With all the excitement that comes with a trip to the casino, there’s an accompanying inconvenience: carrying cash. Before players even set foot on the casino floor, their first stop is at the ATM or the bank. John Parsons, Vice-President of Gaming for Trustly, notes that about 90 percent of the money entering casinos is cash brought in by guests from outside the casino.
And when that initial cash reserve is depleted? Friction for the player becomes undeniable.
Casino ATMs carry high user fees that may seem like revenue generators, but players dislike these fees and prefer not having to leave their seat to fund their next game.
And let’s not forget the costs of handling cash in a casino, including:
- ATM servicing — Whether leased or owned, ATM machines need periodic servicing.
- Collection — Casino employees must follow strict regulations and procedures.
- Fees, labor, and shrinkage — These total costs can be between four and six percent.
Lastly, cash might sit in a box for up to two weeks, as idle funds that could otherwise be used by the CFO.
Trustly focused on a fundamental question: “How do we get money from the bank to the machine safely and securely?” By partnering with casino management system (CMS) providers, Trustly ensures that players can fund their games in less than 30 seconds, from the time they sit down to the time money increments on the meter.
Trustly Inc. has become a global leader in Open Banking Payments. And after streamlining online gaming payments, the company is now addressing in-person payment inefficiencies on casino floors.
Parsons explained Trustly’s role. “We fund wallets, acting as a funding mechanism for a payment platform connected to a player account-management system. When you use Trustly, you don’t create a new account. You use your existing bank account to approve and process payments via ACH.”
Trustly works with CMS providers to develop efficient technologies to integrate its Open Banking Payments. By establishing direct connections with financial institutions, Trustly removes complexity and high costs, adding efficiency and accessibility to the payment ecosystem. Trustly’s pay-with-bank infrastructure handles the complete payment experience, from initiation to collections.
“The player connects to the service by scanning a dynamic QR code generated on the slot machine,” Parsons described the payment process. “This brings the player to Trustly. On their personal device, the player connects their bank account using their online banking credentials. Trustly validates the player’s identity with bank-verified data and sends a signal back to the CMS, approving or denying the transaction within microseconds.”
When approved, the CMS increments the customer’s meter, allowing them to start playing quickly without leaving their seat. For players, this offers a convenient and low-friction way to start gaming.
Trustly uses sophisticated risk-management systems and their proprietary risk engine to ensure all transactions are secure and compliant with AML regulations. The main advantage is the convenience and speed of funding games directly from a bank account, reducing the need for cash and minimizing friction. The process takes less than 30 seconds from the moment a player sits down to the money being available on the meter.
Parsons acknowledged that the term “cashless casino” has faced some resistance due to the “friction and pain points” consumers experience today. He noted that some players find the process cumbersome, involving multiple steps, like downloading an app, creating an account, linking payment methods, and more.
“The industry attempted to merge various technologies to offer services like loyalty programs, hotel reservations, and valet services,” Parsons said. “But that’s not necessarily what the player wants today. The primary goal is to allow the patron to fund the machine simply, safely, and securely.”
While there is a place for wallet systems, the current methods are often too friction-laden, and consumers aren’t ready for them. Parsons emphasized that the future lies in wallet systems, but the industry must figure out a more user-friendly approach today.
Trustly simplifies the process by taking money directly from the bank to the slot machine on behalf of the consumer. This eliminates the need for players to fund wallets or carry balances across different casinos. Parsons concluded, “We’ve received great feedback from focus groups and the growth is as we hoped. Our partnership with CMS systems ensures distribution, safety, and security. Top gaming providers in the U.S. are partnering with us for upcoming launches. We’re extremely excited about 2024 and our plans for 2025.”
As casinos explore cashless payment solutions, Trustly Inc. is at the forefront, offering a streamlined, secure, and efficient method for players to fund their games. By addressing the primary challenge of moving money safely from bank to machine, Trustly is paving the way for a more modern and convenient casino experience by partnering with top gaming providers in the U.S. and gradually expanding its availability across more casinos.
