As mentioned in our previous tutorials here at PricePerPlayer.com, your choice of payment options can directly affect your customer satisfaction. Ideally, the more options you have, the better. As a bookie, you have absolute control of the payment platforms that you will use. But before you start with what could be a long list of payment options for your players, we’ll give you some quick tips on payment channels for your bookie business.
You have a lot of payment options to choose from. Of course, there is the ever-reliable bank transfer, and payment portals like PayPal. Some will offer money-sending sites like Western Union, or some will offer credit card payments. Most recently, however, there are a lot of bookies who now accept cryptocurrency as well. We’ll go over the most basic payment platforms and give you some tips on offering these to your players.
Tips on Payment Channels for Your Bookie Business
First off, bank transfers. This can be done electronically now, but some players may opt for direct deposits, checks, or what not. It is your sole discretion on what you will allow your players to use. Keep in mind that there could be fees associated with these payment options. Many sportsbooks are transparent about deductions due to processing fees. If this is applicable to you, then make sure that you let your players know well in advance.
Next, you have alternative money transfer platforms such as PayPal, Venmo, Western Union, and the like. Some of these companies do not allow gambling-related transactions. Keep that in mind so that you will not run into trouble in the future. Its always best to move your funds out of these platforms as soon as possible. Remember to use these services at your own risk. Of course, you can always set maximum limits for deposits and payouts. As mentioned above, make sure your players know this. Its best to be transparent when it comes to your sportsbook’s payment process.
Other Payment Methods
This is more complicated, but you can also accept credit card payments from players. You may think that they do not have the money upfront to pay you (which could be the case), but some are maybe trying to get points or something similar. Again, you can choose to offer this, or even offer this to trusted players only. Your bookie pay per head software will help you track your players activity, so you can see there which players you can extend these services to.
Lastly, we have cryptocurrency. This is a popular option because it provides players with a level of anonymity. This could be the case for you as well. But since this is a currency, whose value fluctuates, be aware of the risks. If you are into cryptocurrency, then you can hold or trade the crypto. You can even use this to earn more if you know about the industry. But if you are only joining to collect payments from your players, then make sure you sell and convert your money to your preferred currency before the value changes.