Depositing money to an online casino or sportsbook has always been instant. However, when it comes to withdrawing winnings, it could take up to seven days before receiving the money in your account. Following a partnership with PayNearMe and Pin4, this is about to change.
Starting January 2022, online casino players and sports bettors will quickly get their money through an advanced withdrawal method. PayNearMe, a leading iGaming and online sports wagering financial services company, is partnering with another firm to make this happen. Pin4 is a business-to-business financial technology firm that offers other firms efficient ways that clients can get their money quickly.
The two companies announced their collaboration in New Jersey. They had attended SBC Summit North America at the Meadowlands Exposition Center located in Secaucus. Next month, PayNearMe iGaming clients will withdraw their money from over 18,000 ATMs situated across the country.
To withdraw through PayNearMe, a customer will initiate the transaction online on their PayNearMe account. They will enter the amount they wish to cash out during this stage and enter their phone number. Players will get a four-digit passcode through a text message.
Upon visiting one of the ATMs, the clients will enter their phone number, amount to withdraw, and the passcode they received. Then, they will get their cash promptly.
How to Use iGaming ATMs
While it might seem foreign to most people withdrawing money from a PayNearMe account at an ATM, Pin4 promises the process will be easy. Pin4 ATM clients will first choose a cardless transaction then choose Mastercard Cash Pickup on the screen. Several other on-screen prompts will follow, asking you to fill in your phone number, the amount you wish to cash out, and a four-digit code sent through text by PayNearMe.
Explaining why they chose to partner with Pin4, PayNearMe said many online players preferred to use cash for gambling instead of transferring money from their accounts directly to gambling platforms. The company also said that cash deposits throughout their retail locations were famous. By adding withdrawal options, PayNearMe believes it will serve the nation better.
Addressing Withdrawal Concerns
Some people have raised concerns about getting their money only when asking for a withdrawal. By partnering with this Pin4, PayNearMe says it will address the frustration among iGaming players not satisfied by how withdrawal worked.
According to chief revenue officer and general manager for PayNearMe Michael Kaplan, withdrawing money has always been a pain point for most bettors. Kaplan added that the company would help gambling operators solve the problem.
The general manager said the company was determined to offer the industry’s best payment options on one platform. He also noted that the company would continue to find ways to expand its offering to meet operators’ and players’ needs.
PayNearMe will integrate the Pin4 ATM option on the Moneyline iGaming and mobile sports wagering money movement platform. Besides the upcoming PayNearMe ATMs, players can use the funds in their accounts at over 31,000 retail kiosks across the country. Also, players will be limited to withdrawing $500 each day.
Today, PayNearMe operates in 17 states with legalized online gaming. The firm is in partnership with nine of the ten biggest internet gambling platforms, including Caesars Sportsbook, BetMGM, and FanDuel.
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