PayNearMe launches MoneyLine platform for igaming apps

PayNearMe launches MoneyLine platform for igaming apps

  • Rege Behe, CDC Gaming Reports
October 4, 2021 1:00 PM
  • Rege Behe, CDC Gaming Reports
  • Other

When bettors use billing and payment platforms, their baseline expectations should be ease of deposit and straightforward and quick withdrawals. But according to PayNearMe Chief Revenue Officer and General Manager Michael Kaplan, many payment experiences are disjointed and jarring.

“If you’ve ever been to a site when you click on a payment or deposit link and it sends you to this foreign third-party screen,” Kaplan says, “and you have to reenter in more information, it’s a little unnerving.”

Monday at G2E, PayNearMe announced the launch of MoneyLine, a new platform designed to help users more easily navigate igaming environments that move money. MoneyLine leverages PayNearMe’s technology and gaming industry expertise to streamline deposit flows and accelerate payouts for players. It also delivers information to operators that allows them to optimize workflows for customer acquisition, conversion, and retention.

Gaming operators using MoneyLine will provide their customers with payment experiences that are quick and frictionless.

“I go to a sports betting site not to deposit,” Kaplan says. “I go to bet on sports and interact with the game The deposit piece is something I have to do and the (gaming operator’s) goal should be to make that as invisible as possible, as seamless as possible.”

PlayLive! is among the first to adopt MoneyLine. The platform will be used with online casinos affiliated with Live! Casinos & Hotels in Philadelphia and Pittsburgh,

“Managing deposits and payouts is a complex process, and it requires technology designed specifically for our industry, so we’re pleased to partner with a fintech company that specializes in both payments and igaming,” said Cordish Gaming Group Executive Vice President Joe Billhimer in a statement. “We were looking for an all-in-one solution and found that PayNearMe’s MoneyLine gives us the flexibility and agility we need, along with the widest range of payment types, all on a single platform.”

The Cordish Gaming Group is a division of the The Cordish Companies, which own and operate Live! Casinos & Hotels and PlayLive.com

MoneyLine offers gaming operators four tools that allow customers to make and receive payments how, when, and where they want.

  • Cashiering: MoneyLine consolidates multiple deposit types and supports data-driven player workflows, including rescue flows (which allow immediate access to alternate sources of funding when one payment source is unavailable) to increase conversion and player satisfaction while reducing operating costs.
  • Frictionless deposits: MoneyLine provides players with multiple deposit choices, including cards, cash, ACH, and popular mobile deposit options. Through the platform, operators can offer players one-tap deposits from text, email, or push notifications using PayNearMe’s Smart Link technology.
  • Faster payouts: MoneyLine gives players near real-time access to funds across the payment types and channels they use most. The platform’s push-to-debit technology lets players receive payout funds on their debit card within minutes.
  • Cash at cage: The platform allows players to deposit and withdraw cash from their online accounts simply and easily while onsite at brick-and-mortar facilities.

Kaplan says the delay in transferring funds often comes from the operator’s side, where established rules and protocols can delay the approval process. MoneyLine enables frictionless transfers of money, because the platform has built-in rules that evaluate a player’s data and profile.

“Because we have visibility on the money-in and money-out requests, we can tie that together using data to streamline the whole process,” Kaplan says. “You’ve got a player that fits that criteria and clicks on ‘withdraw $100,’ and we can, within a minute or two, have that withdrawal in their account, and have a really satisfied player.

“That’s going to drive more deposits back in, because even though they took the money out, when they’re ready to bet it’s going to go back into (the gaming operator’s) account because they had a really solid experience when they wanted to get their money out.”

Rege Behe is lead contributor to CDC Gaming Reports. He can be reached at rbehe@cdcgaming.com. Please follow @RegeBehe_exPTR on Twitter.