Comparing Payment Processors

[Simmo!]

Hey chaps

In light of the FirePay thing in the USA, thought it would be handy to have thread comparing the eWallets pros and cons. maybe you could chip in on stuff like Click2Pay, FirePay, Moneybookers etc etc.

I'll start with Neteller:

PROS

Used by pretty much all casinos/poker rooms
Neteller ATM card (Cirrus/Maestro compatible)
Easy to do Peer-to-peer transfers
Deposits to and Credits back from casinos are immediate
Can fund by bank wire, Internet banking and credit/debit cards
Quick to accredit by emailing ID fior higher limits
Can "accredit" the account to transfer back to bank accounts (UK takes about 6-7 days)


CONS

Fairly high processing fees and quite a few card related fees
You have to manually transfer money from the account to the ATM card
Limited to $1000 (£550) transfer to ATM card in any 24hr period
Accredited "Premier" status limits max. funds held in the account to £25,000
Rarely available Monday morning 9am - Noon GMT (upgrades)


OVERALL

I'm very happy with it and the ATM card is invaluable. Yes the fees need considering, but otherwise I like the flexibility of the whole thing.


Cheers

Simmo!

 

[Simmo!]

So come on then - who can do:

Click2Pay
Moneybookers
Firepay
Citadel
UseMyBank

etc...

 

[dominique]

Hey chaps

In light of the FirePay thing in the USA, thought it would be handy to have thread comparing the eWallets pros and cons. maybe you could chip in on stuff like Click2Pay, FirePay, Moneybookers etc etc.

I'll start with Neteller:

PROS

Used by pretty much all casinos/poker rooms
Neteller ATM card (Cirrus/Maestro compatible)
Easy to do Peer-to-peer transfers
Deposits to and Credits back from casinos are immediate
Can fund by bank wire, Internet banking and credit/debit cards
Quick to accredit by emailing ID fior higher limits
Can "accredit" the account to transfer back to bank accounts (UK takes about 6-7 days)


CONS

Fairly high processing fees and quite a few card related fees
You have to manually transfer money from the account to the ATM card
Limited to $1000 (£550) transfer to ATM card in any 24hr period
Accredited "Premier" status limits max. funds held in the account to £25,000
Rarely available Monday morning 9am - Noon GMT (upgrades)


OVERALL

I'm very happy with it and the ATM card is invaluable. Yes the fees need considering, but otherwise I like the flexibility of the whole thing.


Cheers

Simmo!

Neteller will likely pull out of US within the 200+ time period.

 

[mgibson99]

Hey chaps

CONS

Fairly high processing fees and quite a few card related fees

I've had my Neteller account for a couple of years, and I have never had to pay any kind of fee. I use it primarily as a conduit to flow money from my bank account, into Neteller, into the casino, back to Neteller (assuming I have a win), and back to my back account. If I want to use Instacash (which I frequently do), I only use casinos that cover the Instacash fee. Yes, if the casino doesn't cover the Instacash fees they are steep (8.9%). That is why I will never do it. My Neteller account costs me nothing, and I have no problem with limits (I have a $10,000 per week Instacash limit, which works for me).

 

[Simmo!]

I've had my Neteller account for a couple of years, and I have never had to pay any kind of fee.

At the basic level, absolutely. If you have a $ Neteller and simply transfer to and from a casino, there is no charge. But the way I use it I get charged all over the shop.

There's a fee applied every time: I receive P2P payments, when I play or receive money in a different currency, when I transfer money to my Debit card, each time I do a balance check, every time I withdraw from the ATM and a "dormant card" charge (the last of which I strongly feel is a grab). But, the last one aside, I can live with those for the facilities it gives me.

 

[Simmo!]

Click2Pay

Now Moneybookers is now no longer accepting US residents, anyone got any info on the Pros/Cons of Click2Pay - seems to be the most common one outside Neteller??

 

[The Watchdog]

Click2pay

It seems everything is fine...

However the most common one after Neteller I would say is Western Union...

UseMyBank is huge in Canada and InstaDebit if I am not mistaken is growing...

However, lets hope InstaDebit works itself out of this mess and keeps providing an amazing funding method.

 

[venetian]

Okay Simmo! I will report on what I think about Payspark and Instadebit.

Payspark has got to be the hardest place to sign up and use! I had to get Cynthia777 to help me figure out how to use it. You can't do anything on their main site, everything that has anything to do with your account is on the flash version. But they never tell you that. AND they don't send funds back to your bank. Very inconvenient! You have to apply for thier ATM card and then I guess you can send your funds there and then to your bank. Too messy and too hard to use. I had no idea about this and I have about 2k on its way there now. They told me it would be 14 days before I would recieve the ATM card. So my $$ is basically frozen until then. Aughhhh!

Instadebit was very easy to apply for and use. You just have to dream up check numbers to use when purchasing at the casino. AND they do send funds back to your bank. No fees, No hassel so far. They are my favorite and I believe with Firepay out and Neteller on their way out that more casinos should use them.

 

[EasyRhino]

I'm mainly a neteller person (I will be so sad if/when they bail on the US), but from my brief experience:

Firepay

Pro: Deposited funds from bank are available for instant use with a casino. Funds transfered to casino are available for instant wagering. Hooking up a bank account is fairly standard (like using paypal). The Firepay account seems to act like a credit card, which may have some benefits I never plumbed. Occasionally eligible for a firepay-specific deposit bonus.

Con: They call you during the activation process. Deposited funds cannot be withdrawn immediately to await verification. Funds used to buy chips at a casino may not be returned immediately, to await further verification. No longer accepts US gaming transactions. Most importantly, a fee of $5.99 to deposit and $10 to withdrwal. Can charge an inactivity fee after a year.

Summary: Functional, but basically garbage.


FPS Epassporte

Pro: The only account I found that I could fund with a US credit card, used for my very first deposits. Can be made to work like a credit card for additional fees.

Con: $5 fee per $100 deposit. Unsure on withdrawal fees. Annual fee. Not very widely accepted.

Summary: Don't bother.


igm pay (starluck - planetluck)

Pro: Basically an electronic check off your bank account (via ACH). Works fine. Can get you a 25% deposit bonus with starluck and planetluck.

Con: To set up, you need to either wait for verification deposits, or fax them a voided check. After funds are deposited into casino, they will be held for a week or so for the check to clear.

Summary: Works fine, but not a general purpose payment solution.


Citadel echeck (888.com)

Pro: also an ACH e-check. Easiest way to avoid 888's crazy wagering requirement on the new deposit bonus if it's made via neteller.

Con: same as igm pay.

Summary: Works fine, but not a general purpose payment solution.