iGaming requires a robust billing system for managing and processing the large volumes of money that are involved in online wagering. Most gaming operators handle this process manually and, in turn, are susceptible to the common problems associated with manual operations.
These can be anything from misprocessing an order or, even worse – accidentally charging the wrong player for the incorrect services used by a player. The benefits of using a real-time, automated billing solution for iGaming can’t be overstated. Let’s dig into them.
1 – Improved Customer Service
There’s no one to blame when things go wrong, as the money that needs to be resolved is located in one place and is usually easy to locate.
2 – Eliminated Double Billing
By using a real-time, automated billing system, it is virtually impossible to duplicate any charges made to a player’s account for the same type of service.
3 – Real-Time Information
Real-time data helps keep customers informed, providing an overall feel of what’s going on with the company and its players.
4 – Practical and Reliable Billing
Real-time information is very essential to business people. With a reliable and practical solution, it can be used to make key business decisions. Specialized billing software also makes it very easy to run multiple campaigns at once.
5 – Increased Security
With a properly designed billing solution, you gain the ability to perform various security functions, such as follows:
- Data Encryption: Data that is sent across the internet is inherently at risk of being intercepted by hackers or otherwise tampered with. If the data is not encrypted, it can be intercepted, and the result may be a compromised system.
- Access Control: This is especially important when dealing with credit card transactions. Access to credit card details needs to be protected to prevent fraudulent activity.
- Improved Risk Management: When dealing with real-time data and access control, it is also possible to manage risks effectively. It is now possible to set up policies to identify high-risk transactions and prevent their approval.
Key Features of a Good Billing Solution for iGaming
The first thing that we should address when building a real-time, automated billing solution for iGaming is to identify the various processes that are required to be performed. This will provide us with a better idea of what information is needed to be transferred, when it should be transferred, and the best way to process all of this information. A well-designed billing solution needs to include the following features.
Bulk Order Management
This is a crucial component of any solution as it allows all of the order processing to be handled from one central location. A good bulk order management solution should be able to automate the following:
- The selection of any available promotions;
- The selection of any offers that may apply to a given player;
- The processing of orders with credit cards;
- The integration of all third-party offers;
- The management of shipping options.
This is also another important component of any solution as it allows all of the accounting and financial activities to be handled from one central location. A good billing management solution should be able to automate the following:
- The updating of credit card details;
- The approval and billing of all credit cards;
- The recording of payments;
- The calculation of commissions;
- The maintenance of all available discounts;
- The integration of all third-party offers;
- The provision of ancillary services and payment services.
This is yet another important component of any solution as it allows all of the accounting and financial activities to be handled from one central location. A good billing management solution should be able to automate the following:
- The processing of all accounts;
- The reconciliation of all transactions;
- The calculation of all payables;
- The calculation of all accounts receivable;
- The updating of all of the various financial records.
Accounting Management for iGaming
Managing the accounting processes involved in an iGaming business is much more than the simple process of updating customer accounts. A good billing and accounting solution should handle the following activities automatically:
- Order processing;
- Customer management;
- Credit card management.
Managing the various business functions is an essential part of any solution as it provides you with a complete and accurate record of all of the transactions and payments that are associated with your business.
This is also a vital part of any solution as it provides you with a complete and accurate record of all of the players that are involved in the business. Here are some of the key data assets to be managed properly:
- The recording of customer details;
- The provision of customer services;
- The provision of support services.
Make the Right Choice!
Managing various business functions is an important part of any solution as it provides you with a complete and accurate record of all of the transactions and payments associated with your business.
When you need to take control of your billing processes, the first thing that you want to do is to be able to view the current state of your business. Without this, it is difficult to make informed business decisions and multiply your revenues.
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