Best payment solutions for online casinos
Playing online games is a fascinating activity. Do you know all the payment options provided by online casinos? This article will tell you all you need to know about them. We will consider all possible payment methods, from using popular debit cards to the possibility of using cryptocurrency.
What factors are most important when you decide how to pay?
Probably, not only neon lights prompt you to choose a specific game or a specific casino. You likely know that it's always better to choose an authoritative game provider. In addition to this, it's necessary to consider other serious factors, and one of them is the payment method.
Even if you're an experienced gamer who thinks they know all the payment options, there may be some points you've missed. You can refer to the list below and ensure that you know all the pros and cons of each payment method.
Although we did not set out to conduct a thorough analysis, we hope our brief descriptions of the six most popular methods will give you an idea of what's what, and how it works. In addition, note that jurisdiction regarding each method can vary depending on the country in which the product is used.
Why do you need to know about payment methods?
When considering which online casino to choose, you always need to take the payment factor into account. If the platform provides you with high-quality payment service, it will undoubtedly influence your decision, and each subsequent time you visit your favorite casino, you will get that cozy feeling of tranquility and security.
Well-established casino platforms provide their players with reliable, efficient, and secure payment methods. Although all the methods listed below are approved by the legislation of their countries, there are some specific differences between them that every player should know before playing. This knowledge will help avoid disappointments and delays, ensuring a comfortable and enjoyable gaming mood.
6 Most Popular Payment Options
Debit Cards
A debit card is one of the most frequently used payment methods for gaming. MasterCard and Visa are the most popular methods and are used by almost all casinos. Using a debit card allows you to control withdrawal limits. When making a transaction, you should pay attention to possible conversion from one currency to another, as this can incur additional expenses. On the other hand, these costs can be offset by the loyalty program that some financial institutions offer their customers for using debit cards.
Credit Cards
You can also pay for online games with a credit card. Many casinos accept Maestro, Mastercard, American Express, Visa, and other credit cards for payment. Some banks offer rewards for using a credit card, but you should ensure that you replenish the balance before the end of each reporting period, which will help you avoid paying high interest.
Be careful using borrowed money for gambling! Take a cue from prudent players who are aware of the risks of incomplete debt repayment and include gambling expenses in their monthly budget. You may get into significant trouble if you can't fully repay your credit card debt!
This has become the main reason why the UK Gambling Commission has banned the use of credit cards for casino payments. Ireland, Australia, Sweden, and some other countries have adopted the same model of behavior.
It's not surprising, as in the heat of the game, players tend to lose track of their expenses. If your country allows the use of credit cards in casinos, be sure to set a deposit limit or use other gambling tools available on the online casino site.
Bank Transfer
Another popular option among spenders is a bank transfer. Most casinos welcome money transfers, and even more - they roll out the red carpet for large sums. The only downside to this payment method is the slow processing time, as the operation requires banks involved in the transaction to carry out authentication and authorization.
Statistics show that in some countries, a bank transfer is the most common type of payment. For example, South American players prefer this method over all others, even though only 55% of them have a bank account.
Many Brazilians, who don't have a bank account, use the Boleto Bancario service. It allows them to make payments online using a special secure virtual voucher, which is also considered a form of money transfer.
E-Wallets
An e-wallet is software used to securely store money needed for future online transactions. It's a practical and instant form of payment, and many players prefer this method. One of the biggest advantages of an e-wallet is its simplicity; all you need for it is your mobile phone and a password to your digital wallet.
One of the most common e-wallets is Skrill. It is used by thousands of players worldwide (over 200 countries) and allows you to store money in about 40 different currencies. There are also PayPal, Ozan, ApplePay, ecoPayz, and many others.
Prepaid Cards
Prepaid cards are like gift cards: they allow you to store money on them and remain anonymous. It is not tied to a bank account or another financial institution. Such cards are also referred to as Stored Value Cards (SVCs), and they let you deposit a fixed amount of money that you can then spend. This is also a convenient way to control your expenses, as you can't spend more than you deposited on the card. Among the numerous examples, you can mention Paysafecard and KOHO Visa card.
Transferring money to the card is also very easy and simple. To top up the card with the amount you need, you can use a payment point, or transfer from your credit or debit card. There are two options to acquire an SVC card: The first is simply to buy it in a store, and the second is through an online application. Payments or winnings in a casino go directly to the card, and withdrawals are made using a pin code or QR code - in case of online use.
Instant Bank Transfers
An instant bank transfer, or Open Banking, is a safe and fast connection to your bank account that ensures immediate money transfer. Unlike a regular bank transfer, which usually takes several business days, Open Banking takes only a few moments. Nevertheless, the bank will ask you for confirmation and, as a rule, does not charge any commission.
Instant bank transfer systems provided by financial institutions are a safe way to transfer money because they are based on open-source technology and the use of APIs. This is one of the reasons why the Open Banking method is recognized and used by millions of users around the world.
Among the most striking examples of Open Banking, you can name iDeal (Netherlands), Trustly (Europe), and SOFORT (Germany).
Mobile Payment Apps
Nowadays, more than 80% of the world's population use smartphones. These smart gadgets allow you to use a multitude of different services, including financial ones. This has led to the number of mobile payment services increasing year after year.
There are hundreds of different mobile payment apps, and developers from various countries continue to offer us more and more advanced apps. Indian experts, for example, have developed a system that allows you to use multiple bank accounts in one app. Such money transfer apps like Euteller and MuchBetter have implemented solutions for depositing and withdrawing funds in i-gaming.
Cryptocurrency
Cryptocurrency has long influenced many aspects of modern life and today a significant portion of users prefer to pay for online services with digital money. This trend has forced online casinos to expand their money acceptance capabilities. A number of the most authoritative online casinos have accepted cryptocurrencies and even now encourage their customers to receive winnings in this form.
Using bitcoin and cryptocurrencies for payments and withdrawals is very profitable. It is the fastest, safest, and most economically effective way to manage your financial needs. Crypto casino software supplied by BigGame Solutions is one of the most reliable and solves a host of administrative problems associated with legalizing online casino activities in different jurisdictions. In addition, cryptocurrency ensures high confidentiality and has many other advantages, but before you start using it, it's better to learn a little more about the basics of cryptocurrencies.
Conclusion
For most players, payout time and availability play the most important role when considering various payment methods. It is recommended to explore all the options offered by your chosen online casino and consider the pros and cons of each method.
It is always better to use well-reputed casinos, as their platforms provide the most secure transactions. The choice of e-wallets and debit cards seems to be the most preferred payment method. Be sure to read the rules and conditions of the casino before making a payment, this will help you avoid hidden transaction and administrative costs.
If you're wondering how safe the rest of the above-mentioned payment methods are, you can be assured that casinos and payment system manufacturers are interested in providing the best solutions available on the market - as this strategy will bring them more customers and more profits. In addition, the SSL data encryption technology used in modern payment systems provides the highest level of security for all confidential data provided by users in online casinos.
