Simplifying The Player Verification Process Through Payment Partnerships
In the landscape of iGaming and sports betting, the initial verification process for new players can be a long and arduous process. Players are often required to go through a rigorous identity verification process before they can place their first bets or make their initial deposits. This not only delays their gaming experience but can also be a frustrating experience. One way to solve these challenges is to use a payment partner, supported by strong bank connections to simplify onboarding. Verifying a player’s identity through their bank, can minimize steps for players, resulting in stronger customer relationships and better conversion rates.
Understanding the Verification Process
Before delving into how integrating with a bank-based payment partner can simplify the verification process, it’s essential to grasp the typical steps involved in verifying a new iGaming or sports betting player’s identity.
Registration: The player creates an account on the platform, providing basic personal information.
Document Submission: The player is usually required to upload identification documents, such as an ID card, driver’s license, or passport.
Identity Verification: The operator reviews the provided documents to confirm the player’s identity and ensure they meet the legal age requirements.
Address Verification: Proof of address is often required, which may include utility bills or bank statements.
Payment Verification: Verification of the payment method used for the first deposit, ensuring it’s legitimate and owned by the player.
Integration with Bank-Based Payment Partners
To address these challenges, iGaming and sports betting platforms can turn to payment partners with strong bank connections for assistance. Paramount Commerce has emerged as a leader in this area. By leveraging their extensive banking network, Paramount Commerce has the ability to verify a player’s identity by confirming their bank account details and other personal identification details by having the player log into their online banking.
Integrating with a bank-based payment partner can greatly simplify the verification process by leveraging the existing identity and financial data already verified by banks. Here’s how it can work:
Consent and Data Sharing: The player provides consent for the iGaming operator to access and verify their identity and financial information through the payment partner.
Bank Verification: The operator securely accesses the player’s verified identity and financial data from the banking partner, ensuring it aligns with the information provided during registration.
Partial Verification: Based on the information retrieved from the banking partner, the operator can partially verify the player’s identity, streamlining the process and eliminating the need for redundant document submission.
Secure Deposit Process: With the partial verification completed, the player can proceed to make their first deposit, confident that their identity has been properly validated.
Benefits of Integration
Integrating with bank-based payment partners for partial verification offers several advantages for both operators and players:
Simplified Onboarding: New players can get started with their gaming experience by streamlining the document submissions and verification processes. This leads to higher conversion rates and improved user satisfaction.
Enhanced Security: Leveraging the bank’s existing security measures adds an extra layer of protection against identity theft and fraud. Players can trust that their information is being handled securely.
Regulatory Compliance: By using a trusted payment partner like Paramount Commerce, online gambling platforms can ensure they meet all regulatory requirements related to player verification.
Reduced Administrative Costs: Traditional verification processes often require significant administrative resources. Streamlining the process through payment partners can lead to cost savings for iGaming platforms.
Improved User Experience: A simplified onboarding process creates a positive first impression for players, which can lead to increased loyalty and engagement.
The initial verification process is a crucial step in the iGaming and sports betting industry, but it doesn’t have to be a complex one. Through the power of banking partnerships, such as the one offered by Paramount Commerce, players can enjoy a simplified and expedited onboarding experience. By partially verifying their identity through their bank, players can get to the fun part – placing bets and enjoying their gaming experience – more quickly and with added security. As the industry continues to evolve, embracing innovative solutions providers such as Paramount Commerce, will undoubtedly provide a competitive advantage for iGaming and sports betting operators.
