Running an online gambling business securely in Jamaica requires an online gambling payment gateway Jamaica from a global payment service provider.
There has been recorded a 24% growth in Jamaica’s income from the gambling industry. The betting, gaming, and lotteries commission (BGLC) stated, for April to June duration, the government achieved $3.1 billion, which resembled $2.5 billion during the affiliated period in 2021.
The lottery market recorded a 17.6 percent growth in income. Of the gambling industry’s entire revenues, $2.6 billion came from lottery movements. Betting gaming and lotteries commission Players in the industry achieved $59.97 billion in sales during the three months. That was an 11.8 percent rise during the same period last year. However, slot machines rendered the more increased sales of $33.8 billion.
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Tax revenue recorded for betting, gaming, and lottery in Jamaica raised barely in 2020 over the last year. In total, tax revenue from gambling measures recorded 6.16 billion Jamaican dollars in 2020 (approximately 43.1 million US dollars on the basis of the exchange rate of December 31, 2020). On the contrary, the country rendered 6.15 billion Jamaican dollars from taxes on online gambling in 2019.
Because of various advanced technologies, online gamers no longer like to physically visit a casino to play casino games. And this is the primary reason that makes gambling websites increasingly prevalent.
However, for online gamers to deposit and withdraw funds from their accounts. Online gambling websites need to establish a payment gateway solution.
An online gambling payment gateway is a system that links merchants and their customers. And also enables online businesses to take and process online payments for their services.
When the payment processing service is established, the customer has the facility of selecting his preferred payment method to perform the payment, filling out an online form with the required details, and conducting the payment.
The gambling payment gateway system processes the payment and transmits it to the merchant's account. So the business can be able to withdraw the funds effortlessly.
An online gambling payment gateway Jamaica functions as online gamers using the payment processing solution to deposit and withdraw funds from their accounts.
Because of the high-risk essence of the gambling industry, online gambling services such as casinos frequently face more difficulties when looking to get merchant accounts at standard payment gateway services.
Furthermore, online gambling websites can apply for merchant accounts at reliable casino payment gateway platforms that serve businesses from high-risk industries.
However, these payment service providers frequently take benefit of the industry's high-risk essence. And assessing extra fees and storing customer funds (anywhere from a few days to numerous weeks) before transmitting them to the merchants.
Furthermore, there is a third choice that makes a win-win situation for both casino businesses and payment solutions.
Because of their advanced security features, anti-fraud standards, and strict KYC/AML checks, payment service providers such as WebPays can receive those casino and online gambling services as merchants that own a license and follow all the rules and regulations of the countries they perform business in.
To prefer the suitable poker payment gateway service for your online business. Then it is important to consider the following factors:
One of the primary factors when preferring a payment gateway for an online gambling website is regulatory compliance. Before choosing a gambling merchant account, you should ensure that your gambling business has all the required licenses to receive and process online transactions. It is also vital to check that your preferred payment processor supports all countries where your customers are situated.
Online gamers do not like to pay more increased costs or wait multiple days for processing their deposits and withdrawals. For that cause, prefer selecting a payment service provider that costs affordable prices and also delivers fast payment processing services.
When some customers select to pay using credit cards in some countries. Others may like to prefer other different methods (e.g., bank transfers, eWallets, cryptocurrency) to fund their gambling accounts. To fulfill the requirements of a global customer base. It is significant to deliver various payment methods so online gamers can use the one they choose.
It is important for online gambling merchants to prefer a payment gateway service that stores customer funds securely. As chargebacks are a crucial issue for specific industry gamers, preferring a payment service provider that delivers standards against fraudulent activities is also essential.
It is essential to look for 24*7 customer assistance when preferring an online gambling payment gateway Jamaica. Functioning in a high-risk industry such as an online gambling business requires round-the-clock customer help to fix all the issues immediately.
In industries such as the online gambling industry, payment service providers have a difficult time preferring a payment service provider. Whereas standard payment processing services decline their applications, high-risk payment processing platforms deliver expensive prices and slow the transmission of funds. For that cause, they are not the right options for online gambling websites.
However, there are numerous more suitable payment processors such as WebPays. WebPays serves high-risk industries as its primary customers. So, registered and regulated online gambling websites can apply for an online merchant account at our website.
With WebPays, online gambling businesses take profits from a payment processing service that delivers the following advantages:
The first move to integrate WebPays’s payment gateway platform for online gambling websites is to apply for a gambling payment gateway Jamaica by filling out an application form on our website. For the next step, merchants need to deliver the essential KYC and AML documents to WebPays. And which the company’s payment expert team will verify.
After the successful verification, online gambling businesses can establish WebPays as a payment gateway platform on their gambling websites with the help of merchant IDs and an open API connection for integrating the payment processing solutions.
So, if you are ready to establish an online gambling payment gateway with WebPays. You can visit WebPays and apply for an online gambling payment gateway by filling out an application form. For further details, you can also drop us a mail and our payment expert team will get in touch with you shortly.