Sports Betting with American Express for Bookmakers
What is American Express?
American Express, also known as Amex for short, is one of the trusted names in electronic banking. The company has gone a long way since it was founded. Many people consider it today as one of the most popular brands in the financial services industry. American Express didn’t really start out as a bank when it was founded. Could you imagine naming your company with the word “express” in it? That word is better suited for a deliver company instead, right?
You guessed it right if you think so. Well, you see, back in 1850, the company actually began as a delivery service enterprise. Back in those days the U.S. Postal Service lacked experience when it came to delivering large parcels, which is why American Express and other similar companies had a viable business that they could work with. The American postal service would only cater to delivering letter-sized envelopes while other delivery companies like Amex would cater to those who want to deliver larger sized parcels. Just like other companies at the time, American Express saw this as truly great opportunity which they capitalised on.
You should note that American Express delivered pretty much every item that they could fit into the boxes and other parcel sizes. When you say bigger parcels, they were usually big enough to carry valuable pieces as well. Examples of which included jewellery items, stock certificates, cash, clothing, personal effects and other items that were deemed valuable as well.
Servicing the Banks
However, the company began to serve a more particular clientele – banks and other financial institutions. American Express gained popularity simply because it was a very reliable delivery and parcel service. Banks began to choose its services and the company grew that particular segment of its market base.
It then provided a more secure delivery service for interbank drafts. That included transfers between eastern states and western states and their respective cities. The company started focusing on this market segment. It didn’t take long before the Amex proprietors came up with a totally proactive albeit bold move to enter the financial services industry themselves. Part of the reason why they went on with the idea is due to the connections that they made while service banks and other related businesses.
The company started issuing money orders during the late 1890s. Amex was then competing with the banks that it was previously servicing. It got so good at it that it saw a lot of success. Soon, it expanded its services to the countries in Europe. American Express then opened branches in Paris, Antwerp, Berlin, Zurich London. Amex then ventured into the world of travel services. The opportunity came during World War II when 150,000 Americans got stranded in Europe. They gathered at the American Express offices not to look for travel deals, but to get funds so they could travel back home to the United States.
Letters of Credit
Since the outbreak of the war, European banks denied letters of credit from American travellers. Unlike the foreign banks, American Express approved those letters of credit. They then used the credit to fund their travel back to the US. Now, that was nothing short of a stroke of good luck and the entrepreneurs behind the company saw it as another opportunity that they could take advantage of. The first travel services provided by Amex began in 1922. The company offered luxury steamship travel tours, which circled the globe. One of the business segments, its traveller’s cheque suite, was perfect for the target market – luxury travelers. This is actually a noteworthy move for the company because the traveller’s cheque segment ushered the development of the company in the coming decades.
In the 1950s, the company began offering its first credit cards to its customers. Its first gold card was issued in the year 1966. This card was distributed to its upper class clientele and these folks usually preferred to travel in business class. The company’s very first set of platinum cards were issued in the 1990s.
American Express today remains a one of the biggest global brands in the financial services industry. It offers one of the most expansive consumer products which included the Blue Card. One of the most extremely exclusive credit cards in the world is from Amex, which is called the Black Card. It only gives this card out by invitation, and those who receive one are no less than the rich and famous.
Pros and Cons of Using AmEx for Your Bookies
A lot of online bookies make use of American Express credit cards to deposit and withdraw funds. You actually have several options – remember that the company offers a lot of different products that you can take advantage of.
You can fund your bookie account using your Amex credit card. Another option is to transact with your bookie using a prepaid Amex Card. You can get these prepaid cards in convenience stores – yes, they are that accessible. Now, there are pros and cons of using Amex card; they’re not impeccable after all and you should know their limitations.
Let’s begin with the pros
a) Amex is one of the biggest names when it comes to customer account safety. It follows some of the strictest customer security policies, and it is well-known for it. That means when you select Amex cards as a mode of payment at your online bookmakers you can be sure that your money and your personal details are kept safe.
b) Online transactions using these cards are easy and lead times are really fast. Payments and withdrawal lead times take only a few minutes if not instantly. That means you can manage your money in real time.
c) Funds are instantly available in your bookie account.
d) Amex cards usually have high limits. Here’s an example for you. Let’s say that your online bookie offers 100% matching bonuses. This is usually offered for new accounts. Let’s say you deposited £100 which counts as your very first deposit. This amount instantly gets doubled up to £200. If you are a high roller and you plan on placing really large bets, then Amex cards could be a lucrative option for you.
e) Amex cards usually come with great membership rewards. For instance, you can get cash back with every penny you spend on your bookie. You can also get cash back when you accumulate a certain number of airline miles. You can go the Amex website to check out the terms and conditions of their cash back rewards and other rewards as well.
f) They won’t charge you any extra fees for transactions done online. Some issuing banks may charge certain fees in some cases. It is best to check with your bookie or other merchant if they make extra charges for Amex card transactions. If there are charges, however, note that a bookmaker may at the very least charge only a small fee.
Now for the cons
Safety and Security
Amex has built a name and reputation that is usually linked with the rich and famous. However, it’s a credit card brand that is accepted in more places than the ones where only those in the elite circles go to. Now, even though not all bookies take advantage of Amex and its services, the number of online bookmakers who are using Amex as a payment method is growing tremendously. Its efficiency and security makes it a trustworthy payment service.
Amex is also known for high security standards as it uses the most advanced data encryption, SSL, and software security protocols. It will always block third party access to your data. You can be sure that personal details and your funds will remain secure and safe. The company takes pride in its reputation. That means it does not collaborate with unscrupulous entities. So, if an online bookmaker accepts Amex, then that means that bookie is reliable. You can be sure that it is a legitimate business and not just another scam.
Using American Express for Your Bookie Transactions
If you have used Amex cards to purchase in Amazon or from any other online stores, you already know how easy it is to use. However, if you have never used one before, then please see the information below. Our guide will give you a primer on sports betting using Amex or any other credit card.
- Make sure that the bookmaker’s site accepts American Express credit cards.
- Create a user account on the bookie site. Note that they will ask you to enter your bank account details (i.e. the info on your Amex card).
- After registering an account, go to the deposit or cashier page.
- For your selected payment method, choose “American Express” or “Amex.”
- Enter your card details – that will include the 16-digit card number, the 4-digit CVV code, and your date of birth,.
- Click “Agree” or “Accept” (whichever is shown on the page). Note that they will transfer the funds immediately into your account.
Now you can start placing bets.