rates. There are no contracts, hidden fees, or cancellation fees. The gateway pricing simply charges you what they say they will charge.
Besides supporting casino payments, Helcim is the right gateway for small businesses.
7. Braintree
Braintree is a popular transaction gateway, thanks to its robust security and anti-fraud features. Since it is owned by PayPal, the service is under the Financial Conduct Authority (FCA).
You can work with a wide range of banking methods, including credit cards, e-wallets, and cryptocurrencies. The gateway fee for USD and non-USD currency transactions is the same.
Picking the Best Payment Gateway Provider for Casino Players
Ralph Waldo states, “Money often costs too much.”
Getting the right service for your business is crucial to helping you preserve and manage your cash.
One of our experts, Jerry Olusola, suggests starting with an understanding of how gateways work. Then, assess the needs of your business and consider the expected transaction volume. You can answer the following questions as well:
- Do I need an all-in-one payment solution?
- Will I pay a termination fee if I discontinue?
- Are there any details for a one-off fee?
- How efficient is the payment gateway integration?
- Does the gateway support different banking methods?
- Which currency can I work with?
With these answers, you can effortlessly choose the best payment gateway for your business.
V. Pappy put it out excellently by saying, “Gambling is not about how well you play the games; it’s really about how well you handle your money.”
Final Thoughts: Cheapest Options for Local and International Payments
Remember that a gateway is a tool to facilitate transactions between the casino and the players. Consider the one with a transparent pricing model and the one with an affordable transaction fee. The supported currency should also be considered, especially if you anticipate a global reach. For this aspect, start with one that supports the CAD currency.
Consider security and anti-fraud features as well. These will be crucial in protecting your vital details when transacting with another money services business like a bank.
You can get started with Stax, Chase, Square, Stripe, Adyen, Helcim, and Braintree today. Their integrations are also simple to implement.
Contributing author to Weird Italy, a platform dedicated to the exploration of unique and unusual aspects of Italian culture, history, and contemporary phenomena.