Using MasterCard for Bookmakers
MasterCard Incorporated, also known as MasterCard, is a multinational financial services corporation based in New York, United States. Its primary business is to process the payments between the credit unions or card issuing banks of purchasers and the banks of merchants from all over the world.
The History of MasterCard
In 1966, the Interbank Card Association was created with several banks being associated. The original banks involved with MasterCard include the Wells Fargo, Crocker National Bank, Bank of California, and United California Bank. A few years later, its name and trademark were changed and the company came to be called Master Charge.
The business was rebranded again in 1979 and was called MasterCard. In 2002, Europay International and MasterCard International were merged together. In 2006, MasterCard International was changed to MasterCard Worldwide in order to denote a more global scale of operations. They also introduced a new logo for the company.
In 2010, MasterCard acquired DataCash and in 2012, the company expanded its mobile contactless payments program. MasterCard acquired more companies – Pinpoint in 2014 and Brighterion in 2017.
At present, people mostly know MasterCard for its array of banks and financial institutions. Just like its primary competitor, Visa, it is not directly responsible for loans or credit cards that are branded under its name. Instead, the financial institutions behind the cards are responsible for such debts. The company earns revenues by charging a transaction fee to clients and financial institutions that are affiliated to them.
Advantages and Disadvantages of Cards for Online Sportsbetting
Using cards like MasterCard is easy, quick, and convenient. Most bookies actually prefer it to using cash as payment. There is no need for you to physically go to the shop because this type of payment is widely accepted. They can also process the deposits right away.
You can get your money in an instant. You also get much better exchange rates than other payment methods. Cards are also safer to use. You can complete transactions without the risks associated with carrying huge amounts of cash.
Furthermore, you can make deposits through your bankcard. Your bank and bookmaker record all transactions on their database. The Personal ID Number indicated on your card increases its security in case of theft.
When using MasterCard, you have to fill up the necessary information, payment method, and security number. Then, you can begin betting. Most bookies do not charge extra for withdrawals made using your card.
Nevertheless, even though this seems like an advantage, it can also be a huge disadvantage if you are not able to manage your betting activities. As much as possible, you should refrain from making hasty deposits that you may eventually regret.
So, before you hand over your money to the bookie, see to it that you consider certain factors. For instance, find out how long transactions usually take and what limitations bookies place on withdrawals and/or deposits. You should also learn about the fees involved. In addition, you should find out if you can get betting bonuses and other promos when using your card.
Using MasterCard for Sportsbetting
Many years ago, one had to pay in cash to engage in sportsbetting. Today, the advancements in technology have made it possible for anyone to engage in sportsbetting online. Rather than go to a shop, they can simply use a credit card for their bookmaker’s payments.
You can get a card from your bank and link it directly to your bank account. You can also use it as a prepaid card. When you give your card to a merchant, it either gets swiped through a terminal or inserted into a PINpad.
If you are on an online betting website, you have to input your PIN to verify your transaction. The card issuer will then authorise your payment to make sure that you have sufficient funds in your bank account, if there are insufficient funds then they will decline your transaction. Then, they will ask you to input your PIN or sign on the receipt to verify the payment.
Bettors use Maestro and MasterCard often. They transfer funds quickly into their betting account without minimal delay. Since their cards are connected to their bank accounts, their money gets debited in just two days. So, how safe is your money online? Very safe.
The betting websites that accept these cards are generally secure and safe. In fact, people consider MasterCard to be one of the most cost-effective and safest ways to make deposits on online betting websites. It only takes several steps to get started.
Three Steps on How to Use MasterCard
Step One: You have to select an online betting website and then sign up. See to it that this website accepts MasterCard as a payment method. When you are done creating an account, you can go to the cashier page. Click on the deposit option and select MasterCard as your payment method.
Step Two: To make a deposit using MasterCard, you have to input your data into the form provided on your screen. You will be asked to provide your name, card number, card expiration date, and CVV number or the digits printed at the back of your card. If you have any bonus codes, do not forget to input them.
You also have to select the deposit amount. The deposit amounts generally vary from one betting website to another. Nevertheless, the usual range for MasterCard is between £20 and £2,000. Take note that you may have to pay a transaction fee. Click on the deposit option to complete this transaction.
Step Three: You have to prepare your withdrawal documents. The online betting website will ask for your proof of identification. You may have to upload an ID photo, as well as the back and front sides of your credit card. For withdrawals, most bookies that use MasterCard do not have this option. However, you still have to verify your identity to be able to receive payouts using other payment methods.
What If the Credit Card Deposit Does Not Work?
In case your credit card transaction does not go through, do not worry because you can still use other methods. More often than not, credit cards are rejected because banks have set a default to reject international transactions.
You can contact your bank or credit card company for help. Tell them that you want to make an international transaction using your card. However, you should refrain from revealing the fact that you are gambling online. Even though sportsbetting is not illegal, banks and credit card companies are still not allowed to let their clients knowingly use credit cards on betting websites.
If your credit card still does not work, you can contact the customer support of the betting website you are on. Your bookie may use various payment processors throughout the day.
MasterCard Services and Features
MasterCard, it offers a wide range of services and features.
For starters, you can benefit from contactless payments. You simply have to tap the card against the reader to make a payment. If your transaction costs more than £30, then you need to enter your PIN. This makes checkout quick and hassle-free.
You can also get a premium card. It can let you enjoy concierge services, complimentary insurance, global customer assistance, and privileges at various restaurants, shops, and hotels. You can also enjoy exclusive offers, such as exclusive shopping, dining, entertainment, and travel experiences.
If you are a new customer, you can enjoy introductory offers and other perks for a certain period of time. You can gain bonus points, as well as enjoy 0% purchase rates and 0% balance transfer interest rates.
You can also take advantage of discounts as well as holiday and cruise packages. Other complimentary extras include flight vouchers and airport lounge access.
In the event that your credit card gets stolen or lost, you can contact customer support. The hotlines are open 24/7 worldwide. You can also call them if you have any questions regarding your account.
Moreover, you can benefit from online shopping protection. This added layer of security ensures that you do not become a victim of online theft. Each time you make an online purchase, you will be required to input your unique code or password.
Then again, there are annual fees involved. Basic cards are less expensive than premium cards. The previous can be as low as £25 while the latter can be as high as £700. In essence, the more perks and privileges a card offers, the more expensive it is.
You also have to be mindful of the interest rates. The standard rates can increase the cost of your card. Hence, you should consider the card’s cash advance rate and purchase rate. They tend to increase these when they offer more perks and privileges.
However, if you manage to pay the full balance before the due date, you can benefit from an interest-free period. You can have up to forty-four interest-free days. During this time, you can make purchases and not worry about the interest. Keep in mind that interest-free days do not apply for balance transfers and cash advances.