| | |  | | | | Free Payments
With all the free alternative payment solutions offered through the years, some believe the answer to Internet gaming's payment processing lies in the existing banking system. If officials had their way, online gamblers would have been funding their accounts with free online banking services such as savings and checking accounts. Using Internet gaming payments system is as easy as signing on and selecting a payment amount. If the seller has already provided the amount, it automatically appears and the consumer is asked to confirm it. Then the free Internet gaming payments system sends the payment off to the bank, which replies with an electronic confirmation that the funds are good.
Sites can increase sales by as much as 20 percent by implementing the free Internet gaming payments system. UseMyBank is the first and only payment company in the world to facilitate direct payments from online bank accounts in real time. Over 7 million online accounts are eligible to pay the merchant/sellers in real time for less than 1 percent.
The free Internet gaming payments system currently supports all major Canadian banks, and the company hopes to add major U.S. and European banks by the second quarter of the year. "It is a product that has really come about from the online banking world, There are a lot of people who are banking online through their own hometown bank. Although free Internet gaming is huge, and I have a background in it, it is just one component of the system, But we respect the fact that the pioneers are in free online gaming. They are determined to get payment solutions, and we know that we are well positioned to help them out."
The main element of the free Internet gaming payments system is the Automated Online Payment Interface, which provides consumers the ability to make free payments at their own financial institution's supported Internet site. "It is simple from the consumer's perspective, but the technology behind it is very intricate. The trick with what we are doing is to facilitate real-time verification of that payment, which no one else can do. Everyone else who has tried this has fallen flat on their face because they can't provide that accommodation." The Automated Clearing and Settlement free Internet gaming payments system for merchants and affiliates accepts wire transfers, checks and several other payment methods, as long as the account is accessible on the Internet.
Those free systems all require direct contact with technical and business resources within the financial institution or service providers. UseMyBank leverages the existing online system's functions and capabilities within the client's bank in a real-time fashion. "Really, it works the same way a third-party processor would work. ... The only difference is the buyer wouldn't sign up". The pricing matrix for the free Internet gaming payments system was developed for widespread use on B2B sites that allow companies to pay their suppliers seamlessly. It creates a way for users and Internet gaming companies to come on board.
The free Internet gaming payments system is built to accommodate 10,000 users a day, but hardware issues have prevented that so far. Those obstacles will be overcome, however, and they will eventually process 100,000 transactions a month. |
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