Payments platform Paysafe has launched Pay by Bank for iGaming and sports betting, a new solution enabling American players to instantly and securely fund wagers directly from their online bank accounts, as well as enabling them to quickly withdraw winnings to their bank accounts.
This product expands the capabilities of the Paysafe ‘Gateway’, the iGaming payments solution connecting US operators to the market’s most comprehensive range of traditional and alternative payment methods via a single integration.
Paysafe added Pay by Bank in response to the growing demand from US players for a greater number of payment choices. The Gateway already connects operators’ cashiers to Paysafe-processed card payments, digital wallet, the Paysafecash online cash solution, and third-party payment products.
Strengthening operators’ player acquisition, Pay by Bank provides customers with a payment option that is particularly appealing to the 27 per cent of bettors who prefer transacting via direct bank transfer, according to Paysafe research.
According to Paysafe research transactional speed and financial security are players’ top two priorities regarding their payment experience. By leveraging Paysafe’s single-integration Gateway, US online gaming operators can now offer Pay by Bank to their customers and give first-time users the ability to sync their checking or savings account in just seconds, and then fund their player account securely in real-time.
For operators, all Pay by Bank transactions are indemnified, reducing liability if a player’s deposit from their bank account defaults. Along with helping to drive player acquisition by providing more payment choices, Pay by Bank’s other benefits for operators include strengthening customer retention by improving the overall payment experience.
Winnings can also be withdrawn from players’ sportsbook accounts just as seamlessly, with Pay by Bank enabling rapid payouts directly to linked bank accounts, again initiated through a single click.
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