Trustly Brings Pay by Bank to Hard Rock’s Sports Betting Platform
Pay-by-bank provider Trustly has launched a partnership with Hard Rock Digital.
The collaboration, announced in a Wednesday (March 19) news release, will see Trustly provide pay-by-bank services to Hard Rock Bet, the company’s sportsbook/iGaming platform.
“Through this integration, Hard Rock Bet players will be able to securely link their bank accounts for instant deposits and withdrawals using Trustly,” the companies said in the release.
“This strategic partnership also allows Hard Rock Digital to tap into Trustly’s real-time consumer insights to increase conversion rates and gain a deeper understanding of player activity.”
In addition to real-time payments, Trustly will provide guaranteed Automated Clearing House (GACH) payments and available funds guidance for players in every state where Hard Rock Digital operates.
Hard Rock Digital also gets access to Trustly’s VIP program, which employs a proprietary risk engine to approve up to $1 million deposits and provide streamlined care for the platform’s most valuable players around the clock.
Pay by bank is precisely what it sounds like: a method that allows people to make payments directly from their bank accounts, skirting traditional intermediaries like credit cards or digital wallets to move money in a few clicks.
It’s a method that’s growing in popularity in the world of sports betting, where lightning-fast payouts and frictionless transactions are crucial, John Parsons, gaming vice president at Trustly, told PYMNTS in an interview last month.
“It’s very frustrating for a player to deposit money [on one site] and then have it [stuck] there for three to five days because of processing times,” said Parsons.
As that report noted, consumers stream entire seasons of shows in one sitting, so waiting days for a payout or a deposit to settle feels archaic. This is particularly true for sports bettors, whose experience is built on the rush of the moment.
Meanwhile, pay by bank is gaining traction in consumer-facing sectors, PYMNTS wrote last week. Though still in its early stages, this payment method is already helping reduce cart abandonment, improve data security and lower transaction costs.
“Consumer-facing companies that have adopted pay-by-bank are seeing advantages, according to the report,” PYMNTS wrote, citing data from the PYMNTS Intelligence report “Cost Concerns Hinder Merchants’ Pay-by-Bank Adoption — but Current Payments Could Cost More.”
“All the companies surveyed reported lower cart abandonment rates, highlighting their effectiveness in keeping customers engaged. Additionally, 80% of businesses using pay-by-bank said enhanced data security for their customers was a benefit.”
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