Bambora, previously known as Beanstreams, is an online payment service designed originally for retail. The company has slowly drifted into the iGaming sector, providing casinos with a secure and fraud-free way to process payments even in extremely high volumes. All achieved through the dedicated PaymentIQ system, to ensure that the payment platform can continue to match the casino’s requirements over time as they grow.
Top Bambora Casinos
In comparison to many payment options, Bambora isn’t your typical payment method used by casinos to facilitate payments and withdrawals. Instead, PaymentIQ works behind the scenes within the back end of the casino to facilitate faster and more convenient payment processes – which can benefit players in a whole new set of ways.
Creating an Account
Unless you currently own an online casino, creating an account with Bambora or PaymentIQ isn’t something you’ll need to do. Instead, this system is inbuilt into casino websites and you simply interact with your payment method of choice. So, no account needed – in fact, you might not even see it at all.
Deposits and Withdrawals
While Bambora isn’t a system that facilitates deposits and withdrawals manually – you wouldn’t request a payout directly through PaymentIQ – the system is integral to the payment process. Casinos are using this particular service to streamline the payment process overall. And it does all that without you ever needing to click a button or select it as your deposit or withdrawal method of choice.
With hundreds of thousands of payments per day, it does make sense that specific processes, such as paying out rewards, are delayed. PaymentIQ speeds up that back-end process, so casinos can more quickly get those withdrawals and prizes paid out, as well as getting deposits in the right place sooner. It works in tandem with your choice of deposit or withdrawal payment method, instead of as a solo process.
What benefits the online casino goes on to benefit the player, so you may not see the benefits directly, but they’re certainly there. Some of the main advantages of this particular platform are as follows.
PaymentIQ supports a wide range of different payment methods, making it incredibly easy for casinos to provide players with a wide selection of deposit and withdrawal options.
All currencies are supported with Bambora, again reducing restrictions on players in specific casinos.
PaymentIQ uses Bambora’s rules engine to prevent fraud, both benefitting casinos and players by ensuring fraudulent transactions can’t go through the system. Good news if your credit card is ever stolen.
For players frustrated by slow prize payouts, Bambora speeds up the process, making it easier for casinos to pay out that hard-earned reward the same day.
Bambora has a slightly less than favourable reputation in terms of support. While this more directly impacts casinos than players, it may mean problems with payment processing may take longer to solve – leading to potential downtime.
PaymentIQ may be gaining steam, but it’s still a relative newcomer to iGaming. This means your casino may be using a system that’s less proven than something better-established – which is a slight risk at any time. While Bambora has moved into the casino sector, it’s an offshoot of its main product for eCommerce, and therefore might not be as robust or well-designed as their flagship products are.
No player accessibility
Obviously, Bambora isn’t accessible to players directly – so you don’t get the full benefit of the system in general.
Originating in 2015, Bambora started with the development of a high-quality payment gateway for small to medium-sized eCommerce businesses. Since then, the company has grown and been purchased by relative industry giant Ingenico Group in 2017. PaymentIQ, its main product for the iGaming sector, was also added in 2017 as part of the acquisition of DevCode Payment.
While Bambora does provide a range of different solutions for online, in-store and enterprise payment, its payment processing system for casinos is not at the core of their brand and is found in a sub-menu on its website. However, a host of different casino brands are supporting the brand – Casumo, Mr Green and LeoVegas, to name a few – and are increasingly active at iGaming events around Europe.
Overall, Bambora provides a robust payment processing platform through PaymentIQ, but it’s something the majority of players won’t feel the benefit of, except in small and subtle ways. It’s not something that needs to be explored in-depth, unless you happen to work on the back end processes of a casino yourself.