PayNearMe simplifies igaming deposits and payouts

March 5, 2021 11:36 AM
  • Buck Wargo, CDC Gaming Reports
March 5, 2021 11:36 AM
  • Buck Wargo, CDC Gaming Reports

Payments platform PayNearMe has unveiled enhanced features that make igaming deposits and payouts easier for players and igaming operators in the U.S.

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Longtime partner BetMGM will launch some of the enhancements on its platform later this month.

PayNearMe enables operators to dramatically accelerate speed to market. It also simplifies deposit and payout experience across a wide range of payment types via smartphone through a single integration built for igaming, according to Michael Kaplan, chief revenue officer and general manager for PayNearMe.

The company, known for its ability to take cash payments at retail outlets in which players can load their sports betting or igaming accounts, now has the ability to process other forms of electronic payments, such as credit, debit, ACH, Apple Pay and Google Pay as part of that platform. It can also do debit card dispersions.

“We think it’s a big gamechanger,” Kaplan said. “Payments is one of the hardest parts within the igaming and sports gaming space for operators to manage. Our goal is to simplify all of that and make it a better deposit experience for players. They want a simple and fast deposit experience and when they don’t get it, they quickly move to an operator that makes funding accounts easy.”

With this solution, operators can accept players’ cash and electronic deposits, plus rapidly distribute payouts without having to manage multiple payment providers. PayNearMe is the only payment service provider that enables players to fund their online gaming accounts using cards, ACH, Apple Pay, Google Pay and cash — all in a single platform, Kaplan said.

“iGaming payments are hard,” Kaplan said. “Managing deposits and payouts is a complex process that requires technology designed specifically for the gaming industry. With billions of dollars in igaming deposits at stake, operators can’t afford to lose players to poorly designed deposit and cashout experiences.”

PayNearMe’s Smart Link technology allows players to deposit in two clicks — without having to navigate through the cashier page. This frictionless experience is useful when players are making in-the-moment betting decisions and need to fund their accounts quickly and easily, like during March Madness, the NCAA basketball tournament, when one in five Americans places bets that add up to billions of dollars, Kaplan said.

“That’s 47 million people who need to be able to use a smartphone to quickly make deposits,” Kaplan said. “PayNearMe makes this process effortless.”

PayNearMe will also make it easier and faster for players to receive their funds. PayNearMe’s push-to-debit technology gives operators the ability to pay out funds directly to a player’s debit card in minutes.

“Players don’t want to wait days for cashouts,” Kaplan said. “One of the best ways to improve the igaming experience is to give players a fast and easy way to withdraw their winnings and that’s exactly what our technology enables operators to do.”

PayNearMe, which is accepted at more than 26,000 retail locations in the U.S., has technology that powers more than 100 gaming and ADW sites across all legal U.S. markets. In addition to BetMGM, some of its customers include TVG, PointsBet, FanDuel and William Hill. It works with more than 95 percent of U.S. igaming operators to digitize cash deposits.

The technology is crucial, with more than 60 percent of Millennials and 48 percent of Gen Z consumers saying they are “extremely interested” in using mobile wallets as a primary payment method, making Apple Pay and Google Pay critical deposit methods for players, Kaplan said.

“The pandemic accelerated the adoption of remote and contactless payments,” Kaplan said. “As a result, a large majority of sports betting is now happening on mobile devices and the gaming industry needs to solve for the new challenges this brings. That means players need to be able to use a smartphone to seamlessly fund their accounts, place bets and withdraw their winnings.”

Using PayNearMe Smart Link, operators can text, email or use native app push notifications to send players reminders, announcements, incentive promotions or other player engagements, along with a link they can click to make a deposit anytime and anywhere, Kaplan said. Operators can use that to leverage to increase deposits and retain players, he said.

“PayNearMe has deep expertise in the gaming industry and is a long-time partner of BetMGM, creating the industry’s best customer experience around cash deposits,” said Maria Tomlinson, head of payments at BetMGM. “We’re constantly looking for ways to improve the customer experience on BetMGM, so when PayNearMe made it possible for us to expand its frictionless payments experience across more deposit types, we knew it was the best bet for both our business and our customers.”