Secure payments through MiFinity eWallet for online casinos.
Throughout the relatively short history of the online gambling industry, online payment processors have come and gone like baby teeth. They suddenly appear, grow stronger for a time, then before you know it, they become obsolete; replaced with something bigger and better.
There’s one resounding reason why so many online payment processors – aka eWallets – have failed. The online gaming industry is seen as a high-risk environment. Regulatory guidelines differ from one jurisdiction to the next. Because of this, it can be very expensive to operate in this space. And if a system doesn’t have proper security measures in place to prevent cyber crime and fraud, the expense can become overwhelming.
If you’ve ever wondered why online casinos charge high fees for certain types of payments – especially withdrawals – it’s because everyone is passing on the buck. Payment processors have ridiculous insurance fees. They make up for it by charging the casinos extra to use the service. Casino then offset those fees by charging their customers more.
MiFinity Online Casinos Providing Ultimate Security
Enter stage right, the MiFinity eWallet service. This payment system emerged in February 2016, following a re-brand of the original company, NYSystems. Upon the relaunch, MiFinity aimed to provide “secure, efficient, and compliant payment systems”, with a supreme focus on cost-effective services throughout the global internet gambling market.
Then, in September 2017, the company followed through on its commitment to ultimate security and cost-cutting measures by incorporating 4Stop anti-fraud technology. 4Stop provides an added layer of protection for the payment group, their casino clients, and the customers who use the payment service at online casinos.
Be Proactive – Protect Yourself from Fraud
As players, we are accustomed to choosing payments that offer speed, security and convenience at a low cost. But those qualities don’t often come together. So many times, players are willing to sacrifice security to increase the speed and convenience, and that’s got to stop. The rate of fraud and cyber crime is on the rise, and if we aren’t proactive in choosing the most secure payment methods, we can become a victim ourselves.
MiFinity users are required to undergo additional identity verification steps. Canadian members must supply their name, address, date of birth, and SIN, along with proof that their payment method is genuine. This may include submitting a photo of their credit/debit card, or scanning a bank statement, along with submitting other ID verification forms.
Is it a hassle? Maybe. But is that hassle worth the assurance that your information is truly safe and protected? Absolutely! Otherwise, anyone who gets hold of your information can steal your identity, sign up under your name, and spend your money.
And as far as cost reduction goes, MiFinity’s service prevents players from issuing chargebacks (aka ‘friendly fraud’). This eliminates a lot of risk for casinos, lowering the cost for everyone involved.
And besides, you’ll only have to do this once. After the verification process is complete, your payments are secure forever.
MiFinity eWallet for Online Casinos
The MiFinity online payment processor is gaining steam around the online casino industry. It’s currently available at a limited number of gaming sites. However, as more operators realize the cost-effective benefits of this ultimately secure casino payment method, its availability will continue to spread.
For customers, using the MiFinity eWallet at online casinos is the same as using any other eWallet provider. But in this case, there’s multiple layers of protection going on underneath as a transaction takes place.
For users, it’s as simple as choosing MiFinity from the list of banking options. Enter the amount to deposit or withdrawal, and press submit. For deposits, you’re redirected to a secure MiFinity login window to confirm the payment. Following a withdrawal, members can either transfer that money to their bank account, or send it directly to their credit/debit card via the brand’s trademark PayMyCard or PayAnyCard services.