Leading payment platform Paysafe today launched Pay by Bank for iGaming. This is a new solution that allows US online bettors to instantly and securely deposit money or seamlessly cash out their winnings directly from their online bank account to an operator's till. This product extends the capabilities of Paysafe's Gateway, an iGaming payment solution that connects U.S. operators to the most comprehensive traditional and alternative payment methods on the market through a single integration.
Building on Paysafe's 25-year history of streamlining iGaming payments, the company added Pay by Bank to meet growing demand from US players for payment options. The gateway already connects merchant cashiers to his Paysafe-processed card payments, Skrill digital wallets, Paysafecash online cash solutions, and third-party payment products. According to Paysafe research, to enhance player acquisition for operators, Pay by Bank will offer customers yet another payment option. This is particularly attractive for his 27% of bettors who prefer trading via direct bank transfer.
Leveraging Paysafe's single unified gateway, US online gaming operators can now offer Pay by Bank to their customers, allowing first-time users to sync their checking or savings accounts in just seconds and in real-time. You will now be able to securely deposit funds into your player account. For repeat bettors, Pay by Bank makes the process even easier with support for one-click payments from linked accounts.
Winnings can be withdrawn seamlessly from a player's sportsbook account as well, and Pay by Bank allows for quick payments directly to a linked bank account, which can also be initiated with one click.
For operators, all Pay by Bank transactions are covered, reducing liability in the event of a default deposit from a player's bank account. In addition to driving player acquisition by offering more payment options, other benefits of Pay by Bank for merchants include enhanced customer retention by improving the overall payment experience. included. According to Paysafe research, transaction speed and financial security are players' top two priorities when it comes to payment experience.
Zak Cutler, President of Global Gaming at Paysafe, said: “We are pleased to announce our new Pay by Bank product for our iGaming solutions, which will almost certainly prove to be highly effective in both converting and retaining players for U.S. carriers. Incredible transaction speeds and robust security. Through Pay by Bank, we are growing Paysafe Gateway by offering unparalleled payment options to U.S. carriers and their customers through a single integration. I will continue to do so.”
Paysafe will be exhibiting (booth A270) at SBC Summit North America in New Jersey from May 7-9, 2024, introducing Pay by Bank and Paysafe Gateway.
About paysafe
Paysafe Limited (“Paysafe”) (paysafe.com) is a leading payments platform with an extensive track record of serving merchants and consumers in the global entertainment sector. Its core purpose is to enable businesses and consumers to seamlessly connect and transact through industry-leading capabilities in payment processing, digital wallets, and online cash solutions. With over 25 years of online payments experience, $140 billion in annual transaction volume in 2023, and approximately 3,200 employees in more than 12 countries, Paysafe supports businesses with 260 payment methods in more than 40 currencies around the world. and connects consumers. Paysafe solutions, delivered through the integration platform, target mobile-initiated transactions, real-time analytics, and in-store and online payment integration.
About Paysafe iGaming
Paysafe brings over 20 years of professional payments experience supporting the global iGaming and sports betting sectors, offering a comprehensive suite of traditional and alternative payment methods through a single streamlined API integration. Provided to business operators. Paysafe, through its Income Access business unit, is also a leader in digital and affiliate marketing technologies and services for iGaming operators.
Since the opening of the US iGaming market in May 2018, Paysafe has established leadership in Canada and Europe and consistently expressed its ambition to become the payments leader in the fast-growing sector. As of April 29, 2024, the company supports 75% of the nation's carriers with payment or marketing solutions across 33 jurisdictions. Paysafe also has a leading position in Canada, partnering with the majority of regulated iLottery and gaming brands.
