MONOUP: efficient way to deal with payment systems in iGaming

A well-known thing that high-risk industries suffer from instability of payment systems more than the others. Complicated payment process and overall instability can create a lot of hassle for businesses. Successful balancing is a number one goal for owners of iGaming, marketing and game products that is never achieved completely. Here comes in handy Monoup — consulting agency that helFps businesses to tackle payment issues and covers their business needs.

 

Major challenges in payments for high-risk 

Payments require attention all the time and, regardless of the product age, need to be treated seriously. Let’s dive a bit deeper into the challenges high-risk companies face in their operation and why they are so much relevant for them. 

 

Lack of trusted payment options 

The real and constant problem for companies is to find a reliable payment system provider (PSP) that can cover all their needs and even more. And a lot is to consider. PSP should be stable, reputable, offer a good number of payment methods with a reasonable price and be open for collaboration with high-risk. Sounds not so easy, right? 

It is indeed not easy in practice. In real world companies often face unexperienced payment providers with non-standard payment flows that can negatively impact the user acquisition and approval ratio. Choosing a payment provider is becoming more and more complicated in CIS region, for example. There you can meet many newcomers and aggregators that do not correspond to merchant’s requirements. So, what to do in this situation? Choose wisely and trust professionals. 

 

Approval ratio decline

For any business — approval ratio is the most important payment metric. It directly influences the income and therefore, profit margin. If to talk about casino, it also makes great impact on user retention and comfort on the platform. If approval ratio falls down, it’s a serious threat for the online product that has to be eliminated straight away. 

The reason lies behind low approval ratios in high-risk products is their basic nature. Many factors can contribute to the payment approval ratio rise or fall, so that is why business needs a real professional to work on this issue. In this case only you can avoid unnecessary alterations and not to make things worse.

Strong analytics and real-world experience play the most important role in here, as assumptions have to be checked properly. 

 

Startup complexities 

Startup in high-risk is a red flag in the world of payment processing. Any new business knows about that, and experienced the negotiation strings at the start of operation. Payment systems do not tend to believe in your success, especially in current years, when building a promising startup becomes harder day by day. They need strong evidence of the product potential and networking could be a key along with internal team of professionals. 

New companies are often struggle to land a good payment option and navigate in complex payment world. So, this issue become sometimes number one.

 

Global coverage issues 

Working globally could be complicated because of much different payment habits all around the world. 

In the EU and CIS audience is more about card payments and is digitally educated. Developing countries are showing different tendencies with e-wallets, cash and mobile payment options. 

Covering all those and keeping up with maximizing approval ratios and profit is a serious task. You have to take into accounts many factors such as exchange rates, user preferences, local law and regulations, current updates of the world’s economy.

Why to work with Monoup 

Taking all above issues into account, it becomes obvious that payment system acquisition requires experienced and professional view, appliance of tested approaches and techniques. 

 

Monoup provides a wide range of services for startups and already operating companies in iGaming, dating, game and marketing industries and cover entire payment issues turnkey. When you need to set up payment flows from scratch or renew existing systems — you are at the right place. 

 

Which services you can get: 

⦁ Opening legal entities as the first need for any aspired businessman can become very much relevant. EU or other jurisdictions are available via Monoup’s local partners and can bring you desired outcome. Good standing company that is ready for international operation. 

 

⦁ Opening IBAN accounts for new or existing companies. When you look for international expansion — online bank account is something you can’t miss out. It will be required for settlements from PSPs, payments for services to partners and incoming payments from clients. European IBAN account gives freedom for transactions and fulfills almost any business need. 

 

⦁ Testing payment methods on the integration stage or afterwards is provided by Monoup for their clients. But not even this is the most requested! Monoup is a bright star of analytics and offer valuable insights about UI/UX of payment pages along with building it from scratch. They can answer the question about low approval ratios of your PSPs and suggest how to eliminate the issues you experience. Testing and deep analytics of your projects are presented in the way of report and contribute to your internal team achievements or are even performed independently.

 

⦁ Consulting on any payment issue can be the right option for you if you are facing complex situation and need urgent professional view. An effective approach is designed for getting the fastest to best possible solution. Consultation intro call and further discussions will help the team to dig deeper into the issue and offer potential working options. Either you need to increase approval ratio or find a reason behind low performance of payment systems or excessive fraud ratio — these all falls into the consultation category and is perfectly shaped for individual solution tailored to your needs.

 

⦁ Research and PSP selection for startups and existing entities is offered as a basic service and helps to analyze the market before entering. You will get comprehensive analytics of payment methods and providers in the country or region of your interest with respective market coverage and instructions for implementation. What else is more required in terms of payment structure preparation?

You can benefit from this service even if you are already operating in the country and get fresh view and updated information about market situation. This can greatly help to boost your effectiveness. 

 

⦁ Compliance and KYC can sound difficult and boring but is required for onboarding with any licensed payment provider. Monoup covers compliance procedures so you can only concentrate on developing your product and not to worry about documentary work. This way you also can be sure that all documents are prepared in correct order and provided to the PSP compliance team timely, without any delays that can sometimes happen within the internal team. Thank to broad partner network of the company, some procedures are even faster and easier with Monoup. This is what it means to be backed with professionals. 

 

Keeping up with payment trends 

Beside operational work for payment infrastructure of the company, every professional needs to be updated on the current state of things in the industry. 

So, you can be prepared for future before it happens. 

 

Or at least, you can follow clear connections on events and their consequences in payments and fintech. Monoup is doing a great job in this regard and offers free insights in payment processing and finance for iGaming and game projects just right now in blog and their Telegram channel. Who this can be interesting for? 

 

Basically, for anyone, who works in high-risk payments and wants not to miss anything that shapes the industry right now. Follow in Telegram or visit website for fresh posts.