Payments company PayNearMe is working with several operators to launch its MoneyLine platform, using Pin4 technology that will give igaming and sports betting players quick access to their cash at more than 18,000 ATMs nationwide.
The Santa Clara, Calif.-based PayNearMe, the company designed to manage the payment complexities of igaming and sports betting, plans to go live with MoneyLine by the end of the second quarter. Announcements on the details are forthcoming.
Last fall, PayNearMe announced a partnership with global fintech company, Pin4, that enables operators to provide players with instant access to their winnings through the integration of Pin4 technology into the MoneyLine platform launched in 2021. The platform helps operators manage the payment experience, from initial touch through the necessary journeys around payment and deposit to funds settlement, an end-to-end turnkey solution.
“Making the withdrawal process faster and easier for both players and operators has been a challenge for a long time,” said Mike Mastrangelo, PayNearMe’s director of product. “We’re working with a number of operators and platform providers to take our cash-out-at-ATM option to market, and there’s been a lot of positive reaction. The buzz has been tremendous from major operators, who’ve been asking, ‘When can we have this?'”
In January, PayNearMe received approval to provide its MoneyLine platform to operators in New York. The New York Gaming Commission also approved operators to launch in the state and to date, five expanded into New York with MoneyLine.
PayNearMe operates and processes payments for licensed operators in 18 U.S. states and continues to expand its gaming footprint as new states legalize igaming and online sports betting. It processes cash deposits for 16 of the 17 largest online casinos in the U.S. and nine of the 10 largest U.S. operators, including BetMGM, TVG, PointsBet, FanDuel, and Caesars Sportsbook.
The MoneyLine platform is designed to remove friction, enabling operators to deliver a best-in-class player journey, Mastrangelo said. With one integrated platform, igaming and sports betting operators can facilitate deposits, payouts, and engagements using data to automate decisioning and better manage payment experiences that ultimately reduce costs and increase revenue, he said.
To initiate a cash payout with the technology from Pin4, players enter their mobile phone numbers and withdrawal amount. Once processed by the operator, the players receive two text messages, on with a four-digit order number, the dollar amount of the payout, and the time window for withdrawing funds, the other with a link to a locator map that identifies ATMs in the area where the player can immediately withdraw the funds, Mastrangelo said.
Players then enter their mobile phone number, the amount of the withdrawal, the order number, and a separate secure four-digit PIN into a participating ATM to receive their funds in cash, Mastrangelo said.
“PayNearMe’s partnership with Pin4 allows us to enable operators to give their players faster access to winnings,” Mastrangelo said. “We’ve integrated with the Pin4 network of more than 18,000 ATMs across the nation, which allows players to visit a participating ATM and withdraw their funds in cash instantly. Operators provide their players with an easy, convenient, and seamless way to get their money out of their gaming wallet.”
Withdrawals have always been a pain point for users in the industry – whether that’s waiting for a check to be cut or ACH (electronic bank-to-bank payments) to be cleared into their account, Mastrangelo said. This option solves the problem; once approved by the operator, it’s available instantly. The MoneyLine platform also includes functionality to help operators automate more of the approval process for even faster payouts.
“From an operator’s perspective, it helps them keep flowing cash in and out of their players’ account, which is what operators are coming to us for,” Mastrangelo said. “The majority of withdrawals today take some time and if they’re using ACH, it can take up to three business days to clear. With our cardless cash-payout option, players walk to an ATM location and get cash in hand instantly. They don’t have to make a second trip to a bank. The convenience factor of it is huge.”
MoneyLine offers operators and platform providers a number of deposit options, including card, ACH, Apple Pay, Google Pay, PayPal, and Venmo, Mastrangelo said.
“We also have enhancements in the marketplace, such as the ability to offer a seamless flow where players can choose their desired payment type from a single screen and make a deposit in a matter of seconds,” Mastrangelo said. “This is the kind of experience to expect in a world-class payment suite.”
PayNearMe will continue to add innovative deposit and withdrawal options to its platform, Mastrangelo said.
PayNearMe has enabled cash payments through its proprietary electronic cash network since 2009 and today is accepted at more than 31,000 retail locations in the U.S.
“PayNearMe leads the industry with our cash product and the company will continue to innovate and evolve the option for players and operators,” Mastrangelo said.
