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PayNearMe, a payments technology provider, has published the results of its latest study on payment methods and the different ways they can affect customers.
Titled ‘iGaming Payment Optimization is Key to Player Retention,’ the study was conducted via interviews and surveys of 231 customers across five different US states.
The players frequented either or both iGaming and online sports betting platforms and had varying levels of interaction with the industry.
It was found that out of the 29% of customers who reported problems with either funding or withdrawing from operators, 23% of those who couldn’t deposit discontinued using the app altogether.
Out of all respondents, whether they experienced payment issues or not, 49% said they were very likely or likely to switch to another app if it had faster withdrawals.
Anne Hay, PayNearMe CMO and SVP of Marketing, said: “Though iGaming and online sports bettors tend to be tech-savvy and familiar with mobile payments, too many are encountering deposit and withdrawal issues, which is contributing to operators’ app abandonment problem.
“Operators need to consider how they can leverage technology to streamline deposits and withdrawals, provide a better user experience and educate about any restrictions that could block payment.
“It’s crucial for retaining players in this highly competitive business.”
Also revealed in the study, 17% of users preferred Venmo as a funding method, 9% preferred PayPal and 3% used Apple Pay.
Hay continued: “Understandably, players expect to use the same payment methods they use day-to-day and should be able to count on them going through without a problem.
“Here’s where working with a payments technology provider experienced with offering popular payment types can make a huge difference.”
Through its deal with Atleos, PayNearMe recently expanded its range of payment options provided for iGaming operators, such as ATM withdrawals.
