Mazooma processes first bank-verified payment in U.S.
LAS VEGAS, Oct. 2, 2018 /PRNewswire/ - The trusted source for verified bank payments in U.S. online sports betting and igaming, Mazooma's eCheck Select re-invents the traditional ACH payment channel, processing the very first regulated online sports betting transaction in New Jersey with an industry leader in online sports betting.
Leading the way for online sports betting payments is eCheck Select's real-time ability to verify bank-level data intelligence–specifically consumer identification and account information. Payment interruptions hurt the entire experience of online betting. Unlike credit cards and e-wallets, eCheck Select's verified ACH processing delivers broad consumer and bank acceptance. At the time of transaction, eCheck Select can confirm a consumer's account balance and process the payment, or terminate it when there are insufficient funds.
This real-time verification provides rich data, creates a seamless process, reduces fraud and potential customer service issues that might result days later from the traditional ACH channel, and enables online sports betting merchants to confirm payment in real time.
"eCheck Select rethinks bank payments and optimizes the online sports betting experience from start to finish," said Jamie MacKay, CEO, Mazooma. "Mazooma continues to reimagine online payments with a focus on optimizing user experience through technological innovation."
A Supreme Court decision on May 14, 2018 cleared the way for states to legalize sports betting, driving the momentum for this new segment of igaming to emerge and Mazooma's eCheck Select to be a first mover.
Mazooma, Inc. is an innovative financial technology company that enables licensed online gaming merchants in regulated U.S. markets access to the banking system for reliable and secure consumer financial data intelligence and payment processing. Since launching its first product in 2009, Mazooma's patented online banking verification technology has been used by millions of consumers and can be found on the checkout of every regulated igaming operator in the country.