Forward-thinking attitudes towards payment methods is Soft2Bet’s strategy – Head of Payments Bryan Cherrett sat down with iGB to discuss how his investment in different payment tools has put him in good shape. place for 2022 and beyond.
Bryan Cherrett has over 15 years experience in the gaming industry, having worked as both an operator and an acquirer, with a keen interest in payments. Outside of work, Bryan is passionate about family and sports and believes in a “never give up” attitude.
Soft2Bet uses its gaming experience, which spans slots, tournaments, live casino and sports betting, to propel itself into a leading position in the payout vertical. The provider already supports more than 10 brands, including YoyoCasino, CampoBet, LightCasino and ZuluBet.
When planning its future investments, Soft2Bet aims for creative solutions, with an emphasis on speed to market, and has integrated over 100 payment providers to date. Their Head of Payments Operations, Bryan Cherrett, believes that this strategy is now paying off and that his foresight is helping him outpace the competition.
“Soft2Bet thrives on being among the first to offer credible payment solutions that no one else has on the market,” he explains. “To name a few – creative open banking solutions, P2P solutions and also in the early stages we are looking at NFT technology vis a vis payment options.”
Leading from the front has given Soft2Bet the means to adapt to a wide geographic reach, Cherrett continues, with the management of different currencies and the risks that come with it, all managed through a localized strategy.
“We have local professionals who lead all of our core and emerging markets and provide professional insight into the particular market,” he explains. “This helps us deliver top-notch products and solutions tailored to this particular region.
“Risks are also addressed on a case-by-case basis, and we have measures in place per country/region, rather than one that fits all.”
strength in numbers
Its extensive product range is supported by a network of external partners who help ensure a high level of player protection, which Cherrett describes as an integral part of Soft2Bet’s strategy. Collaborations with specialists like regtech MuchBetter give the company a wider range of expertise to choose from, enhancing its offering and customer base.
“We believe in our partners,” says Cherrett. “Without these partnerships, we could never have become who we are today and who we aim to be in the weeks and months to come. The partnership with MuchBetter is just one of the newest – we believe the personal touch we have with our partners has helped us take it to the next level.
“We pride ourselves on how we show our support in difficult personal times and believe in listening to what they have to say.”
Another notable partnership for the provider is its agreement with Onfido, which provided reliable identity verification and KYC solution. Each agreement has had a positive impact on the Soft2Bet strategy, believes Cherrett.
“As a business, it’s not our only interest to make money – we are passionate about the welfare of our players, so we adhere to regulatory requirements and pay close attention to factors such as bettors playing within their limits.
“Now that we have KYC tools such as these in place, we intend to protect the safety of our players and ensure that the player who is registered on our side is the actual person authorizing payments. “
Adapt and grow
This underlying support structure enables Soft2Bet to continuously examine opportunities for expansion and design the creative solutions that allow them to take advantage of them. Of course, this means that cryptocurrencies are in the provider’s sights.
As cryptocurrencies emerge into the mainstream and the trend looks set to continue, businesses need to adapt to this new mainstream form of payment, Cherrett believes. Soft2Bet stays ahead of the curve as this rapidly evolving phenomenon shapes the way we view the payments landscape.
“Cryptocurrencies have been discussed for some time now, but it seems many companies are still afraid to dive into it,” he says.
“From our perspective, this is mainly due to the fact that many do not fully understand how much they are paying for a fiat transaction, as it seems that human beings still want to calculate their expenses in a more traditional currency.
“At Soft2Bet, we are keeping a close eye on how we can develop a crypto product that is fully understandable for all players, with a clear explanation of what is paid for and what should be received. Simplifying this method is what we are looking for.
The continued growth of the business will also be crucial. As a company in an expanding and evolving industry, Soft2Bet plans to evolve with the market, to maintain its high level of tailored solutions.
“The world of payments is constantly changing,” says Cherrett. “Changes in recent months, from 3DS2 (a multi-factor authentication protocol used to confirm digital identity during payment) to open banking, show that this part of the business is alive and well.
“At Soft2Bet, we ensure that we have personalized and specialized payment options for all our players, because an EU player does not expect to have the same solutions that we offer our LatAm players and vice versa.”
Ultimately, he continues, the company must be open and globally active, evolving in tandem with its partners.
Going forward, Cherrett says Soft2Bet wants to continue to use the “very good relationship” they have with their partners.
“For the future, we suggest payment products they can develop to help them thrive.”