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Faster payout – A game changer for your fantasy sports business

If your payout and deposit system annoys your users often, you have started losing your users already.

The best fantasy sports platforms in the world pay out fast and easy. This is no co-incidence but part of a thoughtful user experience strategy where users feel motivated to play more the next day because they received payments today. The best marketing tips also don’t talk about the importance of understanding and using payment gateways to your advantage.

How can you use payment gateways as the most trustworthy motivators for your users? Lets understand.

Serious users pay for thrill and expect returns

The most serious fantasy sports players play for skill, thrill and money. They would typically sign up for paid contests since they want to be rewarded for their time and skill. This means these players would deposit funds in their account on your fantasy sports application to be able to access these games. Does your fantasy sports application have attractive enough paid games? How do you distinguish these games in terms of levels or skills with free fantasy games? Some of these questions would help you understand how important payment systems are for marketing any fantasy sports website.

Easy deposit methods

Picture a zealous fantasy sports player who signs up for a paid game, clicks the Pay button in order to start playing. Then he is directed to another step to first register his account on the website, deposit funds in real time. He passes this step in a few minutes to realise that the deposit couldn’t be made due to some navigation error. At this point, you have a player who’s desperate to start playing on your website but your deposit system is delaying his game. Loading a fantasy sports player’s account with cash should be made super easy.

Fortunately, there’s a plethora of options available such as:

PayPal – PayPal is the most popular and a worldwide electronic payment system that people use to both make and receive payments for goods and services. Users just need an email address and PayPal allows customers to send and receive funds and link their bank accounts with the account. Since every user needs a PayPal account to use it, you can redirect a link from your website for convenience of users who don’t have a PayPal account yet. It’s a free service upon sign up but charges people for receiving and transferring funds to their bank account. A majority of fantasy game players already have an existing PayPal account and are familiar with the terms.

Credit/Debit Cards – Make sure you have this option available on your fantasy sports website where they can save credit card details securely for quick payouts and deposits in future. This would save your users from losing any exciting opportunities to buy entry to fantasy contests of their interest. The best fantasy sports apps and sites accept payments through major credit/debit cards such as MasterCard, VISA, American Express, and Discover. Players can easily deposit funds through credit/debit cards securely. However, make sure you educate players that credit/debit cards are not the best way to withdraw winnings. Either you have a robust system where you are able to transfer money into the bank accounts of your users but if not, keep a transparent policy about the exact amount that would be credited to their accounts after charges, if any.

Skrill – Skrill is as good as PayPal and is widely used by people who are not from the US. Every country has apps such as India has PayTM that help users pay easily and conveniently. Choose the most popular payment method or app according to demographic.

Payouts must be faster

Did you know DraftiKings and FanDuel pay their players the very same day? This obviously keeps them coming for more since their money is credited within hours. These sites often use this payout system as a way to lure more users and to keep old users engaged forever on their fantasy sports applications. In a way, a great payout system is a marketing strategy to multiply users. First, have a faster payout system. Two, always have a Plan-B. When a certain payout doesn’t happen, who supports or helps the fantasy sports users? Have a great support team that’s sitting only for payouts and making sure the process is smoother and faster. Make sure users aren’t directed to too many options over phone but are able to share their payout problem right away with an executive. Train your executives well for any such situation so that users don’t abandon your website by one bad payment day. Use similar channel of pay out as you had used for depositing money for your user. The users should not be left confused with different deposit and payout ways but should feel convenient while receiving money.

Today electronic money transfers in banks and payment gateways have become first nature of all cash transactions. Therefore, you can trust these payment gateways and let them do their jobs well

IN A NUTSHELL
  • Use tried and tested payment gateways
  • Find out popular payment apps or methods within demographic
  • Make payouts smoother
  • Make deposits convenient
  • Always keep a support team for helping with payouts

About Vinfotech

Vinfotech creates world’s best fantasy sports-based entertainment, marketing and rewards platforms for fantasy sports startups, sports leagues, casinos and media companies. We promise initial set of real engaged users to put turbo in your fantasy platform growth. Our award winning software vFantasy™ allows us to build stellar rewards platform faster and better. Our customers include Zee Digital, Picklive and Arabian Gulf League.

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