Using Visa Electron for Online Sports Betting Payments
Visa Electron is an effective and easy-to-use payment method is essential for using sports betting bookmakers. There are lots of payment processors you can use today, and each of them has their own pros and cons.
Debit card use has increasingly become popular nowadays. People use debit cards to pay for virtually any kind of purchase, whether it be physical or online. And of course, bookmakers have tapped onto debit cards as a convenient way to send and receive payments for bets.
Punters use several kinds of debit cards today, and among these is the Visa Electron card. What is this card, why do many people use it, and how beneficial can this card be to you as a bookmaker? Read on and find out more about Visa Electron for bookmakers.
An Overview of Visa Electron Cards
Visa Electron is a card brand accepted and used in most parts of the world. The American financial services giant Visa Inc. launched it in 1985. Furthermore, the company issues Visa Electron-branded debit and credit cards to different banks across the globe except in Ireland, Australia, Canada, and the United States. Most banks issue Visa debit cards as opposed to credit cards, though.
The card allows its users to withdraw cash from regular ATMs. It also permits withdrawals made outside the cardholder’s country of issuance through the interbank network of Visa Plus.
This Visa brand is unique from other Visa cards in that you need to have available funds in your account every time you use it to make payments. Once you’ve used up all available funds in your bank account, you cannot use your card to make payments anymore. And unlike the standard Visa Debit cards, these cards cannot be typically overdrawn.
Because of the “no overdraws” nature of Visa Electron, the card was traditionally granted to students, low-income workers, and to people with low credit scores.
Physically, Visa Electron cards sport a logo at either the upper or bottom right side of the card. Cardholder’s name, card number, and validity period are printed on the card and not embossed as with other card brands. Some Visa Electron cards may not have that dove hologram seen in other Visa-branded cards.
Pros and Cons of Using Visa Electron
Here are some pros and cons you must consider before deciding if Visa Electron cards should be your preferred payment processor for sports betting activities.
- Prevents overspending – Visa Electron checks the sufficiency of your funds first before proceeding with any payment transaction. This means that you can’t spend anything over your available funds, giving you control over your sports betting expenditures.
- Accepted in most parts of the world – The card is widely used in Western Europe, Middle East, Latin America, and in the Asia Pacific.
- Safe and secure – Visa takes steps to prevent potential fraudulent use of your Electron card. They do this by requiring security codes and automated information validation during each transaction. Encryption and secured servers are also used by bookmakers utilising Visa Electron for your personal details’ safety.
- Fast deposits – Visa Electron deposits usually take a few minutes to process. Your payment will also immediately be credited to your betting account.
- Used by many bookies – Bookies such as William Hill and Ladbrokes use Visa Electron as one of the deposit and withdrawal methods.
- Longer withdrawal processing time – Transfer time for withdrawals may take 2-5 days to process. You can also withdraw to your Visa Electron account only if you used the same card for making previous deposits.
- May incur deposit/withdrawal fees – Using a debit card such as Visa Electron may give you additional 1-2% fees on deposits and withdrawals. This may also depend on the bookmaker service you’re using. Nevertheless, some bookmakers do not charge any fees on Visa Electron.
- Limited amount of money for payments – If you’re a bettor who wants to risk a large sum of money, a Visa Electron debit card may not be a good choice. Remember that this card checks for funds sufficiency first and does not allow overdrafts. So, if you need to pay an amount exceeding your funds, you can’t use your Visa Electron account.
- May be declined online – Some bookmakers may decline your card if their systems do not allow checking of fund availability.
- Cannot be used in certain countries – Ireland, Canada, Australia, and the United States do not issue these cards. If you are a bettor from these countries, you must use another form of deposit and withdrawal processor.
How Safe is your Money with Visa Electron?
Visa Electron keeps you and your money safe by requiring authentication and approval from your bank before proceeding with any payment transaction. It does so by using an authentication called Verified by Visa.
Verified by Visa is usually applicable to customers in Spain and the UK. If it is your first time to use your card, they will redirect you to a page hosted by your bank, where they will ask you to nominate a password of your choice. You will then be asked to input this password every time you make a deposit using your Visa Electron card online.
Whenever you deposit online using Visa Electron, they will ask you to input personal details on an encrypted page hosted by your bank. Your bookmaker doesn’t see the information you put in here.
The renowned financial services provider Visa Inc owns Visa Electron, so it is definitely safe and secure. For any potential security threat you’ve noticed on your account, you can always contact their dedicated Customer Support or get in touch with the financial institution who issued your card.
Using Visa Electron for your Online Bookmaker
It is simple, fast, and easy to use Visa Electron to top-up your betting account on your favorite online bookmaker. It’s just like paying for any other online purchase! Here’s how to do it:
- Log in to your account on your bookmaker’s website.
- Navigate to the Banking page.
- Select Deposits and follow the site’s individual instructions.
- Enter your personal details as prompted. The page may then ask you for your name, card number, and card expiry date.
- Enter the CSC/CVV2/CSV number found at the back of your Visa Electron card. It’s the last three digits seen on your card’s signature strip.
- Type in the amount you will be depositing to your betting account.
- Click the Deposit button. A pop-up screen from Visa, Verified by Visa, will appear on your screen. Nominate a password (if this is your first time) or enter your existing password.
- Wait for the confirmation message that your deposit has been successful. The bank will check your funds first before approving your transaction; this may take a few seconds to minutes.
Once done, you should be able to see your deposit in your betting account balance.
If you want to withdraw funds, it’s just as simple:
- Log in to your account on your bookmaker’s website.
- Navigate to the Banking page or to your Accounts page, whichever is applicable.
- Select Withdrawals.
- Type in the amount you intend to withdraw.
- Some bookmakers might require you to select from the payment processors you’ve used; in this case just select Visa Electron.
- Click the Withdraw button. Wait for the confirmation message; this will state how many days the funds are expected to arrive in your Visa Electron account.
Withdrawals are not usually instantaneous. They may take 2-5 days or even more, depending on the bookmaker’s policies.
What Else Do You Need To Know?
Here are other important points you must keep in mind when using a Visa Electron card for your sports betting activities.
- Visa Electron cards are great tools to use if you are on a limited budget, or if you want full control of the amount of your deposits and withdrawals. It is more preferable than a credit card with respect to this consideration.
- You must use a Visa Electron card under your name when paying and withdrawing from bookmakers. Most bookies do not allow transactions made using accounts other than yours.
- Some bookmakers may require a verification process before they allow withdrawals to be made into your Visa Electron account. Always keep clear copies of your card (front and back, with clear signature), identity documents like passport, driver’s license, or national identity card, and proof of residence such as bank statements or utility bills.
- Visa Electron is widely accepted in the UK for sports betting; many bookmakers still accept it for deposits and withdrawals. However, many UK banks like Lloyds TSB, Barclays, NatWest, and Halifax Bank of Scotland have slowly phased out the Visa Electron and reclassified the existing cards as Visa Debit cards. If you happen to have a Visa Electron card at this moment, expect that some bookmakers may charge fees similar to what they charge with Visa Debit on your deposits.
- One major problem of these cards is that online payment platforms decline it quite regularly. It’s because of the inability of some platforms to check for funds availability –which is actually a must when you’re using Visa Electron. Verify with your bookmaker first if they indeed accept these card transactions before doing any deposits and withdrawals to avoid any hassles.
To sum it all up, it is one of the most widely used payment methods for sports betting enthusiasts and bookmakers. It is easy to use, convenient, and safe – just like most other debit cards.
Visa Electron is different from Visa Debit in that it requires available funds at hand to make payments. These cards do not allow you to go overdrawn unlike Visa Debit cards.
Nevertheless, this card is still a good choice especially if you’re fond of doing online transactions. There may be certain limitations you have to accept, though. But since lots of legitimate bookmakers still accept Visa Electron use even if countries are slowly phasing it out, you may very well give it a shot!