It is well known that payments make the igaming industry go round, and having robust and reliable technology that facilitates fast and secure payments is essential for success in 2024.
Igaming operators also have very specific demands of payment infrastructure and technology compared to other industries, therefore there is a succinct requirement for tailored payment processors which possess the necessary expertise.
Enter Paymix Pro – a corporate financial solutions company which has been servicing the igaming industry for a decade. Paymix Pro is part of the Finance Incorporated Limited group based in Malta and is licensed by the Malta Financial Services Authority, giving it the power to operate across European markets.
Chatting to Payment Expert, Mina Mitkova, Finance Incorporated Limited’s Chief Operating Officer, explains how the company provides tailored solutions for igaming and how it helps its clients offer a smooth payment journey.
Mitkova notes that Paymix Pro offers a range of services, including corporate accounts, IBAN and corporate e-wallets, corporate cards for online and offline payments and acquiring and processing services, making it a true alternative to traditional banks.
An additional service PaymixPro provides is crypto incoming solutions. The company helps its clients to accept crypto payments directly into their corporate accounts, rather than the firms having to hold a crypto wallet or creating an exposure to the crypto volatility themselves.
Having this connected functionality, Mitkova explains, also provides an ease to its clients as they are not required to go through another account opening procedure with a crypto provider and reduces the processing times greatly. Rather than going through the same account opening and transaction monitoring processes in both institutions, clients can get an all-in service from Paymix Pro.
Mitkova explains: “Clients can simply log in into the Paymix Pro corporate portal and generate a one-time crypto account for each of their transactions Such, for example, can be shared with the sender who needs to pay Paymix Pro client an invoice amounting to €20,000 and the funds can be sent to that wallet directly. We work with third-party licensed providers who will exchange the crypto into Euros and credit our clients’ account with Euros in a spontaneous manner after the crypto is duly received.”
Providing these alternative solutions requires an intense knowledge of the intricacies of the igaming market. Paymix Pro has dedicated nearly a decade to the industry, which has long been one of the most active industries within its portfolio.
Mitkova highlights that the igaming industry has been one of the key focuses of the company, and it will remain so for the foreseeable future.
“We have a keen understanding of the industry and because of this, we can provide better service, faster processing of payments, and create further synergy between the companies.”
“We have B2B providers, affiliate marketing companies, and B2C operators working with us, and they can also settle internally within the platform by utilising the spontaneous wallet payment feature. Hence, if two companies who both have an account with us transact, it’s an instant settlement.”
Mitkova notes that one of the key challenges for payments in the igaming space in 2024 is the compliance and regulatory requirements across different markets. She outlines that, while the firm will always remain compliant with regulations and laws, it is more often than not a case of “compliance ruling the business rather than the business ruling compliance”.
“We collect the necessary due diligence and understand the business of the client,” she elaborates. “We usually prefer to meet the client to understand what’s going on because sometimes just ticking boxes or collecting documentation is not the most efficient way to deal with such a complex industry.
“We prefer to hear the client and understand their business activity. From there, we can make the most accurate assessment of the business of the client, which then helps smoother processing through the partnership.”
It is this rigorous due diligence process that earns Paymix Pro its reputation among igaming clients. The understanding of the industry as well as the sometimes-complex regulations, Mitkova notes, helps it to earn even more trust with clients compared to traditional banks.
“Banks are a bit conservative or have a bit of a pessimistic approach towards the sector, whereas since we understand the industry in detail, we are able to eliminate the challenges and service selected players,” says Mitkova.
“Our clients, operating in a high-risk industry, usually have more understanding of regulations, and abide by stricter compliance rules. So initially, what we were seeing as a challenge, then becomes an advantage since we are able to select the good clients from the industry.”
In the modern world, particularly in the age of online casino, instant payments are almost the minimum expectation. Paymix Pro endeavours to offer this, but also understands that security is a key priority too.
Mitkova notes that the firm’s technical department is proactively keeping on top of any technological updates that impact security and speed. For example, two-factor authentication is implemented into its system while the firm claims to be the first to develop an API for system-to-system communication for security.
She notes: “This brings in additional security and comfort to the client because they avoid human intervention and someone actually logging in, its system-to-system communication instead.”
The firm is preparing for another year of growth ahead, servicing even more clients in the igaming sector, but it is also looking into more solutions. In the coming months, Paymix Pro seeks to enhance its acquiring services offering as well as continuing to develop its multi-currency payments to help facilitate international transactions.
Paymix Pro will be exhibiting at SBC Summit 2024 in Feira Internacional De Lisboa on September 24-26, located at Stand E230.