PAYNEARME
PayNearMe continues to provide payment processing to US iGaming players
VP and head of iGaming at PayNearMe, Leighton Webb spoke to GIO about PayNearMe’s MoneyLine platform and trends and developments in payment processing in the US
Anjali Sooknanan: What is the MoneyLine platform?
Leighton Webb: MoneyLine, powered by PayNearMe, is a full payments platform and gateway that provides payment processing and more for iGaming and online sports betting operators. Within the platform, we have every major tender type available to the operators. For deposits, we have cash at retail, debit/credit, ACH, Apple Pay, Google Pay, PayPal and Venmo. For disbursements, we offer debit, cardless cash at ATM, PayPal and Venmo with more to come. The power of MoneyLine is that it’s one platform, one integration for the operator to manage an end-to-end payment experience.
AS: Is there anything like this currently on the market? LW: No, what’s different is the number of tender types both on the inbound deposits and outbound on disbursements are all integrated through one platform. The platform also has built-in features to allow the operator to optimise the payment flow - from player insights and analytics to the ability to enable business rules to automate parts of the payment flow - such as automating disbursements. Many operators today struggle to manage numerous integrations needed to support a robust set of payment options for the player. We simplify that operational challenge through one integration which helps operators with many parts of its payment solution including speed to market. MoneyLine effectively future proofs the operator’s payment stack as, once integrated, they are able to add new payment tenders we offer though a simple configuration update.
AS: From an iGaming perspective, where did the idea for PayNearMe come from? LW: PayNearMe started in the iGaming industry when it became legal in 2013. Our cash at retail solution was (and continues to be) a staple in the operator cashier. One of the major challenges operators faced in 2013 was that banks were routinely declining iGaming transactions, and so our cash solution was an ideal mix in the cashier. Cash deposits are 100% guaranteed, making cash
12 JULY 2022 GIO
deposits a core part of the overall payment mix. In 2018, when online sports betting started to become legal in the US it was a natural extension for us to expand into electronic payments e.g., cards, ACH, VISA, Mastercard, PayPal, Venmo, etc to offer our operators more choice. From a strategy perspective, it was a natural extension for us as a company to expand those relationships and expand that offering to electronic payments. Out of that came the MoneyLine platform.
AS: What are the benefits to players? LW: Choice and ease-of-use are paramount when creating an ideal payment experience for players. Going back to what I said about the landscape in 2013, many of these operators have added new tenders a la carte without putting equal emphasis on the overall user experience. One of the goals of MoneyLine is to provide not only choice (in terms of tender types available), but to help operators streamline the payments experience and use data to ensure players are converting through the payments funnel. Operators realise they need to focus more on reducing acquisition costs and LTV and our platform helps them do that.
AS: Have you faced any hindrances regarding the strict payment regulations in the US? LW: We haven’t. The company has been in the payment processing space for a long time before entering the iGaming space. We have a lot of expertise, and we hold a number of licenses including being a licensed money transmitter in all 50 states. When it comes to individual states, I would describe it as a process as opposed to a hindrance. Just like an operator we have to go through regulations and a standard licensing process, but it isn’t a hindrance.
With acceptance rates on payment processing there are still a few banks that will not accept the category and decline the payments on a debit card transaction, for example. However, the US over the past 12 months has really accelerated in terms of companies and providers that allow payments in the iGaming category, and that will continue to accelerate. This is because the market is now of a
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