Why iGaming Merchants Need Bank-Account-Based Solutions

Why iGaming Merchants Need Bank-Account-Based Solutions cover

Why iGaming Merchants Need Bank-Account-Based Solutions

September 8, 2022

Frustrated. That is how iGaming players in Ontario are feeling because of payment-related issues. Recently, a market report released by Betting Hero has shown that during May and June, complications related to deposits and withdrawals were amongst the biggest problems players faced. With the NFL season fast approaching, merchants have a short window to integrate innovative payment solutions that players love. 

The Need For Bank-Account-Based Payments Is Now 

This NFL season is going to be a busy one as it will be the first time players in Ontario will be able to bet on NFL games through regulated iGaming platforms. According to the same Betting Hero report, when asked “which sports do you (players) bet on?” the majority of the players in Ontario responded with the NFL. Players also indicated that basketball, football, and hockey were the 3 most common sports that they frequently place a bet on. As consumers in Ontario enjoy placing wagers on football games, merchants will need to make sure that players don’t face any declines while depositing money. 

This is where bank-account-based payment solutions such as INTERAC® are able to help. Not only is INTERAC the most trusted payment solution in Canada, but it has better acceptance rates when compared to other payment methods such as credit cards. Credit card acceptance rates are very low in Canada’s gaming industry; two of the major five banks are not accepting credit card payments, while one other is only accepting deposits but not withdrawals via credit card. Deposits and withdrawals via INTERAC, offered through Paramount Commerce, come with 100% bank account coverage. This makes the process of deposits and withdrawals straight from their bank account seamless without frustrating declines.

Payments Are Key To A Seamless Betting Experience

Even after the NFL season, merchants will need to focus on providing the most diverse payment solutions on their cashier. Merchants who are able to do so, will benefit from better customer loyalty and acquisition. Recently a report released by PayNearMe and Sapio Research reported that of more than 2,000 participants in 19 US states, 49% of players mentioned that a positive betting experience was the most important aspect of betting online. And a core part of that positive betting experience depends on the availability of fast, safe and reliable payment solutions. Bank-account-based payment solutions such as INTERAC and Instant Bank Transfer provide a lot of benefits for players such as no cash advance fees, low rejection rates, and innovative deposit and withdrawal features that allow players to remain immersed in their gaming experience. If a player’s deposit or withdrawal experience is positive, it will automatically make their entire betting experience better. A stronger betting experience means stronger brand loyalty and more customers.

The Importance Of Payments In The Long Run

One of the busiest sporting seasons is on the way. With a huge interest in the NFL amongst players in Ontario, merchants who are able to tackle issues related to deposits and withdrawals by providing a great selection of payment solutions in their cashier will benefit greatly from brand loyalty and customer acquisition.

A Football player dashes down the field with the ball weaving through opposing team members

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