***Updated: September 9th, 2020***
Most would never think 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 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. Bank of America then emerged from the ashes through a series of mergers engineered by Giannini in the 1920s.
In 1958, BofA then ushered in the “cashless revolution” with BankAmericard. It was literally a piece of paper stating a name, account number, and address typed on it. That groundbreaking slip of paper was the world’s first “revolving credit card” allowing holders to carry balances from month to month and pay off charges over time, plus added interest, of course. Those first incarnations were issued with a $300 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 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.
The contemporary intricate network of global connections was christened “VisaNet” and it was this cutting-edge technology that would quickly grow the company into the largest in the industry. In fact, this advancement paved the way for the future of online shopping, giving consumers the ability to procure a product with simple clicks of a button. The ease of this novel financial tool would also eventually become the lifeblood of the early days of iGaming, providing people with a full Las Vegas establishment right in their living room.
Deposit with VISA
VISA has been the most widely used deposit method at USA internet casinos for decades because it was accepted by absolutely everyone from the very beginning. It was quick, easy, and rarely had any issues. After all, this is the planet’s biggest credit card enterprise, holding more than one-third of the entire world’s revolving debt, operating in over 200 countries. Unfortunately these days, things are a little more complicated.
For example, often the region where accounts were created and IP addresses are prime factors in determining whether or not purchases will be approved. Obviously ones initiated from the United States are scrutinized a lot more than ones in say, Luxembourg. Therefore, some deposits are rejected and on second attempts the card becomes permanently flagged, forcing players to find new methods.
That said, it’s important to remember that when the government moved to shutdown the activity back in 2006, the new Unlawful Internet Gambling Enforcement Act (UIGEA) targeted banks processing financial transactions for casinos and not customers instigating them. It’s for this reason it’s entirely possible for VISA to be declined somewhere that happily accepts Americans so the only way to know for sure is to try using it. Maybe it’ll work and maybe it won’t.
Many websites used to pay out winnings directly back onto credit cards, however, everyone stopped this practice years ago, fearful of alerting authorities to what purchases were actually for. It’s clear operators are more concerned with money coming in than going out, so they’re not about to risk getting flagged for facilitating withdrawals.
USA Online Casino VISA Deposits
The convenience of depositing with VISA at USA online casinos comes with a price in the form of fees. Thankfully, some pay the costs in excess of a certain amount so always be sure to check banking information pages to see what thresholds are. Nevertheless, it has become commonplace to pass along merchant fees of a few percentage points to customers, with places like Bovada sometimes billing as high as 4% of total purchases.
Occasionally individuals get nervous when betting with VISA because details such as account numbers must be given to iGaming companies, but there’s no need to worry. Exchanges are not any riskier than others and data is completely safe. Every website now uses phenomenal encryption technology to protect player information so anything done with them is just as private as internet banking and thoroughly protected.
VISA Gift Card Casino Deposits
Punters in the States have really been helped out lately by VISA Gift Cards which have an extremely high success rate at many places. Unfortunately, these prepaid cards can’t be reloaded with additional funds and are only good until original balances are depleted. This is why operators require 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 history since it’s much easier to gamble online with Bitcoin than physical pieces of plastic charging high fees. Crypto deposits cut out banks and paper trails, and are received instantaneously. It’s simply an economic revolution that can’t be stopped.