Striving for constant improvements and new breakthroughs in IT, SoftSwiss has developed its own innovative and technologically advanced payment processing solution to cover the needs of Internet business working with Bitcoin. The Bitcoin payment processing system our programmers have come up with offers everything that an online casino needs: 100% security, full control over finances, ease of operation and ability to adapt to individual cash out requirements.
Since every operator has his own understanding of how Bitcoin transactions shall be processed, we have developed four different frameworks to cover possible cash out scenarios.
1. Manual cash out system with control over Bitcoins being on casino operator’s side. Deposits are instant and automatic, with each user having his own address for deposits. All deposits go directly to casino operator’s wallet. If user wants to withdraw money, he makes a cash-out request. When casino operator manually approves it, with a click of a single button he manually initiates bitcoin payment from his own wallet which resides on his computer. The procedure is extremely secure in terms of fraud since the casino operator is the only one who has access to the Bitcoin wallet.
2. Extra secure offline cold wallet system. This scheme is implemented in the same way as the first one, with extra security achieved by using an offline computer for cash out processing on the casino operator’s side. It allows perfect protection from any sort of viruses, exploits and any other possible attempts of compromising the offline wallet computer which is disconnected from internet entirely.
3. Instant cash out with optional limits. This solution allows withdrawals of winnings in Bitcoin through a hot wallet without prior approval of the administrator. In case of zero confirmation, the cash-out transaction is based on the cash-in transaction and Bitcoins are instantly deposited and withdrawn. It is a big advantage for players who deposit small amounts in order to test out casino performance. If cash out request amount exceeds specified limits, casino operator must manually approve or disapprove that request.
4. A combination of hot and operator controlled offline and online wallets. Instant cash out option implies certain risks that a casino operator should be aware of. For those operators who want to minimize financial risks without sacrificing the attractiveness that instant withdrawals add to the casino, we offer a compromise solution: small amounts of Bitcoin can be withdrawn automatically whereas larger sums require manual approval and go through operator’s wallets or offline wallets.
The advantages of the unique Bitcoin payment processing solution invented by SoftSwiss are:
· 100% financial security: no third parties involved in the payment transaction
· Flexibility: cash out operations are moderated and can be set according to the individual requirements
· Instant depositing
· Option for instant cash out through a hot wallet
· API for integration into any existing platform
· Technical implementation on Ruby on Rails or C++
Having launched a number of casinos that accept the popular crypto-currency, we realized that the implemented solution has no analogues on the market and can be used in any type of Internet business, from entertainment sites to online shops and other eCommerce applications, wherever there is a need to accept payments in Bitcoin. It goes with an API for smooth integration into any platform. SoftSwiss offers the solution either as part of SoftSwiss online casino software or as a separate system which can be integrated into an existing site.
Taking care of our customers, SoftSwiss provides necessary support in technical implementation, performs analysis of the effectiveness of certain cash out variants for a particular casino and consults on the anti-fraud policy.
As an additional option suitable for those operators who do not want to administrate financial transactions on their side, SoftSwiss can act as a payment processor, or a merchant. The operator will use our Bitcoin payment processing solution as a service and all payments will go through SoftSwiss. This service is provided for a certain % from all transactions.
Please contact us if you want to learn more about our Bitcoin payment processing solution and consider adding it to your site.
Article by Maria Montik