PayNearMe, a Santa Clara-based payment technology developer, recently commissioned a report to delve into the intricacies and challenges faced by sports bettors and iGaming patrons during their payment experiences. The research aimed to identify and address customer issues as they engage with their preferred wagering and online gaming services, helping refine PayNearMe’s solutions.
Payment Problems Can Damage Customer Retention
PayNearMe turned to live activation company Bettng Hero to gather data regarding the paying preferences of iGaming and online sports betting customers. The report surveyed 231 bettors over 21 years old from Ohio, Massachusetts, Maryland, and Ohio, revealing that 22% of respondents encountered obstacles due to user interface or user experience issues. Meanwhile, 29% faced challenges related to funding accounts or withdrawing money.
These results are far from the seamless experience PayNearMe hopes to achieve. The payment technology developer strives to make transactions as easy as ordering food online, effortlessly leading customers through the purchasing journey. Company VP and General Manager of iGaming and Sports Betting Leighton Webb noted that the research would be instrumental in overcoming current challenges.
“It’s important that (operators) get customers through the process of making a successful deposit and disbursing funds as they win. As in any business, you acquire customers and maximize that lifetime value.”
Leighton Webb, PayNearMe VP and General Manager of iGaming and Sports Betting
Webb highlighted the fundamental differences between gaming transactions and standard purchases, emphasizing that the disbursement of winnings in gaming distinguishes it from traditional payments. He stressed the importance of effectively communicating with users to troubleshoot funding issues and redirecting them to alternative methods.
Research Data Should Help Develop Better Solutions
The report indicated that 44% of respondents were inclined to delete or abandon an app if it exhibited glitches or was unresponsive. Furthermore, 13% faced issues with deposit methods, while 26% encountered obstacles in withdrawing funds due to the absence of preferred payment methods. Such problems can cause significant client frustration and reduce player engagement.
The report underscored that 23% of bettors unable to deposit funds departed and did not return, leading to a loss of customers. Webb estimated that the acceptance rates for sports betting and iGaming deposits hovered around 90%, as most issues stem from insufficient funds or velocity limits triggered by consecutive rapid deposits.
This newest data should significantly benefit PayNearMe’s MoneyLine platform, providing tailored, end-to-end payment solutions. The research revealed the importance of balancing acceptance rates while mitigating fraud risks, highlighting how a seamless payment experience is crucial to enhancing how users interact with partnering operators.