4 Tips To Help You Select Payments For iGaming & Sports Betting
Selecting the right payment solution is crucial for iGaming and sports betting operators to stand out from the competition. Here’s a step-by-step guide to help you make the best choice:
Study the Market
Understand Local Preferences: Every market is unique, and Ontario is no exception. Analyse what sports, casino games, and payment methods are popular in the region.
Common Payment Methods: Many Canadians widely trust and use payment methods like INTERAC® (Interac e-Transfer). In fact, 88% of Canadians have used Interac e-Transfer. Offering familiar options can enhance customer trust and convenience.
Know the Solution Providers
Evaluate Their Experience: How long has the provider been in the payment space? Experience, especially in a specific market like Canada, is invaluable.
Understand Their Offerings: What sets one provider apart from another? Look for providers who offer more than just basic services. For example, Paramount Commerce provides payment solutions and regulatory tools to help operators expand successfully into new markets such as Ontario.
Consider Innovation: Providers who innovate can offer unique benefits, such as enhanced user experiences. For instance, Paramount Commerce’s INTERAC solution provides access to a Tier 1 banking partner, over a million consumers, and industry-leading conversion rates.
Differentiate Between Providers
Assess Additional Benefits: Look beyond the payment method itself. A provider with good bank ties, relations with regulators, and local market knowledge can greatly improve your platform.
Look for a True Partner: The right payment solution provider should not just be a vendor but a partner who helps elevate your platform’s presence in the market.
Make an Informed Decision
Avoid Confusion: With so many choices, it’s easy to feel overwhelmed. Focus on understanding the market and the solution providers to identify what payment solutions your consumers prefer.
Choose Wisely: Distinguish between ordinary providers and exceptional partners. An experienced, well-connected, and innovative payment partner can be the key to your success in a competitive market.
By following these steps, you can choose the best payment options that fit your platform and meet your customers’ needs.
