Building a secure payments strategy

Every business wants its payments to process smoothly. Simply put, if you’re introducing friction into your payment processes, you’re making it harder to drive revenue and dissuading users from becoming return customers.

One sector that knows this better than most is iGaming, which has to meet the demands of users around the world including mobile payments, virtual wallets, and cross-border social gaming payouts.

Delivering all this in near real-time, with adequate security and reliable infrastructure, is no small feat. How are these payment systems possible?

In this special edition of the ITPro Podcast, in association with Paysafe, Rory is joined by Bob Legters, chief product officer at Paysafe, to discuss the best practices for building a payments strategy – and how this can be applied to iGaming.

Highlights

"So we think of payment experience is only part of the experience our customers ask their customers to go through. So as you're a customer with an i gaming provider, you have an entire engagement that happens before you get to moving money."

"The one thing about fraudsters is they have a wonderful incentive plan. Right? When they get away with it, they get to keep the money, and then when they fail, oftentimes, they end up, you know, having to pay a much more extreme price. So you're, you're, you're up against really competitive, really motivated people when you deal with fraudsters – and what we do is constantly iterate, constantly update as the regulations change, as the rules change, as the trends change."

"So with every transaction that comes through, the best way to route it is the way that you can ensure that it gets approved and authorized, assuming it passes all your fraud and risk checks etc. And then you want to make sure that it's as low cost as possible. So smart routing started as a low cost option, it ended as an authorization and low cost combination option, but it gives every transaction the best chance of success. "

"The worst thing in the world is to tell a customer no because you don't accept their currency, or tell a customer no because you don't work in that particular region. If somebody in France wants to work with someone in the UK, or somebody in Germany wants to work with somebody in Romania, you absolutely want to say, yes, we'd love for that to happen."

"In the financial space, when we deal with money we use AI as a tool exclusively, because we never want to get past the point where money's outside of the control and oversight of people, so to speak. But using AI in moving up authorizations, using AI in API integrations and standardization, those are all places where we're making significant investment."

Footnotes

• Paysafe | It starts here

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