Online sports bettors and casino gamblers will soon have quicker access to their money by way of a more expedited withdrawal process.
PayNearMe, a leading iGaming and internet sports betting financial services firm, has announced a new partnership with Pin4 that will, in early 2022, allow online bettors to more easily access their account funds. Pin4 is a business-to-business financial technology (Fintech) company that provides solutions for companies to offer their customers more efficient avenues to collect cash.
Expected to launch in January, PayNearMe iGaming customers will be able to quickly access their funds at more than 18,000 ATMs across the nation.
To initiate a cash payout, a player will schedule such a transaction within their PayNearMe account. After declaring the withdrawal amount and entering their phone number online, the patron will receive a text message with a four-digit code. Upon arrival at one of the designated ATMs, the customer enters their phone number, amount of the withdrawal, and PIN to receive the cash instantly.
PayNearMe and Pin4 announced their partnership during this week’s SBC Summit North America at the Meadowlands Exposition Center in Secaucus, New Jersey.
PayNearMe is operational in 17 states that have regulated online gaming. The company has contracts with nine of the 10 largest internet casino/sportsbook platforms, including FanDuel, BetMGM, and Caesars Sportsbook.
A major cause of frustration among iGaming players in the US has been receiving their funds once they seek a withdrawal. PayNearMe says its Pin4 partnership will help remedy those grievances.
Withdrawing funds has always been a significant pain point for players,” said Michael Kaplan, PayNearMe’s chief revenue officer and general manager.
“We’re helping operators solve that with this partnership. We provide the most — and the industry’s best — deposit and withdrawal options on a single platform, and will continue to identify ways to expand these options for operators and their players,” Kaplan added.
PayNearMe says its Pin4 ATM option will be integrated into the company’s Moneyline iGaming and mobile sports betting money movement platform. Along with PayNearMe’s forthcoming ATMs, players can use their account funds at more than 31,000 retail locations across the US.
PayNearMe told Sports Gaming Journal that customers are limited to withdrawing $500 in cash per 24 hours.
Withdrawing funds from a PayNearMe account at an ATM machine will be a foreign experience for many. However, Pin4 says the process is easy.
Customers at a Pin4 ATM will begin by choosing a cardless transaction. They will then need to choose “Mastercard Cash Pickup,” and then follow the on-screen prompts, which will ask for a phone number, withdrawal amount, and the four-digit pin sent earlier via text by PayNearMe.
PayNearMe said its decision to partner with Pin4 is due to a significant portion of online bettors who prefer to use cash for their gambling activities. The company explains that cash deposits at its retail locations remain popular, and more cash withdrawal channels will only better serve the demographic.