Figure 1 Your online payments system needs to be perfect
You won’t need to say that online retail has completely taken over and businesses that have not moved to incorporate online sales into the way that they work have found themselves being left behind by those that have. Online shopping can be found in just about every business sector these days.
But there are some companies that still seem to think that they don’t have to put too much thought into the service they provide. What needs to be understood is that a payment system is not the place to cut corners. In fact, a bad experience could easily be the reason why a potential customer looks elsewhere and leaves a business without a sale.
You may not think that your business has too much in common with the huge number of online sports betting sites that are now in business. But the way sportsbooks, in all their guises – such as the MyBookie mobile app – provide efficient payment options should be a lesson for just about every industry sector. Here are some of the reasons we think that online sportsbooks have gotten their payment systems so right.
Wide Range of Options
It might take a little more time to set up and cause businesses to work a little harder when it comes to accounting but providing customers with a wide range of payment method options can really pay off (if you’ll pardon the pun!). Betting sites know this and typically offer almost all conceivable payment methods.
An online fully managed sportsbook operates in a slightly different way to most online retail sites, of course. There isn’t just a transaction in the form of a sale. Customer account holders must deposit and – hopefully – withdraw funds. Being able to use the exact payment method you want is a huge plus.
Security is a Priority
There is no getting around it, the security of your customer’s financial and personal data should be a top priority. It follows that any financial transaction made on your website should also carried out with the highest security measures possible implemented.
Online sportsbooks know this and continuously prove just how secure their sites are. The service these betting operators provide is obviously different to most others as well, so this area of the business is hugely important. A betting site needs its customers to make financial transactions without even thinking of any online risks – and they undoubtedly achieve that.
User Experience
All of the examples of how online sportsbooks look after their customers so well all boil down to their investment in researching user experience. In such a competitive industry, every single betting operator knows that its customers can easily look elsewhere. So they have to make sure that they don’t give their customers easy reasons to do so.
Online bettors are already well used to using a number of different sites to find the best odds and markets. But they will only use the ones that they fully trust and find easy to use. The deposit and withdrawal process is a major part of that user experience, so incorporating a payment system that is completely user-friendly is vital.
Speedy Payments
This is an element of online financial transactions that regularly annoys customers. Even though the need for security and regulations is completely understood and accepted, customers still don’t take kindly to having to wait for their money. Online bettors are no different in this regard.
That is part of the reason why online sportsbooks generally offer such a wide range of payment method options. Different methods will have shorter or longer wait times on payouts and that can really make a difference for the customers. Bettors want their winnings quickly and will use the methods that offer them speedy service,
Always Ready to Listen to Users
One common error that a lot of online retailers are guilty of is that even if they set up a good online payments section, after prolonged market research, they then leave it to stagnate. But the payments industry is forever evolving and online sportsbooks know that the research should never end.
The payment part of a business is arguably the most important when it comes to ongoing market research. Whatever service is being provided will usually remain much the same but customers will expect to be able to use new payment methods or ways of making financial transactions. Betting sites are always open to change.
Figure 2 A lot can be learned from online sports betting sites
Sportsbooks are a Model to Follow
That last point is possibly the most important lesson to learn about online retail and the way customers are able to complete transactions. Businesses must be open to change or adapt their practices to stay relevant and popular with existing customer bases and new potential demographics.
If you were to use a good online sports betting site you would soon see just how much they get right about offering their customers the best service possible. There are many other reasons why betting sites are so popular and manage to thrive in the current economic climate but offering fast, efficient, and secure payments is definitely one of the most important.
Investing in a good payment system for your online site should be one of the main priorities. If you take nothing else from online sportsbooks as inspiration, see how successful they are because of the way they treat their paying customers and follow their example.
