PAYNEARME
GIO: Why is payment processing so complex in the US? JE: Each state has a different regulation or legislation. In the US they are called issuing banks, so you may have a VISA card, but your VISA card is going to be issued through whatever your local bank is. Some of the challenges in the US market are high rejection rates on credit cards, hence why our cash product had really set the bar and became the gold standard for an alternative payment method for iGaming. It can be a frustrating deposit process across the board for players that leads to challenges, and from an operator standpoint, with acquisition, conversion, and retention. There’s so many different states coming on board, the challenge for both operators and even vendors like us, is coordinating the licensing process, coordinating every state and what they need. Every state is a little bit different in what they require from a compliance standpoint or documentation standpoint. There’s a high barrier of entry for providers due to all this regulation because each state has different licensing requirements.
GIO: Why isn’t every company offering a range of payment choices? JE: I think it’s a matter of the industry is moving so fast, for the last three or four years there hasn’t been a need for innovation because everyone just says as long as we’ve got credit card, debit card, and ACH that’s all we need to get players to get money on the site. 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. We use the word “transform” because we’re not going to allow the payment space to become stagnant. Push to Debit is a great example, and its more so driven from a player experience where players want their money fast. Historically in the US, even before regulation, it can take months to get your money off a gaming site. Even in the US regulated space it can still be a cumbersome experience to try and get your money off a site. We looked at that months ago, and the Push to Debit is a perfect solution from an operator’s standpoint because you’re keeping your players happy. You ask why aren’t other companies doing this, I think they probably will further down the road, but PayNearMe is at the forefront of innovation when it comes to the payment space. We are very fortunate that we get to bring that experience and expertise, as well as payment innovation delivered in other markets that have changed those markets for the good, to iGaming.
12 DECEMBER 2021 GIO
GIO: Are you focused on the US or global? JE: We are focused on the US at this time.
Historically in
the US, even before regulation, it can take months to get your money off a gaming site. Even in the US regulated space it can still be a cumbersome experience to try and get your money off a site. We looked at that months ago, and the Push to Debit is a perfect solution from an operator’s
standpoint because you’re keeping your players happy.
GIO: As a payment processer, are there any AML and KYC responsibilities that lie with you? JE: From the payment processor standpoint, there may be AML and KYC obligations depending on the amount, location and type of transaction.
In addition, we deliver configurability features within our platform that may help the operator maintain their responsibilities.
GIO: Is there potential for a payment processor to work with a responsible gambling organisation to help identify problem gambling behaviours? JE: Certainly, I think for both the payment processor and the operator because we see the same data of money in and money out.
GIO: Will your payment processing methods include cryptocurrency? JE: Cryptocurrency is an interesting topic in iGaming, there are no crypto currencies being accepted in iGaming in the US right now. Could that change, potentially, but that would likely be on a state-by-state level because there really is no federal law regarding crypto currency, so I think we’re still ways out from seeing crypto currency in the iGaming space. As a company we’re always listening to what players and operators want, and what’s feasible in the regulatory guidelines that we operate within. As it stands right now, crypto is still unknown from a regulatory standpoint within a lot of the states that iGaming operators work within.
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