In focus: PayNearMe

Reimagining the Payout Experience with MoneyLine

The payments landscape in the online betting space is fragmented and complex. Oftentimes, operators rely on standalone solutions that address specific challenges, but fail to provide a cohesive, seamless experience. As a result, it becomes cumbersome for operators to foster innovation, while emerging operators struggle to enter the market quickly. One common pain point players encounter is the difficulty of extracting winnings from iGaming/sports betting platforms. Players don’t always have the options they want, and the options they do have often take a long time to process.

According to Trustpilot.com, a totally satisfied customer contributes 2.6x as much revenue as a somewhat-satisfied customer. In addition, research from PayNearMe and Sapio revealed that 49% of bettors would play more and withdraw more often if they had access to preferred payout methods. As new players decide when, where and how they’ll spend their money betting online, player experience will play a role in shaping the future of the gaming market. For operators, offering fast, easy and seamless withdrawal options will be critical for attracting and retaining players.

With MoneyLine, powered by PayNearMe, operators can offer players a range of instant payout options – in a single, unified experience – from the same platform that manages their deposits. Players can withdraw their funds via PayPal, Venmo, ACH, debit card and our latest innovation, Cardless Cash at ATM.

How Instant Payouts Benefit Players

Our payout methods are fast. Players can receive funds in as little as a few minutes. Our payout methods are convenient. Whether players want to deposit their winnings into their bank account, transfer to their debit card or a mobile wallet such as PayPal or Venmo, or receive cash, they are in complete control of how they choose to withdraw their funds.

Finally, our payout methods are innovative. PayNearMe’s Cardless Cash at ATM feature is a revolutionary way for players to instantly withdraw their winnings in cash at local ATMs – with nothing but their mobile phone – completely eliminating the need for a bank card.

If a player selects “Cardless Cash at ATM” to withdraw their winnings, they will be directed to any of the nearest participating ATM locations – which number in the tens of thousands across the US. From there, they’ll follow a quick series of instructions that allow for the secure withdrawal of funds using only their mobile device. Cardless Cash at ATM isn’t an incremental improvement to a commodity service; it is a completely new and game-changing innovation for US-based iGaming and sports betting operators.

How Streamlined Payouts Benefit Operators

When it comes to managing backend operations, less is more. Typically, operators have to manage multiple, separate accounts depending on the type of payout options they offer. Due to the fact that some of these payment methods have unique requirements and procedures, managing payouts for each withdrawal type can be tedious and repetitive. For ease and efficiency, PayNearMe offers operators one principal FBO account – an account which allows a company to manage funds “for benefit of” their users

– to fund all payouts. By streamlining the backend operations of payouts, operators free up their resources to focus on their players, while maintaining full control of their funds.

“I’ve been really impressed with the speed of MoneyLine’s debit and ACH withdrawals. We’re seeing funds appear in accounts within a couple of hours,” said Andrew Patterson, President, Sahara Bets.

This robust suite of payout methods offers operators the innovation they need to solve many common challenges, while allowing them to meet changing player expectations, drive up retention and improve operational efficiency. The MoneyLine platform was built off the backbone of the most successful cash payment solution in the industry, trusted by nine of the 10 largest US iGaming operators and 16 of the top 17 largest online casinos in the US. PayNearMe has been servicing the iGaming market since 2013 and is currently active in 22 regulated gaming markets in the US.

Today, the platform offers major tender types available to operators, including cards, ACH, Apple Pay, Google Pay, PayPal, Venmo and cash at retail.MoneyLine, powered by PayNearMe, offers all the capabilities operators need to offer an exceptional payment experience.

To see the platform in action, visit our website or email sales@paynearme.com.