VIP Preferred is a payment method specifically intended for the online gambling industry. It’s a rather unique payment option that can be used at online sportsbooks and casinos alike.
The number of betting sites with VIP Preferred is definitely on the increase, so we’ve decided to take a closer look to see if it stands up to the competition. In this guide we’ll give you all of the necessary information for you to decide if it appeals to you.
One of the appealing things about VIP Preferred is that you won’t have to set up another account separately. If you have an existing account at an online sportsbook with VIP Preferred, you can enroll as a VIP Preferred member and add it as a payment method at the same time.
Even if you are signing up with an entirely new online sportsbook with VIP Preferred, the same applies, the only difference being that you’ll need to verify your identity via the Global Payments Inc network before you commence online sports betting with VIP Preferred. We’ll explain that in detail a little later in this guide.
With your VIP Preferred account set up, it couldn’t be more straightforward to make a deposit into your sportsbook account.
Making a withdrawal from betting sites accepting VIP Preferred is similar to that of betting sites with credit cards in general, and requires an equally straightforward number of steps. All you need to worry about is that your request is in keeping with the terms and conditions applied by a specific betting site that uses VIP Preferred.
Although VIP Preferred for betting sites uses the bank ACH (Automated Clearing House) system to process payments, there is no extended waiting period, as would be the case if you arranged an ACH payment yourself. A payment to an online sportsbook with VIP Preferred is processed instantly, similar to online sports betting with PayPal, and the longest you’ll ever wait to see it appear in your account is under two minutes.
It is always important to check the betting sites withdrawal time. Withdrawals requested from an online sportsbook with VIP Preferred are usually completed within two working days, similar to online sports betting with Mastercard and betting sites with American Express, but on rare occasions it may be as much as five working days. These longer waiting times are not due to the VIP Preferred payment method itself, however. The exact time depends on the operator’s own processes and as some are faster than others, it’s worth exploring this aspect of your sportsbook further.
In order to gain full access to the VIP Preferred payment system, you will first need to enroll as a member. We stress that you will only need to do this once to use any betting sites accepting VIP Preferred as a payment method. It is not a procedure you will have to repeat multiple times.
To be eligible, you must be a permanent resident in the United States, have at least one US bank account in your name and be 18 years old or over. Unlike online sports betting with Netspend where you do not require a bank account. Do bear in mind however, that the legal gambling age in some states is 21 years and it is state laws that will prevail.
At the time you complete the enrolment process, you can nominate up to four separate bank accounts. For each one you will need the Bank Routing Number and a verifiable Bank Account Number, so it will speed things up even more if you have those at hand.
You will also need to provide an official document that verifies your identity. This must be a valid/current document from the following list:
You won’t be required to upload the full document, instead you will be asked to supply a random selection of details from it that can be checked and verified. Within a matter of minutes of completing this part of the process, you’ll receive an email from Global Payments confirming acceptance and details relating to any credit limit applied to your account.
Our exploration into the background of the VIP Preferred payment method revealed that there is a lengthy and highly-respectable history behind this digital payment innovation.
It actually dates as far back as 1967 and is largely thanks to the dedication and foresight of George Thorpe, a retired US Air Force Director. Thorpe’s unique approach to the development of specialised data processing systems led to his becoming a valued part of the National Data Corporation.
Much later, in 1996, the newly-named Global Payments Inc separated from its parent organisation and went solo, a decision that was risky in the financial climate of the mid-1990s.
However, it was a decision that paid off. Global Payments Inc was subsequently publicly traded on the NYSE and today is valued in $ billions, with the stock symbol GPN now a respected investment option, it is also a Fortune 500 company and member of the S&P 500.
VIP Preferred was launched in 2012, in recognition of the changing face of legalised gambling in the US. Although there are still fewer betting sites with VIP Preferred to select from than those with other major payment options, such as online sports betting with Venmo the background and integrity of this payment method will ensure that more sites add it over time.
Over the last ten years, the number of betting sites accepting VIP Preferred has increased steadily, although hasn’t matched the number of betting sites with VISA.
Since PASPA was overturned in 2018 the numbers have exploded. With gambling in some form now becoming legal in the majority of US states, this trend is sure to continue.
With those facts in mind, we’ve compared some aspects of VIP Preferred betting sites directly against some other popular payment methods on offer to see how well they compare.
Although it’s rare for an online casino or sportsbook to charge fees for processing deposits to or withdrawals from your account, using certain payment methods will incur charges levied by the payment provider itself. These are usually charged as a percentage of the transaction amount, but can also be applied as a fixed fee.
One such example is for sports betting with PayNearMe. Using this payment method will incur a fee for every deposit you make, which is applied on a sliding scale basis. For example, each PayNearMe transaction up to $300 will cost you an additional $2.99. So, if you are a frequent but low-value bettor, that could work out to be quite costly over time, compared to VIP Preferred which is entirely fee-free.
As we mentioned earlier, finding an online sportsbook with VIP Preferred is slightly more challenging than finding one that accepts more mainstream payment options. Betting sites that accept credit or debit cards are the most prevalent of all, with some popular eWallet options close behind them.
However, some US banks and credit card issuers will automatically block transactions to or from gambling sites, which could make things difficult for you. VIP Preferred overcomes that problem, although the money still comes from your nominated bank, it is not directly linked with a betting site.
It’s not unusual to find that using certain payment methods will exclude you from claiming sportsbook sign up bonuses and even make you ineligible to claim ongoing promotions. The most prevalent of those is the popular eWallet Skrill.
There is nothing wrong with using Skrill, it is a reliable payment option. However, the fact that Skrill charges fees to betting sites that make use of its services is the root cause. In essence, it means that a betting site would be incurring a further cost in addition to offering a bonus amount. As VIP Preferred does not charge fees to either betting sites or consumers, similar to online sports betting with Play Plus and online sports betting with Apple Pay we’ve yet to see it excluded as a deposit method for claiming a bonus.
The Global Payments Inc enrolment process we detailed earlier is an essential part of your suitability for accessing a financial network. As such, it covers a number of different things.
The first is verifying your ID, the second is confirming that you have a suitable bank account, the third is an assessment of your financial position and thus being permitted a line of credit.
It is a common mistake to think that because you are able to sign up for VIP Preferred directly from a betting site that uses VIP Preferred, it means the site is also responsible for administrating your account. However, that is not the case.
Whilst you can process payments and access information there, including viewing your remaining credit limit. Any changes relating to bank account details or requests to extend a credit limit can only be completed by contacting VIP Preferred support personnel.
As well as the more obvious benefits of using VIP Preferred betting sites that we’ve already covered, there are other useful benefits, too. Firstly, unlike many other online payment methods, when you use betting sites with VIP Preferred, you will enjoy more flexibility for withdrawing from your account but should be mindful to check the sportsbook withdrawal limits. Even if you deposited with an ewallet, for instance, you can still withdraw to your VIP Preferred account, making the sportsbook payouts terms very attractive.
Secondly, you can also use VIP Preferred at participating land-based sports betting outlets or casinos. Also, if you receive paper checks from verifiable sources such as those issued by government departments, the IRS or a branch of the US military, you can cash them at specified casino cages, subject to an ID check.
Not only does VIP Preferred have a long-standing and reputable background, it also prioritises the online safety of its users. You’ll be very reassured to know that only legitimately licensed online operations are permitted to offer VIP Preferred as a payment option to their customers.
In addition, you can benefit from using it entirely free of charge across a wide range of different operations and all transactions will be entirely secure and hassle-free. We believe that online sports betting with VIP Preferred is something that you should consider seriously.
Your eligibility to open an account at a betting site that uses VIP Preferred is determined by a number of different factors. We have prepared an in-depth guide to VIP Preferred which covers all aspects of this payment method, including eligibility and suitability for acceptance. We highly recommend that you take the time to read it.
As with every payment method, there are always certain factors that might limit where and when you can make use of it. Our guide to using this payment method at VIP Preferred betting sites and beyond is essential reading and will uncover all of the possibilities for you.
You will find that using VIP Preferred betting sites can offer you some unique benefits as well as ensuring your online safety. To find out how, please read our in-depth guide to betting sites with VIP Preferred which will tell you absolutely everything you need to know in an easy-to-read format.
Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.
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