TOP PAYMENT METHODS FOR ONLINE CASINO
Playing online games is an exciting experience. But, in case you don’t know all the payment options provided by online casinos, this post will tell you everything you need to know about them. This article covers many payment methods, from the usage of popular debit cards to the cryptocurrency option.
What are the most important factors when you are deciding how to pay? It’s probably not only the neon lights that motivate you for choosing a certain game or a certain casino. You are likely aware that it is always better to select a reputable game provider. Apart from that, other serious considerations should be taken into account, and one of them is a method of payment.
Even if you are an experienced gamer who thinks that he/she knows all the options of payment, there might be some gaps that you’ve missed. You may scan the below list and make sure that you are aware of all pros and cons of each payment method.
Although we haven’t aimed to make a thorough analysis of them all, we hope that our short descriptions of the 6 most popular ones would give you an idea of what is what, and how it works. In addition, take note that the jurisdictions in regards to each option may vary depending on the country in which the product is used.
Why do you have to know about payment methods?
Considering which online casino to choose, you always consider the factor of payment. If a platform provides you a high-quality payment experience, it surely affects your decision, and, when you enter your favorite casino next time, you’ll get that cozy feeling of home and security.
Well-established casino platforms provide their players with reliable, efficient, and liable payment options. But although all these methods are approved by their countries’ legislations, there are some certain differences between them, which are better to know each player before he or she starts to play. This knowledge will help avoid unnecessary frustration and delays and ensure a long-term relaxing and jovial gaming mood.
6 most popular options for payment
A debit card is one of the commonly used ways to pay for a chance to play. MasterCard and Visa are the most popular ones and are accepted by nearly all the casinos. Using a debit card allows you to control your withdrawal limits. While making a transaction, pay attention to whether it’s required or not to convert one currency into another - as this may entail additional expenses. On the other hand, these expenses could be offset by the loyalty program that some financial institutions offer to their patrons for using their cards.
You can also pay for online gaming with a credit card. Many casinos accept Maestro, Mastercard, American Express, Visa, and other credit cards. Although some banks offer a reward for using their credit card, you are to make sure to pay your balance by the end of each month, which helps you avoid high interest-rate payments.
Be careful while using the borrowed money for gambling! Take the cue from sensible gamblers, who are aware of the risks of incomplete payment of debts, and who include their wagering expenses into their monthly budgets. You’ll be having big problems if are not able to repay your credit card debt in full!
This was the main reason why the UK Gambling Commission has banned the use of credit cards for casino payments. Ireland, Australia, Sweden, and a few other courtiers have adopted the same pattern.
No wonder, because in the hit of the game gamblers tend to lose track of their spending. If your country allows using a credit card in a casino, make sure to set a deposit limit, or use some other gambling tools provided on the casino website.
One more popular option among spendthrifts is a wire transfer. Most casinos welcome money transfers, and even more, roll out the red carpet for large amounts. The only disadvantage of this payment method is a slow processing time because the operation requires the banks involved in the transfer to perform authentication and authorization.
Statistics show that in some countries wire transfer is the most common type of payment. South American players, for example, prefer this method above all others even though only 55% of them have an account with a bank.
Many Brazilians without a bank account enjoy a Boleto Bancario service. It allows them to pay online utilizing a special secured virtual voucher that is also treated as a money transfer version.
E-wallet is a software-based program used for secure storage of money needed for future online transactions. It is a practical and immediate form of payment, and a great lot of players choose it as a favorite one. One of the greatest benefits of an e-wallet is that all you need for it is your mobile (and, of course, your digital wallet password).
One of the most widespread digital wallet systems is Skrill. It is used by thousands of punters all over the world (in 200+ countries) and allows to keep money in about 40 different currencies. There are also PayPal, Ozan, ApplePay, ecoPayz, and many, many others.
Pre-paid card is like a gift card: it allows you to store your money there and stay anonymous. It is not linked to any bank account or other financial institution. These cards are also called stored-value cardS (SVC), and they allow you to deposit a fixed amount of money, which you can spend afterward. This is also a useful way to control your expenses since cannot spend more than you’d deposited onto the card. A few of the numerous examples include Paysafecard and KOHO Visa card.
Reloading money onto the card is also very simple and easy. All you got to do for putting the desired sum is to use the point of pay or your credit or debit card. There are two different alternatives to purchasing an SVC card. The first one is simply buying it in a store, and the second by using an online app. Casino payments or winnings come and go directly onto the card, and redeeming is performed with a highly secured pin code (or a QR barcode - in case of online usage).
Instant Bank Transfers
An Instant Bank Transfer, which is also called Open Banking is a safe and quick connection with your bank account that provides you with an immediate transfer of money. By contrast with a regular bank transfer, which usually takes a few business days, Open Banking takes only a few moments. Nevertheless, the bank will request your authorization and approval, but, as a rule, doesn’t charge any fee.
The Instant Bank Transfer systems provided by financial institutions are a highly secured way of transferring money because they are based on open-source technology and the usage of APIs. This is one of the reasons the Open Banking method is recognized and appreciated by millions of users all over the world.
Among the most prominent examples of Open Banking are iDeal (Netherlands), Trustly (Europe), and SOFORT (Germany).
Mobile Payment Apps
These days more than 80% of the global population uses smartphones. These smart gadgets allow you to use a lot of different services including financial ones. Thanks to that, the amount of both mobile casinos and mobile payment solutions is mushrooming from year to year.
There are hundreds of various mobile payment apps, and the developers of each country keep on providing us with more and more advanced applications. Indian geeks, for example, have developed a system that allows using a few bank accounts in one app. Money transfer apps such as Euteller and MuchBetter have incorporated withdrawal and deposit solutions into i-gaming.
Cryptocurrency has long affected many aspects of modern life. Nowadays a good part of consumers prefers to pay for online services with digital money. This tendency forced online casino businesses to expand their money-acceptance capabilities. A whole bunch of the most reputable casinos has adopted cryptocurrencies, and even now encourages their customers to get their winnings in this form.
Usage of bitcoin and crypto money for payments and withdrawals is very advantageous. It is the quickest, safest, and most cost-effective way of managing your financial needs. Crypto also offers more privacy and implies many other benefits, but before starting to use it, you’d be better of learning a bit more about its basics.
For most players, pay-out time and access play the most important role in the consideration of different payment methods. It is advisable to explore the options offered by the casino you’ve chosen and only consider all pros and cons of each method.
It is always better to use well-established casinos because their platforms ensure the most secure online transactions. Choosing e-wallets and debit cards seem the most preferable ways to pay. Make sure to read the casino’s terms and conditions before making a payment, which allows you to avoid hidden transaction and administration costs.
If you are wondering how safe the rest of the abovementioned payment methods is, be assured that casinos and payment systems’ makers are interested in providing the best solutions available on the market - since this strategy will win them more customers and more profits. Plus, the technology of SSL data encryption used in modern payment systems enables the highest levels of security to all the sensitive data provided by casino users.