Paysafe, a leading payments platform in the online gaming industry, has introduced a new pay-by-bank option for online bettors. This feature allows players to instantly fund their accounts and cash out winnings without any additional fees. The pay-by-bank service is available to operators of online sportsbooks, lotteries, and social-gaming brands catering to U.S. players, as long as they have the necessary licensing from U.S. regulators.
According to Zak Cutler, the president of global gaming at Paysafe, the pay-by-bank option utilizes traditional automated clearing house (ACH) rails for deposits and both ACH and real-time payments (RTP) rails for withdrawals. This allows for immediate payment authorization and indemnified transactions, giving operators the confidence to post funds to players’ accounts instantly.
Users can easily sync their checking or savings accounts in seconds and make real-time deposits into their player accounts. Pay-by-bank also supports one-click payments for returning bettors, making the process quick and convenient.
Paysafe’s in-house development of the pay-by-bank service, in collaboration with a third-party provider, ensures an indemnified service and streamlined account verification process. This move by Paysafe comes in response to the growing consumer demand for pay-by-bank options, with 27% of bettors preferring direct bank transfers according to a Paysafe white paper.
By prioritizing transactional speed and security, the pay-by-bank option meets the needs of U.S. online sports bettors. Integrating this method into their operations is a seamless process for iGaming operators using the Paysafe gateway, which already supports various payment methods including card payments, digital wallets, online cash services, and third-party payment products.
