PAYNEARME
PayNearMe
They’re aiming to change the way the industry processes payments, starting in North America. Strategic Sales Executive Jeremy Enke explained to GIO how they aim to do this…
Gaming International Online: What is PayNearMe all about? Jeremy Enke: PayNearMe simplifies end-to-end money movement for iGaming and sports betting operators. We deliver the most reliable payment experience across all touch points with players, including cashiering, deposits, payouts, cash at cage and more.
At
PayNearMe we’re a very forward-thinking company so we are constantly looking at the payment methods
consumers want and working to bring them into our platform.
From a gaming perspective what put us on the map was our retail cash product. It is a cash deposit method that players here in the US can use when, for example, their credit or debit card may not work, they get a decline rate at the casino or sportsbook, or they just want anonymity and don’t necessarily want to tie a debit or credit card to a gaming operator. So, what we allow them to do through our platform is when they go to the cashier page at the gaming operator, instead of making the deposit right there, they’ll be able to choose from our 27,000 retail cash locations throughout the US. The player will take a barcode to the cashier at the retail location to scan, and the player will give whatever the cash amount is they want to deposit, and the deposit is made directly to the players’ account. So that’s really the gold standard product that put us on the map many years ago when the US market opened up in 2013.
Now, as the market has evolved and as more states have come into the US with regulated online gaming, we see the payment space has become a little bit disjointed. I talk to operators every day and we found a lot of operators will have multiple integrations for payment processing, meaning they may use one company for ACH, using another company for credit and debit, then of course they use us for cash, and then perhaps they have a gateway that’s built in there too. It becomes a confusing experience for the player – our goal is to simplify this by transforming the way the industry thinks about payments. This fall we brought to market our all-in-one solution that allows an operator to work with one payment processing provider, one contract, and one vendor in a simple innovative platform, called MoneyLine, powered by PayNearMe,.
GIO: There is a lot of crossover between land- based gaming and iGaming, so does PayNearMe only work for iGaming? JE: We are primarily focused on iGaming and online sports betting. As part of our MoneyLine platform, we’ve also introduced a cash-at-cage solution to
10 DECEMBER 2021 GIO
bridge the gap between the online and offline worlds. This allows players to load and receive cash easily out of their online accounts at brick and mortar locations. We’re excited to introduce this as our first product in an omni-channel approach to gaming payments.
GIO: What are the payment choices PayNearMe are bringing to the market? JE: Our strong suit has always been our cash product and we have a tremendous reputation here in the US market. One of the things we are doing is offering more payment choices to operators and players. Part of that is having an innovative strategy and bringing the traditional payment processing methods that everybody expects, such as credit, debit, ACH, of course our cash. But one of the things that we’re really excited about, that we are the first in the market to bring to the US gaming space, is we are now giving operators the opportunity to launch Apple Pay and Google Pay within their cashiers. If you look at the US markets, you know the target players for sports betting operators are using native wallet apps for payments. We looked at a couple studies a few months ago and we found that when you look at the age demographic, the Gen Z and millennials are really coming online and getting their first taste of online gaming. A lot of these players are using native wallet apps and we found as these people get a little bit older and their incomes increase, so does the use of native wallets such as Apple Pay and Google Pay. So, we know that Apple Pay and Google Pay utilisation rates will continue to go up, and it’s been very well received so far from the operators we’ve spoken with. Those are just two of the facets from a deposit standpoint that differentiates PayNearMe from other payment providers right now, in the sense that we can incorporate Apple Pay and Google Pay in the existing API that most operators are using us for already for our cash product.
We also offer a number of convenient payout options, including a Push to Debit option and a cash out at ATM option. I know being in the gaming space for 18 years, one of the biggest pain points for players is getting their money off. It’s really easy to get your money onto a gaming site but when you want to get your money off, its often A, how do you get your money off and B, how long is it going to take, and you spend days checking you bank account. Both of these options allow players to withdraw quickly and seamlessly, and are withdrawal methods that have
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