Part I: PayNearMe Announces Revolutionary MoneyLine Platform 

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On Monday, October 4, PayNearMe announced its new payment platform, MoneyLine. This innovative platform will bring much needed change to processing igaming payments. It’ll keep bettors from jumping back and forth between different sites to deposit and withdraw. It’ll tell bettors which of their deposit methods will and won’t work ahead of time. But critically, it’ll increase the number of bettors who successfully make deposits and withdrawals, then come back to wager more. 

We reached out to PayNearMe before their announcement to understand why this is such an innovative new product. PayNearMe Chief Revenue Officer, Mike Kaplan, walked us through the worst parts of deposits and withdrawals for bettors and how MoneyLine will solve those problems. 

What MoneyLine Does For Bettors  

Payment processing is one of the most important features that bettors forget to think about. However, bettors notice when a deposit or withdrawal goes wrong, and it can lead them to give up on an online sportsbook or casino. 

One common obstacle is a blocked credit card or ACH transaction. When gambling sites were just launching, many major banks wouldn’t allow customers to use their cards or accounts to make deposits at gambling companies. While gambling companies enjoy increased acceptance today, some deposit methods are still blocked for these archaic reasons. However, MoneyLine helps bettors navigate these common roadblocks.  

“First of all, [we recognize] and [have] the sort of intelligence that says, ‘Oh, this is a T Bank card,’” said PayNearMe CRO, Mike Kaplan. “I’m not picking on T Bank, but we know that this card is going to fail. So before we lead the player down the journey of, ‘Hey, your card failed,’ [we] tell them ahead of time. ‘Hey, this card is not going to work. Here are some other options that might work for you. Here’s a bank account login option. Here’s a cash-at-retail option. Here’s a prepaid card option.’” 

MoneyLine will make it easier for bettors to find deposit methods that aren’t rejected because of outdated attitudes about igaming. However, MoneyLine will also reduce the number of steps bettors have to go through to make a deposit. Instead of being redirected to another site and having to log in again, bettors can breeze through deposit steps in-app like they can anywhere else. Bettors may not think about the payment software undergirding their favorite sportsbooks. But when MoneyLine rolls out, bettors will notice the benefits. 

How SmartLink Can Almost Automate Deposits 

One new deposit method that bettors can look forward to is SmartLink. The unique thing about it is that bettors don’t have to select it. SmartLink will suggest to bettors when they should make deposits and how. 

“The proprietary process allows us to deliver a customized link on [a] player-by-player basis based on their prior payment preferences,” said Kaplan. “That way when they click on that link, it drops them directly into a deposit flow to complete a two-click deposit. So, one click of opening the link and the second click of completing the deposit.” 

So, push notifications or even text notifications can remind bettors to make deposits. This could be good for bettors who wager on the same amounts of money on the same kinds of events week after week. Kaplan offered a concrete example. 

“Chris usually deposits on Sunday at [or] before noon. It’s noon and he hasn’t made a deposit for Sunday’s game. We can link to him with a matching deposit that basically invents him to deposit for Sunday’s game. They [The sportsbook] send the link, the deposit is matched to that, and your [Chris’] already stored payment credentials and payment methods are already there and make it easy for you [Chris] to make that deposit.” 

Over the next few months, online casino and sportsbook users could enable prompts to make deposits. It’ll be a great feature for gamblers who can control their gambling. However, this feature will need the same options to limit notifications as other push notifications to be deployed ethically

How MoneyLine Speeds Payouts Up For Bettors 

MoneyLine will also allow bettors to collect their winnings faster. This will solve a major point of frustration for many bettors. Waiting days for payouts to be approved then transferred is one reason that bettors stop using sportsbooks and online casinos. When payouts aren’t forthcoming, a legitimate company can feel like a phishing scam. So, getting this right is critical for igaming companies. 

“When people talk about speeding up payouts, there’s two elements,” said Kaplan. “There’s actually how fast money moves, because there’s laws of physics around how quickly money can actually move across the various payment routes.” There are payment rails behind the scenes, like RTP and push-to-debit, that get money into bettor accounts quickly. However, the second element is what usually pumps the brakes on receiving payouts. 

“The main thing is the operator’s ability to approve any given withdrawal process,” said Kaplan. Online casinos and sportsbooks have real people behind the scenes approving withdrawals. They have checklists that they must go through to approve payouts. These backend workers protect their online operators from the liability of awarding winnings to fraudsters and prohibited bettors. However, MoneyLine gives online casinos and sportsbooks ways to deliver some payouts instantly. 

“We can build a rule that says, ‘Hey, if a player requests a withdrawal for less than $100 and has been registered for more than six weeks, a withdrawal request can be automatically approved if the withdrawal method mechanism is the same as the way they deposited,’” said Kaplan. 

MoneyLine allows operators to write rules to automate safe payouts. That means when more online sportsbooks and casinos start using MoneyLine, bettors could get payouts instantly instead of waiting days. This may become the most popular benefit for bettors. 

Cashing In And Out At Cash Cages 

MoneyLine will also make it easier for bettors to move money in and out at casino’s cash cages. PayNearMe already powers cash deposits that bettors can make at 7/11s. 

“Today, if you want to go and load cash at a 7/11, we provide you with a barcode to take down to the 7/11 store. And you scan that barcode, hand over your cash, and basically, we let the operator know you handed over cash. It’s all [in] real time. And your funds are credited.” 

However, that technology offers bettors important features for bettors in retail sportsbooks and casinos, too. 

“We’re using that exact same technology to enable brick and mortar casino cages—or sportsbooks or sports lounges for that matter—to do the same thing.” 

PayNearMe’s goal is to blur the line between online and offline payment processing.   That may not sound immediately interesting to bettors, but bettors should pay attention. They could easily withdraw virtual funds at physical cash cages. So, bettors could hit the pool, place some bets poolside, then collect winnings on the way out of the casino. As more operators run MoneyLine, more bettors could use their virtual accounts as real wallets. 

How Big Data Drives Big Changes

MoneyLine’s new features make deposits and withdrawals seamless. These changes are possible because of the data MoneyLine collects for operators. However, MoneyLine also makes it easy to break that data down and find useful patterns. User behavior data is the most important thing that igaming operators get from MoneyLine. 

“Once you have that visibility of how players are bringing money in and the ways they want to take them out, to me, that’s the key,” said Kaplan. “And then we’ve got the entire insight platform that’ll allow you [operators] to analyze that behavior and then we can use that data then to improve your [operators’] customer flows.” 

It’s important for igaming operators to understand how their customers behave. That allows operators to give bettors what they’re really looking for. Kaplan offered a quick example. 

“The simplest one is, ‘You [the customer] paid with Apple Pay last time. Next time we drop you in a deposit flow, we’re going to offer you Apply Pay as the main way right away because why take you back through?’ More sophisticated would be, ‘Hey the last time you tried to pay this way, it didn’t work.’ So don’t offer that option anymore. Remove it from the interface so the customer doesn’t have to deal with that.”   

There are countless ways for online sportsbooks and casinos to improve customers’ experiences. However, they can’t smooth out payment processes for their customers unless they know how customers like to pay. MoneyLine’s clear interface for interpreting customer data may not be the most interesting feature to bettors. But it’s the engine that drives every benefit that bettors will love when they make seamless deposits and withdrawals.

About the Author

Christopher Gerlacher

Christopher Gerlacher is a senior author and contributor for Gaming Today. He's a devout Broncos fan, for better or for worse, living in the foothills of Arvada, Colorado.

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