PCM vol. 3 issue 6

Payment collective
Secondly, VoodooDreams has earned a reputation for
fast payouts. This is possible in part because of our more
streamlined setup and also because the payment methods
we do offer are absolute top-tier. Data sharing is also a hugely
impactful element.
A typical Swedish player can deposit money straight from their
bank account, play, win, withdraw, and have the money on
their bank account within 10 minutes in most cases. Service
levels like that have certainly helped us build trust with our
players and enabled us to grow.
PCM: From your experience, what can be better when it
comes to Instant Payments in terms of technology and
processing rates?
Oskar: Merchants, customers, and even PSPs have a lot to gain
from instant payments where authorisation, clearing, and
settlement are all instant. Steps hve already been taken for
this, especially within the SEPA region.
Improving error messaging would also benefit merchants and
customers. If we know exactly why a payment failed, we can
better guide the customer on how to complete their deposit or
their purchase.
PCM: In your opinion, what are some of the biggest
challenges working with Instant Payments?
Oskar: In the case of an igaming operator, it’s usually down
to balancing players’ expectations of quick payouts with
regulatory requirements. We want to ensure our players get
their funds as quickly as possible but we also have compliance
requirements to meet and risks to mitigate.
For e-commerce and travel, where customers are less
accustomed to alternative payment methods, customers
might not see any advantage of an instant payment method
as opposed to just typing in their card digits. Instant bank
payment methods introduce a number of additional steps such
as authentication to log in to your bank, which, short of 3D
Secure, card payments are not subject to.
PCM: Finally, what are a few words of advice you would like
to tell merchants looking into implementing such system
or technology?
Oskar: Instant is great, but beware that there can be risks.
These payment methods may come with practically zero
chargeback risk, but be careful not to confuse this with
guaranteed funds.
If you are looking to offer instant payments, for example via
bank transfer, make sure you understand whether the payment
is 100% guaranteed at the moment of payment or if there is a
settlement delay.
This risk may vary between payment methods and between
countries and banks. It essentially boils down to whether the
bank account holder, that payment was initiated, can cancel
or cause the transaction to be cancelled.
Suppose a customer is buying a 500 EUR computer monitor
online on Friday evening. With some instant bank payment
methods on the market today, the customer can set up a
transfer of 500 EUR and you would get an OK from your PSP.
The payment may not execute until Monday and many banks
don’t reserve funds for pending transfers, so the customer
might spend those 500 EUR at the bar on Saturday. When
Monday comes, there are no funds available and the actual
bank payment is cancelled. As a merchant, you wouldn’t
know until probably a few days later at which point you have
probably shipped the item already.
SuprNation
SuprNation is an online gambling operator and technology
company founded in 2015. The company is based in Malta and
holds several licenses. In August 2016, the company launched
its first online casino, VoodooDreams. VoodooDreams has
quickly earned a reputation for fast payouts.
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