This is where player-centric payment platforms, such as MoneyLine™, powered by PayNearMe®, come into play. Acting as more than a simple gateway, a player-centric payments platform makes deposits and withdrawals frictionless and convenient. This allows players to focus their energy on your content, rather than forcing them to burn brain cells on figuring out how to get their money in or out.
The Anatomy of a Player-Centric Payments Platform
MoneyLine was built to simplify the end-to-end movement of money for operators, creating a turnkey experience that connects all parts of the payments process. This is accomplished by building better technology across six key areas.
Deposits
Many operators are laser-focused on the first step of player acquisition: getting a new customer to download the app and sign up for an account. There is a second piece, however, that rarely gets discussed. Once a player signs up, they need to actually make a deposit in order to start (and continue) to play. This is why it’s critical to make the process of depositing funds accessible, intuitive and fast. MoneyLine places many of the most important deposit types in one place, giving players an easy way to deposit with cards, PayPal/Venmo, Apple Pay, cash at retail and more.
Offering these options in a single place gives more players the ability to get started with your app, whether they want to deposit with their spare cash at 7-Eleven or use fantasy winnings sitting in their Venmo wallet to get started.
Operators benefit from having a single platform to integrate their most popular deposit options, making future development and new payment type additions simple.
Withdrawals
A key point of frustration for players is the long wait times and limited options for getting money out of their accounts. For example, if a player makes a cash deposit into their account, they may likely want to quickly get cash out when they’re ready to withdraw funds.
MoneyLine offers fast and varied ways for players to make withdrawals, including push to debit, cash out at ATM, direct deposit to a bank account and PayPal. These options appeal to a broader range of players, keeping them happy and reducing support requests. And with smart back-office tools in place, operators can work to automate and streamline payouts to simplify operations.
Cashiering
Having all the deposit and withdrawal types alone isn’t enough to win the customer experience battle. If the UX, language and interface is different for every payment type, players may get confused and frustrated when trying to move money in and out of the platform.
Instead, operators should strive to create a unified, consistent cashiering experience that makes money movement predictable and simple for players. MoneyLine brings many of the modern payment experiences found in popular fintech and ecommerce apps to the online gaming space, making every payment a simple and enjoyable experience. By creating a unified, optimized experience for players, operators can then invest more resources into what happens after the deposit.
Cash at Cage
For operators that have both an online and offline presence, it’s never been more important to bridge the gap and deliver an omni-channel payment experience. In fact, your players expect it.
By allowing players to load and receive cash easily out of their online accounts while onsite at the brick-and-mortar casino, they get the best of both worlds -- access to their favorite content for wagering while enjoying the experience of watching the game in the sportsbook. MoneyLine includes a “retailer in a box” option that allows operators to turn a brick-and-mortar location into a destination for players to facilitate cash in and out of online accounts.
Analytics
Payments can tell you untold stories about how your players play. How they deposit, when they deposit, what happens after a failure and other important payment details can help operators deliver better payment experiences and reduce points of frustration that cause players to churn.
For example, do certain payment methods lead to more repeat deposits for a segment of players? With this knowledge, operators can prioritize those methods in the cashier to improve the experience for all players.
MoneyLine incorporates detailed analytics and insights around the player payment experience, allowing operators to make better decisions that improve conversion, lower churn and reduce payment failures.
Messaging
In many circumstances, timing is the key to a successful online gaming experience for players. Picture this: a sports betting customer is watching a tie game that’s down to the wire. The two-minute whistle blows and there’s 30-60 seconds of commercials until the drive resumes. Can the player make a deposit and place a bet before the next play goes off?
With MoneyLine, the answer is “yes”. Operators can send a text message to interested players in real-time, with a personalized link that goes directly to a preferred deposit experience (such as Venmo). The player can then complete the deposit in as little as two clicks or taps, giving them plenty of time to then place a bet (and maybe grab a snack).
This is all made possible with the help of Smart Link technology, which creates unique, personalized payment links that can be sent to players via text message, email or push notification. By making the engagement fast and simple, players will continue to choose operators that remove the friction from the deposit process and allow them to focus on making the bets they came to make.
MoneyLine: The Sure Bet for iGaming & Sports Betting Operators
It’s no secret that operators are scaling back on marketing and player acquisition costs; with increasing competition and expensive operating costs (e.g. NY tax rate), among other factors, operators simply can’t afford to continue over investing. Operators need to look at the payments experience as an untapped area to reduce the cost of acquisition and increase customer lifetime value.
MoneyLine, powered by PayNearMe, simplifies end-to-end money movement for iGaming and sports betting operators with an all-in-one platform optimized for speed of innovation and user experience. It delivers the most reliable payment experience across key touch points with players, including cashiering, deposits, payouts, cash at cage, engagements and more. With one platform and one integration for key deposit and payout types, operators can reduce costs, get to market fast and make the entire payment experience seamless for their players.
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