Tuesday , October 20, 2020

BuyLottoNow Offers Decoupled Debit To Entice Merchants

Convenience-store operators wanting another way to accept payments for lottery games have a decoupled-debit option with the launch of the BuyLottoNow program.

The program, provided by iVertical Payment Network LLC, Boca Raton, Fla., charges no fees to merchants, but charges consumers 30 cents per transaction. Consumers enroll a checking account in the app. They can then use the app to pay for lottery games at participating merchants. 

Merchants also can avail themselves of a loyalty program that is built on knowing who the store’s lottery players are, where and what they are buying, and how much they spend. 

The elimination of the transaction fee for merchants will attract them, Joe Randazza, BuyLottoNow chief executive, said in a statement. And the service taps into a trend that has seen a steady decrease of cash use at the point of sale. 

“Cash is suppressive to the impulse of high-jackpot games or $20 scratch-off tickets. Cashless payment will bring a lift in sales and commissions,” he said. Randazza previously cofounded National Payment Card Association, a decoupled-debit services provider that has since morphed into ZipLine.

To use the service, consumers enter a PIN in the BuyLottoNow app and enter the amount of the transaction. They present the phone’s screen, which displays a bar code, for the merchant to scan to complete the payment.

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