Aeropay Review

Aeropay is a Chicago pay-by-bank company founded in 2017 by Daniel Muller, and it sells something genuinely different from the merchant accounts most of this site covers: it moves money directly between bank accounts over ACH and the instant rails rather than over the card networks. The business is built around four pieces — Aerosync for connecting a customer's bank account, Pay for taking the debit, Payout for pushing money back out, and Guard for risk — and it is sold to industries where cards are either expensive, awkward or refused outright. That history is the important context. Aeropay found its first real traction in cannabis dispensaries, where card acceptance is a persistent problem, and then moved hard into online gaming; by August 2024 gaming was around 80% of revenue. It raised a $20m Series B in May 2024, led by Group 11, and has assembled a credible list of banking and network partners since — Cross River, MVB Bank, Regent Bank, a Worldpay collaboration for gaming, a Skipify checkout partnership and a Jack Henry integration announced in June 2026. The company publishes no pricing at all, and its consumer-facing record is the problem: the Better Business Bureau rates it F, with a pattern-of-complaints alert and complaints about delayed transfers and unresponsive support.

A pay-by-bank network, not a merchant account

Aeropay does not sell merchant accounts and does not process cards. It moves money directly between bank accounts — ACH for the ordinary path, the RTP network and FedNow when speed matters — and it sells that as an alternative to card acceptance rather than an addition to it. Daniel Muller founded the company in Chicago in 2017 and still runs it, and the product has settled into four parts: Aerosync connects the customer's bank account, Pay takes the debit, Payout pushes money back out, and Guard handles the risk that arrives with both.

The reason those four are sold separately is worth noticing. A business that already has a bank aggregator can buy only the money movement; one that has its own risk engine can skip Guard. That is an infrastructure company's way of selling, and it is a fair description of what Aeropay is.

Cannabis first, then gaming

Aeropay's first real market was cannabis. Dispensaries have a persistent card-acceptance problem, and a compliant bank-transfer product that worked in-store and online solved something the card networks would not. From 2023 the company moved hard into online gaming — sportsbooks, daily fantasy, lotteries and prediction markets — and by August 2024 gaming accounted for roughly 80% of revenue, with named customers including PrizePicks. Muller told Payments Dive at the time that the company expected to quadruple revenue that year. In its own Series B release three months earlier it had reported 10x revenue growth over the previous year, more than $1bn in annualised processing volume, and cash-flow profitability from the fourth quarter of 2023.

That concentration cuts both ways. Gaming is where instant payouts are worth the most, and Aeropay's partnership list reflects a company that has done the work: Cross River for instant payouts and later for Request for Payment on the RTP network, a Worldpay collaboration in October 2024, MVB Bank in September 2025, Regent Bank in March 2025, Skipify for checkout in October 2025, and a Jack Henry integration announced in June 2026. It also means that a regulatory shift in one industry reaches most of the revenue at once.

The BBB record

The Better Business Bureau rates Aeropay F. The profile is not accredited, records the business as started on 1 May 2017, carries a pattern-of-complaints alert, and cites failure to respond to seven complaints. The complaints describe transfers that did not arrive when expected, charges the complainant did not recognise, and support that did not reply.

Two things about that need saying at once, because most write-ups get one of them wrong. The first is that this is largely a consumer record, not a merchant one. Almost everyone complaining is a player or a dispensary customer whose money moved through Aeropay, and a payments company whose name lands on a consumer's bank statement collects complaints that an invisible back-end processor never does. It is not a description of what your account management will feel like. The second is that it still counts, for two reasons: the complaints are unanswered, which is a choice rather than an accident, and the people writing them are your customers. In a pay-by-bank product, the consumer's confusion about where their money went arrives in your support queue before it arrives in anyone else's.

Everything about the price is private

Aeropay publishes no prices. The entire commercial argument is that bank transfers cost roughly half what cards do — a figure the company states itself and does not source — and there is no way to test it from outside. Nor are contract length, notice period or termination terms published anywhere.

The rest of the public numbers are the same kind of claim: a 90% approval rate, 20% better conversion for first-time users, 99% coverage of financial institutions, more than 12,000 banks connected, onboarding in under 15 seconds. They are plausible and they are unverifiable, and they should be treated as the marketing they are. What a prospective merchant can do is ask for the pieces priced separately, and ask what a returned debit costs — because in account-to-account payments the return, not the transaction, is where the money is.

How to buy it well

Price each component: bank connection, debit, payout, risk, failed-transaction handling. Establish who carries the loss when an ACH is returned after you have shipped, and what the representment path looks like. Ask what share of your own customer base reaches a bank on RTP or FedNow, because the instant-payout promise degrades to Same-Day ACH for everyone else. Get the contract term, the notice period and any minimum in writing, since none of it is published. And ask directly what happens to in-flight funds if a banking partner leaves your vertical — in cannabis payments that is not a hypothetical, and Aeropay's own history of adding and changing bank partners shows how normal it is.

The verdict

B-. This is a substantive company with its own infrastructure, real bank partners, a product that genuinely moves money faster than the alternative, and eight years of experience in two industries most processors avoid. It is graded down for two reasons, and neither is fatal. The pricing is entirely private, in a product whose whole argument is that it costs less. And the Better Business Bureau rates it F with an unresolved pattern of complaints from the consumers who use it — a record that describes your customers' experience rather than yours, but which a company this dependent on consumer trust should have answered by now. For a gaming operator or a dispensary, it is worth the conversation. For an ordinary card-accepting business, it is a second rail at best.