3. Anti-fraud measures
Another way to ensure efficient online payment processing for betting companies is by implementing anti-fraud measures, as fraud remains a consistent threat in online betting.
Common fraud threats include identity theft, payment fraud, and bonus abuse.
To detect and protect betting platforms against all forms of fraud, Fincra has a variety of systems and processes, including advanced analytics and automatic and manual review processes to protect betting platforms.
For example, Fincra’s review processes can help detect unusual activities like a high volume of transactions from a single IP address.
4. Transparency in fees and pricing
Transparency in any relationship is crucial to building trust. It is the same with customers; bookmakers must be transparent in the fees with transactions on the platform.
This factor also affects the efficiency of payment processing for betting companies. Hidden fees bring dissatisfaction, confusion, frustration, and decreased customer trust in the company.
To ensure this transparency, bookmakers must communicate with customers on all possible channels; on their website, in terms and conditions etc.
Also, bookmakers can provide a means for customers to monitor and manage their transaction history, including the charges associated with their transactions.
Fincra provides this type of transparency, ensuring bookmakers know all fees. The bookmakers must extend this to punters on their platforms.
5. Customer support
Customer support is the best way to retain customers. It is essential in the betting industry, especially in a continent like Africa, where many, although not advisable, look to betting as a source of revenue.
Customer support is a massive factor in payment processing; customers might have questions when depositing, withdrawing or carrying out any transaction on your platform. How bookmakers interact with customers during this process goes a long way in determining how efficient the payment process is.
An excellent customer support strategy must happen in multi-channels- live chats, social media, email, phone support etc. to meet customers on their preferred channels. ‘
Additional support can happen with FAQs and guides on your website to help customers resolve issues independently.
Payment processing is essential to bookmakers and their customers, so taking these five steps to make the process secure and efficient will always be a win for betting companies.
Above all, the best strategy is to work with a trusted payment processor. Fincra offers collections for betting companies across Africa.
With Fincra, bookmakers can collect payments in different African currencies like NGN, KES and GHS. Bookmakers can also call our Pay-Out API for all their disbursement needs- settling customers with their wins and making payments to partners, employees etc.
Fincra also offers settlements in USD, EUR, GBP, NGN, KES, UGX, GHS, CNY and over 40+ currencies.
Create an account with Fincra to get started or speak to a representative.