It facilitates cash, debit, credit, Automated Clearing House (ACH) electronic funds transfers (EFT) and mobile-first payments; including Apple Pay, Google Pay, PayPal and Venmo for thousands of businesses and governments across the US.To make a cash payment, customers need only to visit one of PayNearMe’s 40,000 locations in the US, which include 7-Elevens, Walmarts, Family Dollars, Casey’s General Stores and ACE Cash Express stores. PayNearMe processes cash payments for the Internal Revenue Service, Comcast, Greyhound, Oportun and the California Department of Child Support Services.
PayNearMe launched in 2009 to process cash payments through retail stores, but it now processes billions of dollars annually through all payment types.
PayNearMe also offers licensing to iGaming and sports betting operators in 19 US states. It is focused on expanding across the US as regulated sports betting gains momentum in the US. In early May 2023, Maverick Gaming selected PayNearMe’s MoneyLine platform as a payment option for its customers. At the time of the agreement, Maverick Gaming CEO Eric Persson said, “PayNearMe has consolidated the widest range of deposit and payout methods in the industry into a single platform integration with a consistent look and feel, which gives our customers a broad choice of payment options on a single screen.”
PayNearMe is committed to the sports betting business, commissioning research in 2022 into the payment habits and preferences of iGaming bettors throughout the US. The study, conducted in partnership with Sapio Research, found that 52% of bettors had problems with declined payments when registering for new betting applications and 17% never returned to complete the application after they had experienced trouble with payments. In the report, PayNearMe said, “To improve the bettor experience and stay ahead of the competition, providers must give payment innovation as much weight as bonus offerings and access to content, or risk becoming irrelevant.”
In March 2023, Lottery Now chose PayNearMe to offer its Mido Lotto players payment options through its MoneyLine Platform. At the time of the decision, Lottery Now Co-Founder and President Rich Wheeler said, “PayNearMe’s team of payments industry experts help us stay informed on developing trends in an evolving marketplace while helping us be more forward with a product roadmap that aligns to our players’ needs.”
Then, in June 2023, PayNearMe announced the closing of $45m in Series D funding, which the company will use to further grow and develop its platform. Queensland Investment Corporation (QIC) will raise most of the funds; also contributing will be True Ventures, Costanoa Ventures, August Capital, DNS Capital, Invicta Management and H. Barton Asset Management.
Today, PayNearMe processes deposits for nine of the 10 largest US iGaming operators and 16 of the 17 largest online casinos in the US.
