Instant Payments – Fast Deposits and Payouts
21 December 2018 / Other
Today’s consumers are impatient. They want to stream movies and TV shows on demand and have their online orders delivered in less time than it takes to place them. In most industries, speed has become the deciding factor between being preferred and being ignored by customers.
The iGaming industry is no exception. Players expect to be able to play their favourite games as soon as the website or mobile app loads and cash out their winnings at the very moment they choose to stop playing. The ability to provide a fast, if not instant, deposit and payout solution is tipping the scales of power into the hands of the players, forcing iGaming operators to accept the trend and innovate or lose customers (and profit).
The Thrill of Winning
The number of players transitioning from land-based venues to online gaming platforms is continuously increasing because the second option provides them with improved convenience, flexibility, and ease. The question those players most commonly have is how to withdraw the winnings they have accrued while playing online. And of course, the payments and the ability to cash out earnings is one of the most critical aspects of online gaming.
Almost all iGaming operators offer a fantastic gaming experience, with sound and light effects, animations, and graphics. But it’s not the gaming experience that players or the operators are after. While in brick-and-mortar venues the players have a different winning experience where they can take their chips and cash out straight away, for online operators providing instant payouts is still one of the biggest challenges they face.
Even though the various new payment methods support instant deposits through payment cards and bank transfers, payouts still can’t be processed as fast. The payouts to debit and credit cards can sometimes take between one and five days, and bank wire transfers can take even longer up to ten days. Digital wallets can be faster, but still, take up to twenty-four hours.
The thrill of winning is what drives iGaming forward. For players, getting instant rewards and the chance to either play again or take their winnings off the platform is what builds trust and loyalty to specific gaming platforms. At the same time, this winning thrill translates into an eagerness to play more and spend more, thus gives operators an opportunity to win back the payouts they just made.
Giving Players What They Want
Providing players with exceptional gaming experience and optimal payment are the critical concerns of iGaming platforms. With payouts being the biggest concern, payment apps offer a solution that is beneficial to both sides.
When players use a payment app to fund their gaming account, first they deposit the money into the app via a bank transfer or a payment card. This way, the deposit a player makes is more reliable because the app verifies the transform between the gaming platform and player’s bank.
The app is directly integrated into the gaming operator’s platform, and funds can be moved in real-time. The funds then are transferred from the payment app into the player’s gaming account. From there, players can enjoy gaming, and when winnings are accredited to their account, they can move them instantly to their payment app or keep playing.
Adding a payment app as another payment method to a gaming platform can be vital for retaining players and attracting new ones. Moreover, it leads to higher deposit acceptance rates and provides a more convenient and faster way to reload funds to gaming accounts without the typical redirects. But most importantly, it enables instant payouts. And most players would rather pay a small fee and withdraw their winnings from the gaming platform into the payment app right away, than wait.
Rewarding Instant Deposits with Instant Payouts
Reputation is a crucial factor that among many things relies on brand image and customer service. Providing a seamless gaming experience and advanced payment solutions plays a considerable part in this equation.
The speed of processing payments and withdrawals is absolutely critical – if the withdrawal of winnings takes too long, the platform risks losing the players. While delays for payouts used to take a few days or even a week several years ago, now instant payments are the new norm. With numerous benefits for operators including boosting ROI on acquisition and reactivation, building loyalty thought instant withdrawals, and full KYC compliance, it is no wonder iGaming companies are accepting this new trend with arms wide open.
In combination with seamless gaming experience, the free and immediate access to the gaming platform and the instant payout possibility are the perfect recipes for keeping players satisfied. They are eager to use a platform in the long run and encouraged to deposit again, stay in the game longer and spend more.