What is PaymentIQ?
PaymentIQ is a payment platform from Swedish company DevCode. Since it is designed specifically for the gaming industry, it has plenty of features that make it an ideal choice. For example, PaymentIQ can handle large transaction volumes, so downtime is unlikely. While DevCode focused solely on the Scandinavian market until 2014, it has since branched out into international expansion.
Deposits Withdrawals Options
You’ll likely never deal directly with PaymentIQ to make deposits and withdrawals, as the payment platform works more with the backend of online casinos. The company gives online casinos an immediate overview of all payment activities. Casinos can also easily follow payment activities generated by various products. Additionally, PaymentIQ does have direct agreements with payment providers, which means they can eliminate the middleman and possibly lower fees and other additional costs for you.
Advantages of PaymentIQ
The biggest advantage PaymentIQ has is that it gives online casinos access to every common payment solution on the market. Additionally, PaymentIQ supports all currencies. That means everyone from European players using the Euro or GGP, as well as players from India using rupees (INR), can enjoy their favourite blackjack table games or online slot games. Additionally, PaymentIQ supports most popular payment methods in Europe, such as credit cards, e-wallets, and direct banking. The company also offers a significant number of payment methods from other parts of the world. Finally, for added safety and security, PaymentIQ is fully PCI DSS compliant.
How to Deposit Funds
Since PaymentIQ is a payment gateway that’s only available to online casinos, you won’t have any direct dealings with it as a player. However, if your preferred casino uses PaymentIQ, you’ll notice you have access to some of the common payment solutions on the market. Additionally, since new solutions are always being added to the PaymentIQ system, you might see other payment options become available that offer even more benefits.
Disadvantages of PaymentIQ
The main disadvantage of PaymentIQ is that it’s very new, so it hasn’t proven itself yet. PaymentIQ also isn’t available at every casino. Since PaymentIQ is young, it needs to demonstrate that it can handle itself against the larger and more mainstream payment gateways before it can begin expanding into even more markets. However, as larger online casinos begin to take notice, you’ll likely see PaymentIQ show up on more websites soon.
Online casinos that bring in PaymentIQ are able to offer a secure payment platform designed for the gaming industry. If your favourite casino decides to start using PaymentIQ, you’ll appreciate the new solutions that will be available.