Let’s be honest, we don’t understand the vast majority of the technology we use on a day to day basis. For example, you’re probably reading this on a smartphone or tablet and I bet you don’t REALLY understand how it works. Most of the time it’s OK to not fully understand the systems that are working away to make 21st century life possible, but there are other times when it is actually useful to have a handle on things.
And so, in our apparently unending discussion of phone bill deposits, we come to the topic of payment intermediaries — the all-important middlemen you never realised were so integral to your phone billing. In this post, we’ll introduce you to the basic principle of what payment intermediaries are and enlighten you as to who exactly these special and important companies are.
What Are Payment Intermediaries?
When you make a phone bill deposit, you might just assume that your phone network provider is sending cash directly to your chosen casino. However, phone companies tend to be too busy being phone companies to worry about the micro-transactions each of their users are making to phone bill casinos. So, they tend to palm off this work to middlemen, who take the payments in bulk from networks and dribble them through to casinos.
Yup, there’s a mysterious third man in the transaction, who aggregates payments, working between the customer, networks and casinos to iron out technical and legal issues. If the payment intermediaries are doing their jobs correctly, you’ll hardly notice them doing their jobs at all! But how exactly does it all work?
How Payment Intermediaries Work
The most basic element of the payment intermediary business model is the billing engine – i.e. the means by which it takes money from the user to deposit at casinos. The most successful payment intermediaries are those, which have the billing engines that are easiest to integrate into the casinos’ platforms. The bits of these you don’t see are the analytics tools, which allow the companies using these payment intermediaries to analyse data about how the payments are being used.
Once they have the technology in place, intermediaries approach mobile networks to set up relationships which they can then use as a selling point when they’re trying to sell their products to casinos. It is then the payment intermediaries’ job to ensure that the payments between networks and casinos run smoothly and that they are in line will all the latest regulations and rules.
Who Are The Payment Intermediaries?
There’s a very good chance that you’ve already heard of Boku. After all, it is the biggest payment intermediary there is and it is often branded at the casinos at which it features. Yet, there are many other companies, which offer a similar service without being so overtly involved with the operation. Many of these companies are actually owned by phone network providers or casino operators to bring the whole process in-house.
To name just a couple of these companies, you’re looking at the likes of Bango, ImpulsePay, Dialogue, txtNation and Oxygen8. Although these might all sound like white rappers from an early 2000s rude-boy music group, they’re all in fact the companies that make the payments you take for granted every day.