Best PayPal Casinos Online
About PayVision
Founded in 2002, Payvision was a secure, PCI-DSS-compliant and PSD-licensed international payment processing platform. It was headquartered in the Dutch capital, Amsterdam. Soon, the global offices of Payvision came up in several countries across Europe, Asia, and North America. In 2015, it launched Acapture, which focused on increasing the revenues of merchants across the world. This was done through an omnichannel payment solution that was data-driven and capable of managing payments right from checkout to settlement.
In 2015, Payvision closed its strategic investment agreement with the payment software company, PayPlaza. This allowed the former to add a POS/mPOS solution to its global payment processing service. As a result, the partnering merchants could deploy a unified processing system with omnichannel functionality.
ING, a Dutch multinational banking and financial services corporation, acquired Payvision in 2018. This ensured the expansion of the company’s merchant services for businesses.
In May 2019, it unveiled its fresh new look that strengthened its position in the payments space. Andre Valkenburg was appointed the CEO in 2020, when its founder, Rudolf Booker, stepped down. A few months later, Payvision was accused of supporting fraud and money-laundering activities by the European Funds Recovery Initiative (EFRI).
On October 28, 2021, ING announced that Payvision will begin phasing out its services as an acquirer and payment service provider. The company notified all its clients about the gradual termination of all Payvision activities by the second quarter of 2022. The company also stated that it will keep them informed on the schedule of service termination.
Pros and Cons of using PayVision in online casinos
During its peak, Payvision was seen as one of the most reliable payment methods in online casinos. Although there were fewer casinos that accepted it as a payment method, the players could safely make their deposits and withdrawals using this digital payment system. You could also get some attractive welcome bonuses in the online casinos that listed Payvision among their payment methods.
It used an advanced integrated security system and complied with the regulatory authorities. This garnered a lot of trust among the online gambling community for this digital payment system. However, it had its pros and cons as well.
Pros:
- It was easy to set up and use for online casino transactions
- Payvision had one of the best online security features
- It could be integrated with any of the leading payment services
- Some casinos offered generous loyalty programs for Payvision users
- It didn’t charge any fees on transactions
Cons:
- Not many casinos accepted this payment method
- The payments made through Payvision were almost irreversible
How does PayVision compare to other payment methods?
This payment method was a good alternative to the traditional ways of making payments in online casinos such as bank transfers and credit or debit cards. One of the greatest advantages that Payvision had over them was that you didn’t have to pay any transaction fees. It also used one of the most advanced integrated online security systems.
As Payvision didn’t charge any transaction fees, it had a significant advantage over the popular e-wallets. Most of them required you to pay a considerable amount of transaction fees. There were some casinos that had Payvison as one of their payment methods, they didn’t accept many other e-wallets.
Prepaid vouchers were an excellent alternative to Payvision. You could make instant deposits using these vouchers without revealing your sensitive personal or financial data online. However, the prepaid vouchers carried the risk of getting lost or stolen and you would lose money in the event of their loss or theft.
Fees
The best feature of Payvison was that the online casino players were not charged any fees. You could make your deposits and withdrawals on the casino websites without any worries of a certain percentage getting deducted. However, there were a few online casinos that charged a certain amount as fees for using this payment method.
These charges were levied on the players by the online casino and not Payvision. In such cases, it was up to the players whether to continue with the casino or look for a better one. They could know if there were any fees charged on the transactions by going through the online casino’s terms and conditions.
If you continued playing on the casino sites that charged fees on Payvision transactions, you could lose a certain portion of your winnings. It was, therefore, extremely necessary for players to check if there were any fees charged on this payment method by their chosen online casino.
How to use PayVision for casino deposits
For using this payment method in an online casino, the first step was to create an e-wallet account with Payvison. This was done by registering on its website and following the instructions on the site. Once the account was created, you could fund your e-wallet through bank transfers, credit or debit cards, and any other electronic payment processors.
The next step was to log in to your online casino account and navigate to the cashier, payments, or banking page. Once you got there, the option to make a deposit was to be selected. To use Payvision, you were required to select it from the list of available payment methods. Proceeding further, you needed to specify the amount you wanted to deposit.
By following a few more steps, the funds were transferred to your online casino account almost instantly. Some casinos didn’t have Payvision as a payment method usually because of the player’s country of origin. It was, therefore, essential to check if there were any such restrictions placed by your chosen online casino.
How to use PayVision for withdrawals
Some online casinos had certain restrictions on the amount that you could withdraw from them using Payvision. It was necessary, therefore, to go to the terms and conditions section and check if there were any such withdrawal limits. Upon confirmation, you could withdraw your winnings by logging in to the casino website and heading to the cashier, banking, or payments section.
The next step was to choose the option to withdraw the winnings and then select Payvision as your preferred withdrawal method. In the next step, you would be instructed to enter the amount you wanted to withdraw. Upon entering the amount and following a few more steps, the funds would be withdrawn instantly.
Unlike many other payment methods, Payvision didn’t impose a transaction limit on its users. This allowed players to enjoy the amount that they won after playing their favorite games. It was a good idea to go through the terms and conditions section first so that you could avoid getting any unpleasant surprises later.
How secure is PayVision?
Payvision specialized in offering global payment processing solutions for online merchants and a reliable and secure payment method for individual users. This payment processing platform was PCI-DSS compliant and PSD licensed. It was created with an enhanced and innovative technology. Payvision also had one of the world’s fastest growing global acquiring networks.
Despite being a popular payment method, it was branded ‘Netherlands Wirecard’ by the European Funds Recovery Initiative (EFRI) in 2020. The boiler room operatives were found to be having close links to Rudolph Booker, the company’s founder. The EFRI alleged that Payvision had knowingly processed payments worth 131 million pounds generated from investment scams.
The company was subject to criminal investigation for violating the anti-money laundering regulations. This eventually led to Payvision announcing the winding down of its operations in 2021. It involved the gradual phasing out of its services as a payment service provider.