PaySpark is an international payment system that can be used at over 25 million points of sale and at over one million automated teller machines worldwide. It uses prepaid cards to allow users to make payment in retail locations and utilizes another account for use online. Users can deposit funds into their PaySpark account by using a participating merchant or by wire transfer. Users can also withdraw their funds from any ATM locations, retail locations that accept Mastercard, and numerous online retail stores. Payments from PaySpark are instant and free.
PaySpark uses the CSC4Seven.com payment system and is associated with WebMoney. Established in 1998, WebMoney allows companies to keep track of funds, resolve disputes, and generally engage in safe online transactions. Part of WebMoney’s services involves issuing prepaid debit cards to users through PaySpark.
In addition to the prepaid card, PaySpark offers a real banking relationship with its customers. Customers can access banking statements online, and it offers paid interest for accounts that hold over a certain amount of money.
Depositing with PaySpark
PaySpark offers two payment options. First, PaySpark provides a prepaid debit card that can be used as if it were a regular debit card. It even has ATM access at many ATMs worldwide. Second, PaySpark also gives its customers a “virtual Mastercard” that can be used for gaming deposits. These funding methods are not connected, but transferring between the two is easy, fast, and, most importantly, free.
PaySpark payments are just like regular credit or debit card payments. On the cashier page or deposit page, choose the card option and look for a gaming card. Enter the PaySpark authentication information, which should be either on the PaySpark card or in the account activation e-mail. Be sure to enter the amount of the total deposit as well.
PaySpark is somewhat unique in how users actually obtain a PaySpark account. Unlike many payment service providers, PaySpark does not allow users to simply sign up on its website or through its customer service. Instead, users must be approved to open a PaySpark account. The players most-used online casino must approve the account, and the casino will apply for the PaySpark card on the players’ behalf. Applying for a PaySpark card requires a copy of the user’s passport or driver’s license and a copy of a fairly recent utility bill (that states the user’s current address). The fee for opening the account is $15.00.
PaySpark does limit the amount per withdrawal and how many withdrawals can occur per day. There is no minimum balance, but the card will be closed if it is inactive for a period of 180 days. PaySpark will also impose a fee if the account has not been used in at least 90 days.
Pros and Cons of PaySpark
Advantages. PaySpark offers a fast, secure online payment system. It is secured with Socket Layer Technology that includes 128bit encryption. It is certified through Verisign Secured. Unlike many payment systems, PaySpark offers an easy form of withdrawal through virtually any ATM that accepts Mastercards. PaySpark also offers a decent interest rate for those accounts that keep a balance of over $500.
Funds deposited can be accessed almost instantly, and the only fee that must be paid is to open the account initially.
Disadvantages. Obtaining a PaySpark card/account is an elaborate process that directly involves a particular online casino. Users must provide the casino with confidential information to obtain the card and cannot obtain the card themselves.
PaySpark only offers one method of deposit—wire transfer. Although this service is free, it does not have the option to make a bank transfer or deposits from a credit or debit card. PaySpark does not have any physical locations where users can deposit money directly.
The two accounts associated with the PaySpark account are not actually connected to one another, which can make moving funds back and forth somewhat complicated. PaySpark also has withdrawal limits and restrictions on the number of withdrawals per day. For serious players, this limitation might an issue.
At this time, PayPark does not accept U.S. customers.
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