A partnership between PayNearMe and Pin4 will provide sports bettors with a compelling new withdrawal option.
PayNearMe has emerged as one of the most popular deposit methods at sportsbooks such as BetMGM, Caesars, FanDuel, and PointsBet.
You simply generate a barcode, take it to your local 7-Eleven, CVS, Casey’s General Store, or Family Dollar store, and pay the cashier up to $500 in cash. The funds then show up in your sportsbook account within 15 minutes.
However, PayNearMe has never been available as a withdrawal method. Bettors have limited payout options, as they are generally limited to ACH/e-check, Play+, and perhaps an e-wallet such as PayPal. Now PayNearMe will now offer players another convenient option courtesy of its partnership with Pin4.
Available at 18,000 ATMs
Pin4 is a venture capital-backed Fintech company. It operates in 13 countries, including the U.S., the UK, and Spain. Pin4 launched in the U.S. market in 2019 via a partnership with MasterCard. It allows companies to deliver instant cash to their customers without the need for a bank account, debit card or credit card.
PayNearMe’s integration of Pin4’s patented technology into its MoneyLine platform will give sports bettors and online casino players a quick and easy option to withdraw their funds in cash at more than 18,000 ATMs across the United States.
“Our cash-in at retail option is very popular with players for funding iGaming and sports betting accounts, and those same players want cash withdrawal options,” said Michael Kaplan, chief revenue officer, and general manager of PayNearMe.
“By integrating Pin4 into MoneyLine, operators can now give players the option to withdraw their winnings in real-time via cash at nearby ATMs. Together, we are giving operators a fast and convenient way to enable cash payouts for their players.”
How to Secure a Cash Payout via PayNearMe and Pin4
You can begin the cashout process by entering your cell phone number and the amount you would like to withdraw. The sportsbook will process and approve your payout request, and then send you two text messages.
The first message will contain a four-digit order number, the dollar amount of the payout, and the time window for withdrawing funds. The second will provide a link to a locator map that identifies ATMs in your neighborhood where you can immediately withdraw your funds in cash.
When you arrive at the ATM, just enter your phone number, the withdrawal amount, the order number, and a four-digit PIN, and then you can take your cash. There
“Withdrawing funds has always been a significant pain point for players; we’re helping operators solve for that with this partnership,” Kaplan said. “We provide the most — and the industry’s best — deposit and withdrawal options on a single platform and will continue to identify ways to expand these options for operators and their players.”
When Will This Option be Available?
Pin4 should be fully integrated into PayNearMe’s platform in early 2022.
“Instant cash withdrawals can help iGaming and sports betting operators attract more players,” said Rich Witkowski, CEO of Pin4. “PayNearMe is the leading payments company in the iGaming and sports betting market. The company’s innovation around the player experience makes PayNearMe the ideal partner to help us bring our cash at ATM solution to the U.S. gaming market.”
PayNearMe said it will “continue to add innovative deposit and withdrawal options to its platform” in the future in a bid to make the process as easy as possible for players.