Payments and withdrawals from online betting or investment platforms in crypto assets are usually a nightmare for users. In most cases, they manage to receive their earnings between one and five days after issuing a request, in the case of payments with credit cards or bank transfers, with the burden that this entails on their experience as a client. On the other hand, open banking services, such as Payouts, speed up this process, to the point that the user obtains their payments instantly, 24 hours a day, at any time and from anywhere.
In the sectors of iGaming and cryptocurrencies, funds can take days to clear and payment systems are isolated and very slow. In these times, nobody wants to wait to receive their money and users demand fast payments that are obtained in seconds. In fact, according to a survey conducted by YouGov and TrueLayer in 2020, a third of investors would consider depositing more money if they could withdraw it instantly.
The five days that card payments and bank transfers are delayed represent an impediment for customers and do not contribute to their loyalty. Another survey by YouGov and TrueLayer, from 2021, indicates that two out of three buyers consider that waiting time to receive a refund it is an important factor to buy again in a trade.
Compliance with current regulations is excessively complicated and this is aggravated when merchants stop to verify the data and identity of a new user before issuing a payment, further slowing down the whole process. Bank statements can take up to 10 minutes to load and three more days for the legal teams of the entities to review and validate them. Other methods, such as micro-deposits, can take time to clear and can be cumbersome for users to confirm. Not to mention what happens when the IBAN or account details are entered incorrectly and the user has to restart the entire process.
Manage a return
In business, according to a study by Loop Returns, an employee spends up to two hours of their workday managing a return, as refunds and chargebacks involve managing multiple reports, scrolling through endless rows of data, and manually track each payment. And that leads to countless operational inefficiencies, mistakes, and customer complaints. “Bottom line: Current checkout processes are very slow, take extra effort, and are prone to errors.”, says Murtaza Bootwala, Product Manager at TrueLayer.
With the aim of putting an end to the ordeal that this cumbersome procedure entails for users, the open banking services platform, TrueLayer, launched the service Payoutswhich simplifies the mechanics of payments and adds an additional level of security when a company is making a disbursement for a client.
Also, “users receive their money how and when they want it. You do not have to go through any additional verification, or remember the card details, or endure waiting times”, details Bootwala. “Every time we make a payment to a customer, it is an opportunity to build loyalty. Whether customers are requesting refunds, users withdrawing their earnings or sellers accessing them, payments should be instant and easy“, it states.
