With so many new payment methods appearing in the past decade, to attend to the demand for online transactions, online casino players are showered with choices. Well-established financial companies have expanded their coverage to include online transactions, but new payment processors are appearing left and right which fully focus on such transactions only.
And when the time comes to choose the one to go with, online casino players are overwhelmed and tired of looking for the one that suits them most. One fairly new payment processor that could work well for them is Venus Point. What is Venus Point and why use it across online casinos?
Functioning as a payment processor…
…Venus Point is actually a stored value financial platform that allows users to keep value in their accounts with the additional option to use these funds to deposit and withdraw money to and from third-party merchant platforms, online casinos included. To put it simply, it allows users to receive and pay chargebacks from merchants in the form of points instead of cash at a 1 point equals 1 USD rate.
The platform…
…has been launched in 2017, mainly to attend to the Asian market, Japan in particular, but has quickly gone global, so users from all around the world can benefit from it. However, in its sole discretion, the service can decide whether to approve or deny a user from opening an account. The restrictions are not as stringent, but based on the company’s judgment, a player could be denied access.
Its website…
…is available in both the English and the Japanese version, and the US dollar is the default currency of the service. Of course, players who join from a country where the US dollar is not a native currency, they could also use their local currencies, if available on the platform. Since the USD is the natural currency of the payment processor, it is only natural that the currency conversion may be subject to fees.
There are no specific details in the Terms of Use on the service when it comes to the timeframe in which it processes payments. However, its track record is spotless, meaning it does process funds promptly.
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Getting Started with Venus Point
You need to…
…go to Venus Point’s official website in order to get started with it. As you load the website, you will instantly be presented with the Terms of Use. This is where you can learn all about the service and see whether you’d like to get started with it in the first place, whether you can agree with the terms in full.
Once you read the Terms of Use, you can click on the Homepage where you’ll see its three main features “Receive Points from Merchant”, “Send Points to Merchant” and “Convert Points to Local Currency”. Below the features, you can see the Log In and New Registration fields. Considering you’re new to this method, you would have to click on the New Registration field.
Even if you haven’t read the Terms of Use and you’re not sure whether you’re eligible to create an account or not, if you’re not eligible, you will be denied access to it. Users from select regions are not eligible to create an account, so they cannot proceed with the registration process.
If you are eligible…
…then you’re in for a treat. The service is known for its short registration process and ease of use. The registration process is pretty straightforward. Click on the New Registration field, and a temporary registration page will appear on your screen. You would need to enter a valid email address that you would like to be linked to your Venus Point account. Confirm it in the box, and you should receive an email with a subject Book Registration. Click on the email and open it. There should be a link that you need to click on to continue to the next step of the registration.
This is where you’ll need to provide basic personal information. No strict ID checks would follow, which would normally take up a lot of your time, so all you’ll be left to do is verify the information. You’ll again receive an email with a subject Completion, where you will learn that you’ve successfully created your account. You’ll see that you would be instantly able to access your Venus Point account with the email and password you’ve entered earlier.
You’ll also receive…
…guidelines about how to use the service. This is where you’ll be instructed on how to store value and use it. As mentioned earlier, via chargebacks from third-party merchants in the form of points, you can store value at an exchange rate 1 point equals 1 USD. The points are earned with each transaction you perform with Venus Point, and can further be used to make online payments to merchants in points. They can also be converted to fiat currency, either USD or your local currency, but fees would apply.
Using Venus Point for Deposits and Withdrawals
Venus Point is actually mostly used in the online gambling industry, even though other online merchants are offering it as a payment method. Online casino players particularly enjoy its points system as described earlier, because they can deposit and play using the points, actually withdraw the winnings in points and scoop new points for each transaction.
To make deposits with the method…
…you will spend only minutes of your time. Not only will it be quick, but it will also be quite rewarding, for that matter, considering that with each transaction you’re collecting points on your account.
But first, you need to find an online casino that accepts it as a deposit method. Thankfully, there are many online gambling sites that accept it, so all you’ll need to do is find one that would suit your needs and would offer the games you like to play.
Go to the Banking page…
…at your chosen casino, and look for Venus Point’s logo. Click on the icon and you’ll be redirected to its website. Log in to your Venus Point account as you normally do, with your email and password, and fill out the necessary details. And by necessary details, we mean the amount of fund or points you would like to deposit, and the recipient’s address, ergo the online casino’s address.
Before you confirm the transaction, make sure you have all the details right, since all transactions with this payment method are irreversible. Plus, consider any fees that may apply, as indicated in the Terms of Use.
If you still don’t have funds stored on your Venus Point account, and you’d like to transfer some from your bank account, you would need to go through a different procedure. You would need to fund your Venus Point account first, by entering your bank account number and amount of funds you’d like to transfer. After they’ve reached your Venus Point account, you can go through the procedure described first.
Confirm the transaction, and the funds will be immediately available on your casino account, for you to use them on slots, blackjack, bingo or Live Casino games, for instance. On your Venus Point account, however, you’ll see some new points arrive, depending on the amount of your transaction.
When it comes to withdrawals…
…you would again need to visit the Banking page. You would need to click on the service’s icon and you would again be redirected to its website. Again, log in to your Venus Point account, request the withdrawal and confirm it. Verify the request, and after the casino approves the transaction, you will have the funds available on your Venus Point account. Once you have your winnings on your account, you can either use them for online payments or transfer them to a different account.
Advantages and Disadvantages
The evident ease of access and the straightforward style of the method are some of the main perks you get when using this solution. From the very beginning, you see that the registration process is simple and quick, and so are the depositing and withdrawing processes. Plus, anyone, from any country across the world can create an account with some exceptions, even though the method is primarily focused on the Asian market.
Security is another benefit you get by using this method. The service uses security measures that comply with industry standards as well as banking systems in most countries. Via safe gateways and with the help of advanced encryptions, Venus Point keeps your money completely safe and unreachable by third-parties. The fact that this is a storage platform that has your funds kept at different banking institutions means that your funds are kept under the latest protection technologies.
The fees mentioned earlier are almost unnoticeable compared to those applied by other payment methods. For each $900 transacted, you only need to pay $1.80 commission fee, which is relatively low. Add to that the extra points you’re rewarded with, and you’ve got yourself the perfect payment solution. The points compensate for the fees, so you won’t feel the fees at all.
However, the fact that the service has not transparently explained why and which users are not eligible makes it lack credibility. Sure, the number of complaints in this regard is really small, but still, you would want to know why you’ve been denied access to the service, right? This vagueness can really discourage people from using it.
And then, there’s the issue of transaction timeframes
Again, there are not that many complaints about the waiting times – in fact, most users are satisfied with how quickly their transactions have been processed – but still, the service needs to work on making this information fully transparent, so that anyone can decide on their own whether to use it or not.
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FAQs
The service has transparently indicated that for each $500 transaction you make, you receive 2 points. But, considering there’s a limit when it comes to making transactions to and from online casinos, the $1,000 transaction limit, it means that the most you can get from making online casino transactions are 4 points.
Normally, the casinos that accept it as a payment method have all the necessary details you may need on how to use the payment method. If in doubt, call your chosen online casino’s Customer Support. However, if that doesn’t help you, you can always contact Venus Point’s Customer Support team, which is available 24/7 via the on-site contact form and email.
No. If your current transaction has not been completed, you cannot request another one. This is mainly due to the fact that your funds are stored at banking institutions, so before you can access other funds, you need to have the current ones checked, verified and processed. Once the current transaction is processed, you can immediately request a different one.
The maximum number of points one user can earn per month is 10,000. In other terms, if one $500 transaction brings 2 points, you would need to transact $5,000 in order to get the 10,000 points.
Yes. Soft2Bet has recently launched a site for the Japanese market, where Venus Point is a popular payment method, for instance. But other casinos such as JustSpin and HappiStar also accept it, among others.
Sure. All you need to do is make sure whether your chosen online casino is compatible with mobile devices. If yes, all you’ll need to do is log in to your online casino via your smartphone and start the depositing or withdrawing process. As long as you are connected to the internet, you’ll be redirected to Venus Point’s website, where you can complete your transaction.
