Playing casino games on the internet requires online payments. To facilitate payments, gaming sites provide a number of options, of which MasterCard is one of the most common.
How does the payment service work?
There are three parties involved, the credit card user, the credit card issuing company and the credit card user’s bank account. A MasterCard credit providing company generally links up with your bank account before issuing a credit card to you. Whenever you use this card to make payments to the gaming sites, the issuing company pays on your behalf. In turn you agree to pay the card issuing company the same amount it paid for you, within a limited period of time.
During an online transaction, you are asked to provide certain confidential personal details and your credit card details, including the last 3 digits on the back of your card. Mastercard calls this code Card Validation Code (CVC). This code is requested now to help reduce fraud in the card not present environment. These details will also help the card providing company to verify the user of the card. Gaming sitess have access to an electronic verification system that checks if the card is genuine and also if there is enough balance for the transaction.
Some gaming sites give the card users an option of making payments on the phone. In this case you will provide the details over a phone call.
A MasterCard has a maximum spending limit for a fixed period of time. There are 4 kinds (Standard, Gold, Platinum and World) with different maximum credit limits. After the end of every billing cycle, the company will send you a detailed bill which you will have to clear before the due date. Thus a card allows you to play at gaming sites and helps you postpone your payment for it.
Pros and cons
MasterCard is the most popular way to pay gaming sites. It is quick, simple and convenient. All its online transactions are completely safe and secure. It provides confirmation of a transaction via an email or SMS. Most of the gambling sites accept the card as it is an international company that can be used in more than 22 million locations worldwide. It gives you details of all your transactions in your bill, which helps you keep a record of all your expenditure. The main advantage of using this payment facility is that is lets you to make payments when you do not have the payable amount in your bank account at that moment. The only disadvantage is that some gaming sites might have a fee for using this payment option.
