Bryan Blake, CEO of Hexopay, talks about the payment challenges online gambling operators are facing and how they can be overcome
The UK Gambling Commission’s recent decision to ban its licenced operators from accepting credit card deposits and withdrawals from 1 April highlights the importance of payments within the wider online gambling ecosystem and the need for operators to get it right.
Players in regulated markets around the world expect to be able to choose from a range of quality payment options that deliver fast transaction times while remaining safe and secure. They also expect localised payment options that differ from market to market.
While Visa and Mastercard remain the most popular payment methods in established markets such as the UK, alternative payment methods such as PayPal, Skrill, Neteller and even Apple Pay and Revolut are very much in demand and their popularity on the rise.
To meet the ever-changing demands of players – and regulators – online gambling operators must ensure their payment gateway is state-of-the-art and to do that, it is often best to work with a third-party payment solution provider such as Hexopay.
That is because providers such as us work at the cutting edge of payments; our technology is modern and innovative, our integration smooth and seamless. We also partner with the absolute best payment options, and search out the niche methods popular in individual markets.
There are, of course, many different payment solution providers that operators can partner with and in some cases they will work with more than one company. Hexopay may not be the biggest name in the sector, but we are fast becoming a payment solutions market leader in the iGaming space.
We have recently received substantial investment from A LOT Solutions and other industry investors to drive our company, team and product and service offering allowing for more streamlined connectivity, more stable in country payment solutions and the capability for Hexopay to extend our offering in minimal time.
The funds will be used to grow our team of talented payment specialists, allowing us to further develop our technologies and service offerings. In particular, we will fine-tune our platform so that our partners can easily launch in new markets with a localised payment package.
In addition, we will be opening satellite offices in Malta and Cyprus in order to provide our growing roster of operator partners with a more personalised service. As regulations rolls out across Europe and beyond, we want to have bases in key regions and easy access to the global market, this will include further offices in South East Asia and Latam to enhance our local offering.
From our new offices, we will continue to further establish ourselves as the leading payment provider, especially when it comes to Alternative payment solutions and
While it is important to offer staple payment options such as Visa, Mastercard, Neteller and bank transfer, it is now a must for operators to offer alternative methods to players, as well. These APMs are often market specific.
For example, in Nordic markets Trustly is hugely popular, not only at the Pay and Play casinos its banking platform powers but at traditional online casinos, too. In some African markets, on the other hand, mobile payment methods such as Boku are the preferred option.
This is why we are constantly adding new APMs to our payment gateway, allowing our partners to enter new and emerging markets with confidence that players can deposit and withdraw quickly and securely via their favourite methods.
It is very exciting times for the online gambling industry and the payments space in particular. This is why you will often see me and the Hexopay team speaking at industry conferences – next stop, the CasinoBeats Summit Payment Expert Forum next month.
So, if you would like to learn more about the ever-evolving payments space in relation to the online gambling sector, make sure to come to the panel discussion. In the meantime, you can always reach out to a member of the Hexopay team.
Payments really are a critical element to operating an online gambling brand and our mission has always been to ensure our partners can cash in when it comes to allowing their players to deposit and withdraw quickly yet safely and securely.