Payment methods are one of the most crucial features on an online casino. Every player wants to be able to make deposits fast, securely, and easily. If depositing is slow, requires too many steps, or requires the player to sign up to a service they do not wish to use, casino users are likely to just drop out and take their money elsewhere. This is why it is very important for the casino’s success to offer multiple safe and popular payment methods.
Payment methods are one of the most crucial features on an online casino. Every player wants to be able to make deposits fast, securely, and easily. If depositing is slow, requires too many steps, or requires the player to sign up to a service they do not wish to use, casino users are likely to just drop out and take their money elsewhere. This is why it is very important for the casino’s success to offer multiple safe and popular payment methods.
Online money transactions are more secure than they have ever been, as banks and money transaction services are able to utilise state-of-the-art security measures. Money is being transferred online every second, whether someone is using online banking to receive their salary, making purchases online, sending money to a loved one, or depositing to an online casino to gamble with real money. It is not just banks and major credit/debit card companies such as Visa and MasterCard that run the show, as there are plenty of private companies that handle money transactions, such as e-wallet companies PayPal, Neteller, and Skrill. This means that as an online casino player, you are offered variety and can therefore choose a banking option convenient for you.
Since almost everyone owns a debit card and because they are very easy to use, cards are one of the most popular deposit methods used at online casinos. The most used cards are VISA and MasterCard, and almost all online casinos offer them as a payment type for depositing and withdrawing funds. Paying with a credit/debit card is easy, as you only have to fill in your card number and other details on the card. Some mobile devices allow you to scan the card using your camera. In some countries, the use of credit cards is banned for gambling purposes to protect the players from getting in to too much debt, but even in these countries the use of debit cards which are linked to your bank account is still allowed.
Prepaid cards like Paysafecard are a convenient way to control how much money you spend on gambling. By purchasing a prepaid card, you own a card or a voucher separate from your usual day-to-day bank account. This prepaid card can then be used to make a deposit at an online casino. It also is more secure than paying with a debit card, as the funds on the prepaid card are capped at what you paid to obtain in, so even if it were stolen the thieves would not be able to access your bank account.
Electronic wallets or e-wallets work similarly to instant payment services, but in addition they allow you to store money in them. E-wallet works like a separate bank account which you can fund by using your credit/debit cards or wire transfer, and which you can use to make payments for other services. E-wallets are great for gamers, as the funds stay separated from your bank account, and they can also be used to withdraw money won on casino games.
Signing up to use an e-wallet is usually free, but transactions might carry some fees: in most cases, depositing to your e-wallet is free, but withdrawal will almost certainly cost you a bit of money. E-wallets will also have great additional protective measures in place, and transactions are often instant. The most popular choices for e-wallets are PayPal, Neteller and Skrill.
Bank transfers cut out the use of any third parties and will transfer money directly between your bank account and the online casino. The downside to direct bank transfers is the processing time: as most banks are quite busy and are only open on weekdays, transferring funds with wire transfer can take up to a week.
There are, however, third party bank transfer services like Trustly that provide faster withdrawals. To use these services, you only need your online banking details, so in contrast to other third party services like PayPal you do not need to create an account.
Despite a lot of scepticism, cryptocurrencies became hugely popular and have remained so. Some online casinos jumped on board as well, offering their players a chance to deposit and withdraw using cryptocurrencies such as Bitcoin and Ethereum. Cryptocurrencies offer some great benefits, especially anonymity, but are quite volatile so their value might change rapidly. For some this makes gambling with a volatile currency even more fun!
The two main questions are security and availability. Some payment methods might be restricted in certain countries, and whilst all commonly used payment types are regarded as safe, they have some differences which you can take advantage of to make your transactions super-secure. Lastly, the selection boils down to your preferences: what payment type appeals to you as easy to use?
E-wallets and instant payment providers work practically instantly, so there is almost no wait involved. Credit and debit cards also transfer your deposit over in seconds. You might have to wait for your withdrawal to come through, and usually the casino states the average waiting times for different payment methods on their FAQ section.
Winnings are usually paid to you using the same method you used to make your deposit, where possible. If you used a prepaid card to make a deposit, the online casino will ask you to provide details of another payment method to send you your winnings. Some casinos will prefer sending winnings over as a wire transfer. Sometimes they might pay you back the amount you deposited using the deposit method, and then the rest of your winnings will be sent separately straight to your bank account. Check your casinos withdrawal policy to learn more.
All the payment methods listed here are regarded as secure, but some of the companies jump through extra hoops to make their service stand out. By using a prepaid card, such as paysafecard, no one will be able to steal away your payment information and access your bank account. Same goes for some e-wallets which work as an extra layer of security.
Some countries or states have laws and regulations which restrict or even ban some payment types from being used for gambling. Most common of these restrictions is banning the use of credit cards, which would allow players to gamble with loaned money. The point of these restrictions is to protect the population from problem gambling and ending up in significant debt. Also, some private companies do not operate in every country of the world, which might limit your choice.
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