Solid payment options are the lifeblood of an online gambling operator. With new markets like the United States opening up to new possibilities, it’s an important they get their payments right or risk losing market share. Rosen Metev, director of sales for Paysafe, joined CalvinAyre.com’s Becky Liggero to talk about his views on the industry, present and future.
The developing markets of the U.S. will need a bit of time to get their operations set up, but for Metev, it’s all about capitalizing when they get going. “I expect the local infrastructure, the local practices to adjust, but it will take time,” he began. “So, by the time this happens, I think businesses need to look into alternatives, need to adopt all the alternative payment methods available to ensure they monetize on the opportunity.”
The difference long term will be who can get their deposits and withdrawals working, and who faces headaches with that task. “We see that payments will be a key differentiator, so this will be the way, I think, operators will gain market share, will acquire new customers, and the way to stand out from the competition,” he explained.
The biggest problems facing operators, as Metev sees it, will be navigating the Wire Act and restrictive bank policies. “I think operators will need to offer alternative payment methods to their customers to ensure they acquire the customers, have successful deposits, and actually monetize on the potential of the market,” Metev told us. “So, the potential of the market is great, but you need to find ways to monetize. And if you cannot convert the customers into paying customers, then this imposes a significant risk. So the client transactions are a risk for the businesses, and they need to look into it seriously.”
To succeed, American operators can learn a lot from their neighbors across the sea. “Some of the European operators that are looking at the market are very experienced in offering multiple payment methods on their cashiers,” he said. “In Europe, every successful betting operator is offering the customer the option to deposit with multiple methods, whatever they find secure and convenient, so I’m sure in the U.S. they will replicate this experience. They will have the same approach, and this will bring them results.”
Finally, a universal aspect of payments that new operators will need to be mindful of is their customers’ safety. “Outside of the ease of use and the costs associated with the fees, we made a few surveys across businesses, across customers, and security came on top for all of them,” Metev concluded, “So the security that the payment method, a reputable payment method can provide is very important, so I’m sure that operators will look into that seriously.”