Payments continue to be integral to maximising igaming engagement as synergy between financial firms and operators takes on heightened importance in the modern market.
Mina Mitkova, Finance Incorporated Limited’s Chief Operating Officer emphasised that Paymix Pro, which is part of the Finance Incorporated Group, they seek to be a true alternative to traditional banks.
Key to this is the offering of a range of services, including corporate accounts, IBAN and corporate e-wallets, corporate cards for online and offline payments and acquiring and processing services, as it deepens ambitions to being a true alternative to traditional banks.
Mitkova also detailed that an additional service PaymixPro provides is crypto incoming solutions, a functionality that has become increasingly pivotal for igaming operators seeking to engage a wider demographic of player.
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 continues: “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 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.”Paymix Pro will be exhibiting at SBC Summit 2024 in Feira Internacional De Lisboa on September 24-26, located at Stand E230.
