Making quick fund transfers is a key tenant to a successful online casino operation. It is an indicator that the online casino is serious about gaining the trust of their customers. It shows that the online casino is serious about truly providing value to their customers in the long-run and not exploit them for short-term profit.
Both deposit and withdrawals should ideally carry several options if the online casino is operating in different countries with different currencies. Some countries will, have more sophisticated financial systems and have many efficient ways of transferring their funds around. Others with less sophisticated options will simply need to be given more care by online casinos.
In situations like this, it is also greatly beneficial for online casinos to partner with reputable payment processors to help as many of their gamers as possible have a reliable option to put funds into their gaming account and to take them out.
This is where a processor such as Trustly comes in. Trustly is one such reputable payment processor that is trusted by many online casinos to help their gamers move their money around in a safe and efficient manner.
But some people have not yet heard of Trustly. Many still rely on more traditional ways of money transfer such as bank wire transfers. While there is nothing wrong with using traditional channels, Trustly nonetheless represents a potentially better alternative to these channels because of their unique qualities.
What Exactly Does Trustly Do?
Trustly is a great payment processor that has received nearly countless positive reviews from those who have used their services. Trustly works together with payment processors such as PayPal in order to provide people with quick and easy access to their bank accounts should they need to use them.
Trustly basically allows customers to deal directly with merchants without having to go through a debit or credit card. With Trustly, gamers are able to deposit and withdraw funds directly through their bank accounts and not through their cards.
This might sound insignificant, but this comes with a whole slew of benefits, both to the gamers and to the online casinos that partner with Trustly. This is because of the fees many of the banks and credit card companies charge for using their payment processing services.
Sometimes online casinos insist that gamers need to absorb this charge. Some online casinos choose to take the charges. Either way, someone ends up paying for it and it would be far preferable if that were not the case. This is why companies like Trustly are so useful.
The History of Trustly
Trustly was founded in 2008 and continues to have its headquarters in Stockholm. Trustly was initially setup to serve as a fintech company that provided consumers a channel by which to process their payments through their bank accounts.
Currently, Trustly has their services available on PayPal and TransferWise. Over the years, Trustly has greatly expanded the number of banks and countries that they partner with. As a result, in 2019, Trustly was present in 29 different countries in Europe and had partnerships with over 6,000 different banks.
In addition to having their headquarters in Stockholm, Trustly also has offices in the United States, Spain, Malta, Brazil, Germany, Finland, and the UK, bringing their employment rolls to at least 450 people. In 2018, Trustly was valued at 700 million Euros, a stunning achievement for a company that was only a decade old.
Why People Trust Trustly
Trustly is a payment facilitator that is used by dozens of different online casinos around the world to help gamers transfer their funds in and out of their personal gaming accounts. Not only does this save them the cost of the fees that banks would charge, it can also take a lot less time for the transaction to process.
The promptness of transactions in either direction is the main reason why people trust Trustly so much. One of the main concerns of seasoned gamers is that payment processors is the delays in payment processing. Many processors have been caught doing this on purpose in order to take advantage of the interest float they receive by delaying the process because the money is technically in their account.
This has been a very serious issue and have caused the downfall of many payment intermediaries. Trustly understands this concern acutely and has taken many steps to making sure they do not repeat that mistake.
Trustly makes sure that all transactions are dealt with as soon as they are ordered. This ensures that gamers get their money in and out of their gaming accounts as quickly as possible. This in turn minimizes ay concerns they might have that they are being taken advantage of.
A Global Financial Citizen
One of the qualities online casinos are looking for when partnering with payment intermediaries is the ability to operate internationally. Most prominent online casinos will have operations in many different countries and transact in multiple currencies.
Because of this, they would much prefer that their financial partners had the same ability. Luckily, Trustly does indeed have this ability. Trustly is able to conduct fund transfers in several currencies in Europe in order to serve the main markets of most online casinos.
This will become even more essential as businesses continue to globalize. As globalization continues to intensify, businesses will place even greater emphasis on payment intermediaries who can facilitate transfers in several major currencies. Trustly will be perfectly positioned to fill this role.
Best Merger Ever
In 2019, Trustly merged its operations with that of PayWithMyBank. This merger was able to combine the abilities of both companies and further streamline transatlantic transactions and provide transatlantic coverage.
In an increasingly globalized economy, such mergers will become increasingly beneficial. This is because more and more people are becoming increasingly mobile. International travel for whatever purpose is increasing and people are becoming more internationally oriented than ever before.
With this increased mobility comes an increased need for regional and international payment systems instead of national or local ones. Mergers such as this one has the effect of establishing internationally oriented payment systems that are able to accommodate the mobile lifestyle of many of today’s younger consumers.
With online games being increasingly played on mobile devices, it is becoming increasingly beneficial for online casinos to use Trustly as a payment facilitator. As more gamers play from their phones, they will need a payment system that works as fast as their lives are, something Trustly can do.
Over Half A Billion to Serve
With this merger with PayWithMyBank, the majority of the world’s high-income consumers will be able to access this payment system for transactions that span both sides of the Atlantic. Together, over 600 million consumers will have access to this payment system to streamline their international transactions.
Far too many people are familiar with the embarrassment of having their cards declined when they are shopping or dining at a nice vacation spot. If this has happened to you, you are usually thankful that you have cash in your pocket for such a contingency or that a good Samaritan was kind enough to pay for your bill.
With this payment system, consumers will not need to face such worries anymore. Consumers can make payments anywhere that this merger operates in and not worry about any glitches that would avoid payment from being accepted.
On top of that, online gaming platforms will no longer face issues regarding their customers finding it difficult to play using their country’s currency. This enables online gamers with more localized currencies to play their favorite online games without a glitch.
Greater Efficiency for Less
Because one of the biggest headache payment processors have had in the past is the high transaction fees associated with having to use some banking services, this merger is seen as a light at the end of the financial tunnel.
This partnership is set to greatly increase the speed at which financial transactions can take place across and even within borders. At the same time, it is also set to greatly reduce their cost as a result of the efficiencies made by the two companies that can be passed on to their customers.
This is very important specifically for online casinos who are significantly hurt in terms of their profit margins. This is largely as a result of bank charges that can cost online casinos significant proportions of their revenues. But because of facilitators such as Trustly, this issue is fast being resolved.
In the future, this could mean very serious competition for other payment processing options. Whatever the response might be, one guarantee is that the end result is going to be beneficial to consumers everywhere.
Local Roots, Global Outlook
While Trustly might still have their main headquarters in Stockholm and maintain many of the unique quirks of Swedish businesses, their outlook is anything but local. As they have expanded into new markets, they have had to adapt and become more global in their mindset, and they have.
Trustly has been able to serve their customers well by constantly being on the cutting edge of technological adoption and innovation. By seizing every opportunity that they can find, Trustly has been able to go from a local operation to an international behemoth that now operates on both sides of the Atlantic. And all in a little over a decade.
Trustly has been able to assist online casinos with an international customer base. Because of how wide their financial net is spread; they are able to assist online gamers in transferring their funds in a way that they please.
The future looks bright for payment facilitators such as Trustly who are nimble and humble enough to make the necessary changes in order to stay relevant in such a fast-paced environment. As long as they continue to have this mindset, we will almost certainly be hearing more about them in the years to come.