Forward-thinking attitudes towards new payment methods is the growth-driven strategy adopted by Soft2Bet – the company’s Bryan Cherrett spoke to iGB to discuss how its investment into different payment tools has put it in good stead for 2022 and beyond.
Bryan Cherrett has more than 15 years’ experience in the gaming industry, having worked as both operator and acquirer, with a keen interest in payments. Away from work, Bryan is passionate about family and sports and believes in a ‘never give up’ attitude.
When considering investment for the future, Soft2Bet has historically prioritised creative solutions with an emphasis on speed to market. This strategy is now paying off – the company’s foresight is bearing fruit, with it now forging ahead of the competition, says Head of Payments Operations Bryan Cherrett.
“Soft2Bet thrives in being amongst the first to offer credible payment solutions that no one else has on the market,” he said. “To name a few - creative open bank solutions, P2P solutions and also in early stages we are considering NFT technology vis a vis payment options.”
Leading from the front in such a fashion has given Soft2Bet the agency to accommodate a wide geographic base, continues Cherrett, with the management of different currencies and the subsequent risks all handled with the company’s localised approach.
“We have professional local people who head all of our core and emerging markets and provide professional insight into the particular market. This helps us to offer top notch product and solutions, which are tailor made for that particular region. Risks are also dealt with on a case-by-case basis, and we have measures in place per country/region, rather than one that fits all.”
Strength in numbers
Partnering with specialist brands forms an integral part of Soft2Bet’s business strategy, says Cherrett. Collaborations with the likes of MuchBetter gives the company a wider pool of expertise to choose from, enhancing its offering and furthering its ability to cater to every need of the customer.
“We believe in our partners since without these partnerships we could have never become what we are today and what we aim to be in the coming weeks and months. The partnership with MuchBetter is just one of the most recent ones – we feel that the personal touch we have with our partners has helped take us to the next level.
“We pride ourselves on the way we show support in difficult personal times and believe in hearing what they have to say.”
Another notable partnership from 2021 took the form of a collaboration with Onfido, which provided reliable identity verification and a KYC initiative. Each deal has had a positive impact on the Soft2Bet strategy, asserts Cherrett, highlighting the importance of a continued focus on forging new relationships.
“As a company, it is not our sole interest to make money – we are deeply passionate about the wellbeing of our players, and so adhere to the regulatory requirements and pay particular attention to factors such as bettors playing within their limits.
“Now that we have KYC tools such as these in place, we intend to safeguard the security of our players and make sure that the player that is registered on our end is the actual person authorising the payments.”
Adapt and grow
With cryptocurrencies becoming much more mainstream, and the trend looking likely to continue, companies must adapt to this new normal. Soft2Bet is keeping its finger on the pulse as this rapidly changing phenomenon shapes the way we look at the payment landscape.
“Cryptocurrencies have been discussed for quite a time now but it seems that many are still scared to dive into it,” says Cherrett. “From our perspective, this is mainly due to the concern that many don’t fully understand how much they are paying for a transaction in fiat value, since it seems that human beings always want to calculate their spend in a more traditional currency.
“At Soft2Bet, we are monitoring closely how we can develop a crypto product that is fully understandable for all players, with clear explanation as to what is being paid and what is expected to be received. Simplification for this method is what we are after.”
With eyes on further opportunities for expansion and growth, Soft2Bet plans to cater to the constantly shifting world of payment methods by maintaining its high standard of tailored solutions.
“The payments world is in constant flux. The changes in the past few months, from 3DS2 (a multi-factor authentication protocol used to confirm digital identity during checkout) to open banking, show that this part of the business is very much alive and kicking. At Soft2Bet we are ensuring that we have specialised tailored made payment options for all our players, since an EU player does not expect to have the same solutions that we offer to our LatAm players and vice versa.
“In order to stay ahead, we strive to be open and present around the world. With the very good relationships we have with our partners, we are also suggesting payment products that they can develop.”