Most Affordable Payment Processors?
Hi guys,
I'm launching a betting service with an e-wallet and i'm wondering what the best payment processor is given that these types of fees really eat into profits.
Is it normal to process a payment, lose some money on it but still give the full deposited amount to the persons e-wallet and try to recoup this in transactions later?
Properly https://www.adyen.com - 0.10 Euro flat fee.
They also charge per transaction no?
e.g american express is like 4%
https://www.adyen.com/pricing
Yeah but you said
So that's not correct 😜
Stripe charges similar amounts so it's not really a better/worse alternative
Visa payment in Europe:
This is a significant difference.
ohh thats great
Yea, for a service like yours, is pretty normal to lose money on deposits, but recoup later.
But I've seen some charge a fee, so if I'm depositing by a credit card, they would charge me an extra 3%. Which is bad for customers.
If multiple payment options are available and it is clearly expressed that one particular option has a 3% processing fee, i'm sure that's not a bad thing.
Can you describe the product a little more? By betting service do you mean like a gambling site? And by e-wallet do you mean the site will have credits the user buys to use for bets?
Yes, it's Esports gambling. The E-wallet is setup so that people deposit money into it and use it onsite for the betting :)
Ahh ok well Stripe probably wont accept this business model because it's 1. gambling and 2. stored credits.
But read the ToS. Their prohibited list mean it's never allowed, but their restricted list means it's sometimes allowed. For example, people said Stripe wouldn't allow our SW friendly business. But stripe did because we're not a regular SW friendly site and host no porn content.
But my feeling is this is against their ToS. You will have similar issues with other processors like ayden. This is probably a high risk business and may have to go with a high risk processor but those fees are high.
But another option is bitcoin/lighting bitcoin. OpenNode for a low code option (1% fee). Or implement it yourself with BTCpay (0% fee)