5.1 How to Get Set Up with MasterCard
Getting set up with MasterCard can take a little more work than other payment systems. First you need to select a card provider. From there, you will need to see whether you are eligible for a MasterCard credit card if relevant (comparison sites can point out cards for which you’re pre-approved to save time), and fill out any necessary applications or checks in-person, online, or over the phone, and provide any relevant documentation.
You will then need confirmation of your online banking system, as well as your new card.
5.2 How to Get Set Up for Online Gambling with MasterCard
If you want to make payments for online gambling with a credit card, then when making a deposit or withdrawal with MasterCard, you will need to locate the option under “credit cards” on the gaming website and fill in the relevant information.
There may be fees involved in the transaction, as well as deposit and withdrawal limits you should be aware of. But you should also be aware of any potential casino bonuses and promotions in order to maximise your deposit values. And if you’re likely to make more than one deposit, you can avoid transaction fees on a number of gaming sites by making it as one larger payment instead – fees are sometimes waived on higher deposits.
You should also be aware that, as with some other payment methods, that while you can make a deposit using MasterCard, on some gaming sites you may be unable to make a withdrawal with it, and will have to use an alternative withdrawal method instead.
On other sites, you will be able to use it for withdrawal, but only after using the MasterCard to make a deposit – or after providing documentation proving your identity. This is likely to increase in usage across casinos as the industry becomes more and more regulated to avoid fraud and money laundering.
5.3 Advantages and Disadvantages of Mastercard
Mastercard in a Nutshell
- High Security System
- Fast processing times
- Limits on withdrawals
What are the Advantages of MasterCard?
MasterCard payments follow Payment Card Industry (PCI) compliance standards for data security and use 128-bit encryption. This is the same level of security as major banks worldwide, meaning that MasterCard payments have maximum security.
And while it can be inconvenient, the fact that many casinos will ask for documentation when making a withdrawal from your gaming account into your MasterCard account means that security is effective at every stage of the process.
Availability-wise, online gambling MasterCard acceptance is high, and as well as the security, the card offers high deposit and withdrawal limits. You can also set spending restrictions to make sure you stop when you want to.
Processing times for MasterCard are quite fast, usually within 24 hours, making it a convenient system.
What are the Disadvantages of MasterCard?
Credit cards such as MasterCard’s credit options have some drawbacks – including interest charges and cash advance fee. There may also be additional casino and sportsbook fees, and not all banks authorise online gaming transactions.
What’s more, there may be limits on your withdrawals – such as a time period between withdrawals up to as much as 30 days, with any withdrawals before that time has elapsed being issued with an additional fee.
More of an issue the aforementioned fact that sites may refuse withdrawals to credit card accounts, which means that you have the inconvenience of having to use multiple payment methods on certain sites if you make your deposits through MasterCard.