In this week’s Flow of the Week, we’re focusing on a crucial aspect of account management: dormant accounts. In the iGaming industry, tracking and managing inactive accounts can be a daunting task. This post will explore how Flows can streamline dormant accounts management, ensuring no funds are left idle, saving your business valuable time and resources.
The challenge: managing dormant accounts
Managing dormant accounts presents a significant challenge for iGaming operators. These accounts, left inactive for extended periods, often contain unused funds. Manual tracking and management consume time and increase the risk of errors, potentially leading to financial discrepancies and compliance issues. Efficient dormant accounts management is essential to ensure that any available funds are appropriately handled and not lost in the shuffle.
The solution: automating dormant accounts management with Flows
Flows provides an innovative solution by automating the entire process of managing dormant accounts. Here’s how this automation can transform your operations:
- Account review: Flows continuously monitors all user accounts to identify those inactive for a specified period.
- Internal transfer: Once a dormant account is detected, Flows automatically transfers any available funds from the inactive account to the entity’s main account.
- Efficiency and accuracy: This automation eliminates the need for daily manual reviews, ensuring that funds are accurately managed and reducing the risk of human error.
Behind the scenes – how It works in five simple steps:
- Identify dormant accounts: Flows initiates regular checks on user accounts, flagging those inactive for a predefined period.
- Trigger internal transfer: Upon identifying a dormant account, Flows triggers an automated process to transfer the available funds to the entity’s main account.
- Notification: A notification is sent to the relevant team, confirming the transfer and ensuring transparency.
- Update records: Flows updates the account records to reflect the internal transfer, maintaining accurate financial records.
- Periodic reports: Flows generates periodic reports summarising the dormant accounts handled and the total funds transferred, providing valuable insights for financial management.
Key advantages of using Flows:
- Time-saving: Automating the review and transfer process saves significant time, allowing your team to focus on more strategic tasks.
- Accuracy: Reduces the risk of errors associated with the manual handling of dormant accounts.
- Efficiency: Streamlines the management of inactive accounts, ensuring funds are not lost or overlooked.
- Customisation: Flows can be easily customised in three simple steps – select account activity as the trigger, filter by inactivity period, and set the action to transfer funds and send notifications.
Streamlined dormant accounts management with Flows
Managing dormant accounts is crucial for maintaining financial integrity and operational efficiency. With Flows, you can automate this process, ensuring that no funds are left idle and that your business runs smoothly. Automating dormant accounts management not only saves time and reduces errors but also enhances overall financial management.
Ready to see how Flows can optimise your account management processes? Get in touch for a personalised demo and transform the way you handle dormant accounts.
