The digital revolution has significantly transformed the iGaming platform industry, with cryptocurrency iGaming platforms leading the way in innovation. The seamless flow of transactions is the lifeblood of the industry. Players want quick and efficient payment methods, while operators seek reliable solutions to manage their finances effortlessly. In this week’s installment of “Tool of the Week,” we introduce you to a game-changing feature that can revolutionize the way iGaming platforms and iGaming platforms handle deposits – Permanent Deposit Addresses, brought to you by NOWPayments.
A Snapshot of Cryptocurrency iGaming platforms
The advent of blockchain technology has brought about a paradigm shift in various industries, including online gambling. The fundamental tenets of blockchain, such as decentralization, transparency, and security, align perfectly with the needs of online iGaming platforms. In fact, the integration of cryptocurrencies into online iGaming platforms has led to the birth of a new genre in the gambling world — crypto iGaming platforms.
NOWPayments for iGaming platforms
NOWPayments has a deep understanding of the needs of crypto iGaming platforms and offers a comprehensive solution that caters to both the payment and payout processes.
Deposits and Payouts with NOWPayments
NOWPayments enables iGaming platform operators to:
- Create deposit accounts for players using its custody solution.
- Let players top up their accounts.
- Transfer funds from players’ deposit accounts to the iGaming platform‘s account.
- Execute automatic payouts to winners’ accounts once the game is completed.
- Withdraw profits to a private wallet.
Moreover, NOWPayments allows diverse payment methods for customers. iGaming platforms can accept payments in cryptocurrencies or receive credit card payments with conversion to cryptocurrencies.
Understanding the Concept of a Permanent Deposit Address
Now, you might wonder, why the need for Permanent Deposit Addresses in this setup? The answer lies in streamlining the deposit process for both iGaming platforms and their valued players. NOWPayments has the capability to not only identify payments sent in the wrong coin or network but also recognize repeat deposits. This recognition prompts an intriguing question: can NOWPayments offer a solution for permanent deposit addresses to its iGaming platform partners?
The answer is a resounding yes, but with certain limitations. To avail this feature, iGaming platform partners must undertake a straightforward process:
- Integrate NOWPayments API: iGaming platform partners must integrate NOWPayments’ API, allowing them to access features such as minimum amounts, estimates, payment creation, custody, and payouts.
- Create a Payment: Partners should create a payment in the currency for which they desire a permanent deposit address. It’s advisable to create payments with an amount close to the minimum to avoid an inundation of partially-paid payments.
- Save the Obtained Address: The generated address should be diligently saved by the partner and associated with a specific user, with the address information stored securely in their database.
- Repeat the Procedure: If needed, the partner can repeat the process for another cryptocurrency.
To facilitate these transactions, NOWPayments operates its own server, running code that processes incoming requests from iGaming platform partners. For instance, when a iGaming platform wishes to create a payment, it sends a request to NOWPayments’ server at ‘https://api.nowpayments.io/v1/payment‘ with the required parameters, and in turn, the server processes the request and sends back a response. This architecture mirrors the fundamental client-server relationship that underpins the majority of web applications.
Enhancing the User Experience
By implementing this solution, both iGaming platforms and players stand to benefit. Each player is assigned a unique deposit address in their preferred cryptocurrency, which the iGaming platform provides to them at the time of replenishment. This grants players the flexibility to deposit any amount, exceeding the minimum threshold, into the address created exclusively for them.
However, a few important points should be noted:
1. Consistency in Payment Rules: Subsequent payments to the generated address adhere to the same rules as the original payment. For instance, if a payment was created in BTC and intended for custody, subsequent payments will also be directed to custody, ensuring a consistent user experience.
2. Risk Management: Partners should exercise caution when receiving significantly larger amounts at the specified address than initially specified. This can raise red flags, so it’s advisable to create separate payments for exceptionally large deposits, at least temporarily.
3. Address Labeling: In the current implementation, payments to a single address may be labeled as “Repeated Deposits” in the partner’s Personal Account. However, NOWPayments is actively working on a solution to address this issue in the near future!
Permanent Deposit Addresses offered by NOWPayments are poised to revolutionize the iGaming and online iGaming platform industry. This feature not only enhances user convenience but also streamlines financial operations for iGaming platform operators. As the industry evolves, NOWPayments remains committed to providing innovative solutions that empower its partners to thrive in the digital gaming landscape. Stay tuned for updates, as NOWPayments continues to shape the future of online gaming payments.
Conclusion
The integration of a permanent deposit address in crypto iGaming platforms is a significant leap towards improving the user experience and streamlining the payment process. By partnering with NOWPayments, iGaming platforms can leverage this innovative feature and stay ahead in the competitive landscape of online gambling.
In the fast-paced world of online iGaming platforms, every second counts, and staying ahead of the curve is critical. Embrace the revolution brought by the permanent deposit address and elevate your iGaming platform to unprecedented heights.