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Comparing Payment Processors

Discussion in 'Online Casinos' started by Simmo!, Oct 27, 2006.

    Oct 27, 2006
  1. Simmo!

    Simmo! Moderator Staff Member

    Occupation:
    Web Dev.
    Location:
    England
    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!
     
    2 people like this.
  2. Oct 27, 2006
  3. Simmo!

    Simmo! Moderator Staff Member

    Occupation:
    Web Dev.
    Location:
    England
    So come on then - who can do:

    Click2Pay
    Moneybookers
    Firepay
    Citadel
    UseMyBank

    etc...

    :D
     
  4. Oct 27, 2006
  5. dominique

    dominique Dormant account

    Occupation:
    webmistress
    Location:
    The Boonies
    Neteller will likely pull out of US within the 200+ time period.
     
  6. Oct 28, 2006
  7. mgibson99

    mgibson99 Dormant account

    Location:
    Washington DC
    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).
     
  8. Oct 28, 2006
  9. Simmo!

    Simmo! Moderator Staff Member

    Occupation:
    Web Dev.
    Location:
    England
    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.
     
  10. Oct 29, 2006
  11. Simmo!

    Simmo! Moderator Staff Member

    Occupation:
    Web Dev.
    Location:
    England
    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??
     
  12. Oct 29, 2006
  13. The Watchdog

    The Watchdog Dormant account

    Occupation:
    sports, poker, casinos
    Location:
    Costa Rica
    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.
     
  14. Oct 31, 2006
  15. venetian

    venetian Dormant account

    Occupation:
    Corp Director for a College
    Location:
    Oklahoma
    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.
     
    1 person likes this.
  16. Nov 1, 2006
  17. EasyRhino

    EasyRhino Dormant account

    Occupation:
    Analyst
    Location:
    San Diego
    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.
     
    1 person likes this.

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