MatchPay is a new payment method that is changing the way players can fund their accounts at online casinos.
Many US players are turning to using MatchPay to top up of cash out their winnings from Bovada. MatchPay is an innovative payment method that utlizes a peer to peer exchange.
MatchPay has many features that removes the hassles of making a deposit or withdrawing winnings. On the surface, it can appear to be a complicated process, but in reality it’s quite simple.
There is a lot go unpack, and to lead you through.
So let’s get started with explaining MatchPay, How to use MatchPay, benefits and downside of using MatchPay, legality, safety and security.
What is MatchPay
Imagine a scenario whereby one online casino player has a balance of $1,000. He may have won a juicy jackpot and wants to cash out and withdraw $500. Another player has an account balance of only $100, but he wants to top up and deposit with $500.
The withdrawer wants cash out of $500, whilst the depositor want cash in of $500.
Wouldn’t it be great, if the depositor could transfer cash to the withdrawer of $500. And the online casino transfers the account balance of $500 from one to the other?
Well, this is what MatchPay is able to facilitate. It provides an avenue for the depositor and withdrawer to swap their cash on a peer to peer exchange for a portion of their online casino account balance.
MatchPay is not just limited to online casinos. It can also be used for sports betting and poker accounts. It can also be used for any exchange of credit balance, as long as the provider of the credit will support the transfer from account to account.
In summary, MatchPay is an exchange of account balances and cash between players faciliated by a peer to peer exchange and an online casino.
How does MatchPay work
MatchPay works well if there is sufficient scale. This means that the more players that are wanting to withdraw and deposit, the easier it is to find matching traders.
A MatchPay user needs to specify their accepted trade methods. A trade method can be either PayPal, Venmo, Cash App or Zelle Pay. The more trade methods that a user is willing to accept, the easier a depositor and withdrawer can be matched with the same trade method.
The MatchPay use must also specify how much they want to exchange. The smaller amount to exchange the easier to faciliate. The large the amount, the longer and harder it will be to find one or several users that can fulfill the balance.
Once MatchPay users have been “matched”, the exchange of cash can take place, and the online casino can transfer the account balance that has been agreed upon.
Speed of processing a transaction
The speed of a transacton is dependant on third factors.
- The ability to match depositors with withdrawers.
- The transfer between the trade methods of PayPal, Venmo, Cash App and Zelle Pay.
- The transfer of account balance by the online casino.
In theory, this process could take only a few minutes, but of course, if there is insufficient scale, it could a lot longer.
Legality of using MatchPay
MatchPay is a peer to peer exchange that is lawful in the US and in many countries around the world. At its core, users of the exchange are transferring monies via instant payment methods. The use of PayPal, Venmo, Cash App and Zelle Pay is legal in many countries around the world.
The exchange of online casino balances is also lawful, due to many online casinos operating from offshore jurisdictions. Bovada, as an example, is the most popular online casino for US players. It has been operating and accepting US player for well over two decades.
Benefits of using MatchPay
There are several benefits when using MatchPay:
Speed of processing – unlike credit cards which take several days to process via merchants (and can also be declined or rejected), or using cryptocurrency which requires acquiring the crypto via an exchange and storing it in a cold wallet, MatchPay is almost instantaneous as soon as a match is fulfilled.
Legality – MatchPay uses banking methods which are not prohibted by the UIGEA gambling laws. MatchPay uses legitimate existing payment methods which are lawful in many countries.
Drawbacks of using MatchPay
Scale – there needs to be scale in order for successful, fast processing of transactions. If there are many users, then MatchPay is perfectly created for efficiency. If there are not enough users, not enough transaction among players, then it becomes a waste of time. Trades become difficult to be matched leading potentially to a poor user experience.
Only One Online Casino – there is currently only one online casino for US players that offers MatchPlay – Bovada. Fortunately, Bovada is the largest online casino that accepts US players, hence there is no shortage of players that want to exchange deposits and withdrawals.
Customer Support is not prompt – MatchPay has a Live Chat support feature, but there is not always a Support officer at the end of the Live Chat channel. This can be frustrating for users who are seeking support with process their transactions.
Bovada – Safe and Secure
You have to give credit to Bovada, the leading US online casino. They have been operating in the US for well over two decades, and continue to provide for innovating gaming and payment methods. Being the pioneer of online casinos that have used MatchPay, there is anticipation that they will extend MatchPay to their affiliated online casinos in the Bodog Group.
For further information on Bovada Legality – click here.
MatchPay Online Casinos
Bovada is the only online casino that offers MatchPay with anticipation of others within the Bodog group soon to also accept. Other online casinos have taken an interest in MatchPay but have yet to implement. MatchPay opens the door for many casinos to accept a broader range of payment methods from players, which provides a better user experience.
How to Get Started with MatchPay
- Create an account at Bovada. Make sure you claim the Welcome Bonus.
- Complete your details and ID Validation
- Proceed to Cashier page and choose MatchPay
- Create a MatchPay Trader ID
- Confirm your mobile number and email (two step verification).
- Enter Deposit Amount to start your Bovada Account balance
- Once MatchPay has matched you with a withdrawer, approve the settlement
- Lastly choose your trade method PayPal, Venmo, Zelle or Cash App.
- Your account will be credited, and you can start playing!
Common MatchPay Issues and Solutions
Amounts are too large – Some users are enter large amounts such as $500. The average player is looking for small portions of account balance to trade with. Therefore use small increments of $20, $50 or $100.
Trade is not completed – Both traders need to confirm acceptance and settlement for the transaction to be completed. Often one user will forget to click acceptance. Make sure you follow up with your counterpart in the exchange to ensure acceptance has been submitted.
MatchPay is a payment method that is available to all players around the world, including the US (and it’s not limited to online casinos). The concept is clever yet simple. The online casino will transfer (a.k.a. trade) account balances from players who want to withdraw to players who want to make a deposit, while the deposting and withdrawing player exchange real money on a peer to peer exchange.
As you can see, this concept can also be used for sports betting accounts, poker accounts or any other exchange of account balances that can match a depositor with a withdrawer.
The clever part of the trading the account balance, is the use of a peer to peer exchange to transfer funds. By using a peer to peer exchange, online casino players can now use a broader range of payment methods. Payment methods (for e.g in the US), that would normally not be supported by financial institutions because they are gambling related, can now be bypassed.
The MatchPay peer to peer exchange currently offers:
- Cash App
- Zelle Pay
Though, MatchPay is a brillant service to use, it still is in its infancy of uptake among online casinos. Currently only on Bovada, the use of MatchPay is limited but is slowly growing. Bovada is part of the Bodog group, hence the next set of casinos to use MatchPay would be its sister sites: Ignition Casino, Café Casino, and Slots LV.