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Internet casino Payment Systems – How They Vary from Traditional Payment Systems

In contrast to the traditional merchant transaction processing atmosphere, the delivery of cash access services, and the products through which they are delivered, need to meet extremely higher standards of reliability and performance in order to handle the high transaction volume of the casino gaming industry.

Video gaming Industry:

The overall US gaming market operates in over 40 Says and generates an estimated $90 billion dollars in revenue (Data: American Video gaming Association). Cash access services can be found in numerous venues, which include the traditional casinos of Las Vegas and Atlantic City, Native American Casinos, Riverboat Casinos, Pari-mutuel Race Tracks, and Card Rooms.

Cash access products play a mission critical role with regard to gaming operators with an estimated 70% of gaming revenue being derived from such services. Most gaming workers rely on outsourced third party companies such as Sightline Payments LLC to provide these types of services to their patrons. We estimate the North American (on an annual basis) Gaming Cash Access market to be $25 billion dispensed to patrons and over 100 million transaction approvals, generating an estimated $950 million in revenue for the industry.

The biggest provider of these cash access solutions includes Sightline Payments (PRIVATE: Sightline), Global Cash Access, Inc. (NYSE: GCA), Global Payments Inc. (NYSE: GPN) with an approximate combined 90% market share. The remaining 10% is separated amongst other providers including Cash Centers of America (MCAM. PK), DiTronics Financial Services, and ASAI.

Here is a description of the common types of Money Access Services found in a casino:

᾿ Credit Card Cash Advances (Smart Train station Advances): Credit card cash advances enable the gaming patron to access funds up to a specified limit set by the card-issuing bank. The consumer fees average regarding 6% of the amount requested.

᾿ Debit Card Cash Advances: POS debit card transactions are processed much like a regular merchant transaction, whereby a patron is able to access funds to the cardholder’s purchase debit limit, that is usually higher than the daily ATM limit. The consumer fees average about 3. 5% of the amount asked for.

᾿ ATM and ATM3X: The patron can withdraw funds directly from his or her checking or savings account susceptible to a daily limit average of $300. The consumer fees average about $4. 00 per transaction requested. A recent phenomenon throughout the industry is the migration of ATM services onto Glory, NRT, and Western Money Ticket Redemption and Bill Breaking Products.

᾿ Check Cashing (Certegy and Global Payments): Check verification, processing and guarantee services, enables the cashing of patron checks at the casino cashier.
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Generally there are simply no fees to the consumer, but , in some geographic regions the fees could be upwards of 6% of the amount asked for.

᾿ Markers and Gaming Credit score: Casino establishments subscribe to credit bureau services to obtain detailed credit details for the purpose extending markers or credit to patrons. Generally these services are reserved for a casino’s “high end” players and there are no fees to the consumer.

The principal costs and expenses of Cash Accessibility Services include:

᾿ Casino Income: For cash advance, ATM and verify cashing transactions, service providers pay a commission to the gaming establishment where the transaction occurred.

᾿ Interchange and Processing: Service providers pay credit card associations like Visa and MasterCard interchange fees for services they provide in settling transactions routed through their networks. In addition , fees are usually paid to participate in various ATM and credit card networks. The levels of these interchange fees are set by the card associations and systems and vary base on the network and the amount requested. Connectivity and processing fees are paid to those companies that provide the service providers along with network services.

᾿ Check Cashing Warranty: Check cashing warranties relate to the costs incurred in connection with dishonored bank checks that are warranted.

᾿ Operating Costs: Operating expenses consist primarily associated with salaries and benefits, armored service provider expenses, the cost of repair and maintenance on the money access devices.

᾿ Interest Expense: Interest expenses in connection with the purchase of currency to fund the working requirements of the ATMs.

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