By Denys Melnykov, CBDO and co-founder at Corefy.
My co-founder recently shared a conversation on the topic you can see in the headline, and asked my opinion on how to constantly push boundaries to expand and grow in the gambling industry. I think that question strikes a chord with a lot of people. The rencontre lies in ensuring that all the gambling licenses for various geographies are maintainable within the system.
The question is intricate, but I can provide an wordplay for the portion of payments. You’re welcome to share your thoughts well-nigh other aspects of this question in the comments.
Why virtual merchant finance are worth considering
Let’s say a visitor is constantly exploring new possibilities to expand and grow, but the industry presents challenges regarding regulations and dynamics. It is not unchangingly well-spoken what a company’s moves will be until conducting wide-stretching research on a potential market.
Segregation of payment finance is a financial practice in which funds from various sources are kept in separate accounts. In our case, these finance are virtual merchant finance (not sub-merchant accounts), and the funds are not physically moving. However, they serve a valuable purpose as they provide a increasingly detailed view of the merchantry and help modernize compliance and tax payments.
Virtual merchant finance are all unfluctuating to a inside hub or, in other words, a payment processor, where transactions and financial information can be tracked and organised. This inside hub connects to various payment methods through numerous payment providers, acquirers, and traffic sources.
How you can goody from virtual merchant accounts
While implementing virtual merchant finance may add complexity to managing payment operations, it moreover provides numerous opportunities for flexibility. Now, you may be worldly-wise to diamond and manage payment flows independently. Moreover, you may offer a country-specific variety of payment methods and use a unique set of options for each brand. This way, you can support various payment flows for multiple brands and manage multiple payment traffic sources separately.
It can be challenging to track, analyse and summate all the mazuma flows associated with gambling, but implementing these strategies can help you stay competitive and compliant. Most importantly, they will help you to transmute quickly to changes in regulations, so you can protract to grow your business.
This concept is valid not only for regulated but all global online enterprises. It can not only streamline your merchantry operations but moreover help determine the correct tax rate based on the user’s tax residency, IP address, or payment details. Implementing virtual merchant finance can help make the process of managing and ensuring compliance with tax regulations much easier. At some businesses’ scales, automation is essential in order to manage payment operations efficiently.
How to implement this strategy
When it comes to the technical aspects, online payment cashier software most companies have in place accounting-wise is the register of transactions. It is not suitable for managing a zoo of virtual merchant accounts, since it can usually handle only one. You need to wilt a payment facilitator for yourself, so you need payment processor interfaces to implement this concept.
