***Updated: August 8, 2019***
Most would never think that an established business like VISA had an interesting history behind it but it’s actually quite dramatic. It all started back in 1904 thanks to a second-generation Italian-American named Amadeo Pietro Giannini who was living in San Francisco. After the city was devastated by an earthquake and fire in 1906, Giannini kept his Bank of Italy going by setting up a desk in the rubble made from a couple of barrels and some wood planks. The Bank of America then emerged from the ashes through a series of mergers engineered by Giannini in the 1920s.
In 1958, BofA ushered in the “cashless revolution” with BankAmericard. It was literally a piece of paper stating a name, an account number, and an address typed directly onto it. That groundbreaking slip of paper was the world’s first “revolving credit card” where the holder could carry a balance from month to month and pay off charges over time – plus added interest, of course. Those first incarnations were issued with a $300 credit limit and to stimulate demand Bank of America distributed thousands of unsolicited “$300 loans” to the public. People across the country signed up for the new payment method in droves not knowing how big a burden debt could become if unaddressed …the masses were now hooked.
In the 1970s the credit card business was divorced from Bank of America and control was assumed by regionally owned institutions across the world. It was re-christened “VISA” and accompanied by an electronic authorization system that executed transactions in seconds and offered rock-solid security for money transfers: the payment tool of tomorrow had arrived.
VisaNet was the name given to the contemporary intricate network of connections around the globe, and it was this cutting-edge technology that would quickly grow the company into the largest in the industry. In fact, it was this advancement that paved the way for the future of online shopping, giving consumers the ability to procure a product with the simple click of a button. The ease of this novel financial tool would also eventually become the lifeblood of the early days of Internet gambling as well, providing people with a Las Vegas casino and cashier right in the middle of their living room.
Deposit with VISA
VISA has been the most widely used method for depositing at USA online casinos over the last two decades because it was accepted by absolutely everyone in the industry from the very beginning. It was quick, easy, and there were rarely any issues. After all, this is the planet’s biggest credit card company, holding more than one-third of the entire world’s revolving debt, and operating in over 200 countries. Unfortunately, these days, things are a little more complicated.
For example, often the region where the account was created and the origin of the purchase are the prime factors in determining whether or not it will work. Obviously transactions initiated from the United States are scrutinized a lot more than ones in say, Luxembourg. Therefore, some deposits get rejected the second time it’s attempted and the card becomes flagged going forward, resulting in the player immediately having to find a new method.
That said, it’s important to remember that when the government moved to shutdown Internet betting in the U.S. back in 2006, the new “Unlawful Internet Gambling Enforcement Act” (UIGEA) targeted the banks processing financial transactions for casinos and not the people spending it. It’s for this reason that it’s entirely possible for VISA to be declined somewhere that happily accepts American customers. The only way to know for sure is to try using it – maybe it will work and maybe it won’t.
Many websites used to pay out winnings directly back on to credit cards, however, they have all stopped this practice during the last few years out of fear of alerting them to what the purchase is actually for. It’s clear that operators are more concerned with the money coming in than going out, so they’re not about to risk getting flagged to facilitate withdrawals.
USA Online Casino VISA Deposits
The convenience of depositing at a USA online casino with VISA comes with a price in the form of fees. Thankfully, some will pay the costs on transfers in excess of a certain amount so always be sure to check their banking information page to see what their thresholds are. Nevertheless, it has become commonplace for them to pass on merchant fees of a few percentage points on to customers, with places like Bovada sometimes billing as high as 4% of the total purchase.
Occasionally people get nervous when betting with VISA because details such as account numbers have to be given to the casinos, but there’s honestly no need to worry. The transaction is not any riskier than others made online and data is totally safe. Every website now uses amazing encryption technology to protect all of their player information so everything done with them is just as private as doing banking on the internet and fully protected.
VISA Gift Card Casino Deposits
Bettors in the States have been really helped out lately as a result of both VISA prepaid and gift cards, which have had an extremely high success rate at many places. Unfortunately, these variations cannot be reloaded with additional funds and they’re only good until the prepaid balance is depleted. This is why operators require that the entire amount be used at once.
However, with the emergence of cryptocurrency technology it appears as though both credit and gift cards may one day become a thing of the past since it’s much easier to gamble online with Bitcoin than a physical piece of plastic that charges high fees. Crypto deposits cut out the banks and paper trail, and are received instantaneously. It’s simply an economic revolution – the world’s financial system is going digital.