“The BuyLottoNow solution eliminates transaction fees for the retailer which is their number one concern. In fact, it may very well be the first time a payment system isn’t charging the fee to the retailer. Plus, there's the extra benefit of a loyalty engagement program," said CEO Joe Randazza.
BOCA RATON, Fla. (PRWEB) September 16, 2020
Announcing BuyLottoNow, http://www.buylottonow.com, a new cashless payment platform that allows c-stores to accept payment for draw games and scratch off tickets easily on a mobile phone with a seamless interface into existing POS terminals. Today, BuyLottoNow is bringing its proprietary decoupled debit mobile payment platform featuring no processing fees to c-store operators. In addition to no processing fees, BuyLottoNow makes lottery a potential winning loyalty program that can drive increased in-store foot traffic through merchant branded no cost email campaigns. Unlike cash, the platform knows who a retailer’s lottery players are, where and what they are buying and how much they are spending so the retailer can target such products as gas and merchandise offers to these customers.
Today online lottery sales are in their infancy with approximately $2 billion in sales. It is estimated that the 13 states currently selling lottery products online will reduce c-store retailers’ commissions by $126 million this year alone. The pandemic has caused states to accelerate their interest in online lottery sales pushing projections to $262 million in reduced commissions to retailers by 2025.
While the nation continues its rapid movement away from cash transactions, high processing fees mean convenience retailers won’t be able to accept cash for Lotto sales. On the slim margins these retailers make on debit and credit payments, they cannot afford to promote such card payments for Lotto sales because of costly processing fees.
“The BuyLottoNow solution eliminates the transaction fee for the retailer which is their number one concern. In fact, it may very well be the first time a payment system isn’t charging the fee to the retailer. Plus, the extra benefit of a loyalty engagement program makes participating retailers a VIP destination for lottery players,” says Joe Randazza, CEO of BuyLottoNow, who also co-founded National Payment Card Association that attracted millions of enrolled users to c-store branded rewards programs. “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,” says Randazza.
A convenience fee of $0.30 per transaction, regardless of the transaction size is charged to the consumer for the convenience of paying for lottery products with their phone. Mr. Randazza says that, “By making lottery a winning loyalty program, c-stores can retain current customers and reduce or offset the loss in in-store traffic from online sales.”
Interested parties can learn more about the merchant and consumer benefits of the BuyLottoNow payment platform from the following two videos that can be found at:
For more information about BuyLottoNow and to set up an interview with a company official, please contact Shep Doniger at 561-637-5750 and firstname.lastname@example.org.
About iVertical Payment Network d/b/a: BuyLottoNow
(http://www.buylottonow.com) is a Fintech company with a proprietary cashless payment platform designed for the $91 billion state lottery industry utilizing the business methods of 9 issued U.S. Patents. Our platform is a seamless payment interface into a retailer’s existing POS Terminals. The company is a Gold Level Member with Conexxus, http://www.Conexxus.org, a non-profit member driven organization that helps set technology standards in the c-store and petroleum industries.
iVertical Payment Network’s management team of electronic payment professionals has worked together for 16 years providing payment solutions to Convenience Stores and has implemented the best-in-class data security for mobile payments.