Optimising payments for a bookmaking client
Facilitating customer payouts and replacing card acceptance with open banking payments for Gr8odds.
Overview
Gr8odds is a trusted bookmaker with a proven track record of more than 14 years as a licensed bookmaker in the UK, with the aim to offer the best customer service on the high street with the best odds. They provide a premium betting experience in their shops, featuring the latest technology, and offer a request-a-bet service through their website, Greatbet.
Previously, the business processed deposits and withdrawals manually and offered card acceptance or cash-in as a payment method for customers using their bet request website.
We worked with Gr8odds to streamline customer deposits and withdrawals using the Fire Payments API, cut payment acceptance costs through account-to-account transactions, and enhance both fraud management and security.
The Challenge
The betting and gaming industry faces unique payment challenges, centred around speed, certainty, and cost. When players deposit funds, they expect instant access to them so they can place bets immediately. Similarly, seamless withdrawals are expected, being a crucial factor for maintaining customer satisfaction. The high average transaction values in gaming mean that even small transaction fees can significantly impact profitability. To succeed, platforms must prioritise efficient payment processing, ensuring both timely deposits and withdrawals.
The solution
Gr8odds leverages the Fire API to seamlessly connect customer accounts to their system. They also use this integration to process customer winnings and withdrawals through bank transfers.
Customers transfer funds to Gr8odds’ Fire account, which are then deposited into their betting accounts within the system for wagering. When customers request withdrawals of their winnings, Gr8odds processes the payments through their Fire account.
After successfully assisting Gr8odds in streamlining their management of customer funds, they chose to fully replace card payments with Fire’s open banking payment solutions for their website, Greatbet. Given the high costs of maintaining card infrastructure, this move represents a crucial strategic shift for the betting business.
The Results
- Automated transactionsIntegration with the Fire Payments API allows for automated processing of customer lodgements and withdrawals, ensuring faster and more efficient transactions.
- Cost efficiency, speed and safetyOpen banking payment acceptance provides a more secure and efficient payment solution with lower transaction fees and faster processing times.
- Enhanced securityBy having customers transfer funds directly to their betting accounts, Gr8odds eliminates the need to hold large sums of money, reducing the risk of financial loss or theft.
- ConvenienceBy leveraging account-to-account payments, customers can easily transfer funds to and from their betting accounts using their familiar banking channels.
"Integrating with Fire has streamlined our processes significantly and staff efficiency has improved considerably, due to the removal of many manual transactions. We have found Fire very easy to deal with and the customer support is excellent, with prompt replies to any questions we have raised throughout the API integration and going forward."
Richard Thomas, Managing Director at Gr8odds
Q&A with Gr8odds
- Why did you choose Fire over other providers?
Fire were recommended to us by another operator who had already integrated the Fire API and after comparisons with other providers, we decided on Fire ourselves. This was due to both the appealing offering and competitive fees.
- How did you find the integration process to Fire’s API?
Initially, we did have some minor issues, but the team at Fire quickly resolved these with our developers to ensure a smooth integration.
- How has Fire helped you to better serve your customers?
We now have a seamless open banking solution which our customers trust. They enjoy fast deposits into their betting accounts and, more importantly withdrawals the same day. We have less errors in processing our banking transactions, as manual processes have been removed.
Contact us and start streamlining your payments today.