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An online gamer usually takes a few factors into consideration when choosing the preferred online payment method. The speed of transfer is critical if you are a pro gambler. You would not want to wait for the transaction to go through before you could play in the casino. The withdrawal speed is also essential, as every player prefers the money to be deposited into their account instantly.
While speed is essential, you would not want to pay extra fees for high funds transfer speed; hence, that is also an important factor to consider. Ideally, a gamer would also like a payment method that offers flexible limits so that at no point do they need to switch to a different payment method.
1. PayPal
If you are a gamer, you must have come across PayPal. This company has been around since 2000. It was acquired by eBay in 2002 and remained a known brand even after eBay sold it in 2015. Its availability in 200+ countries is one of its most vital points. It is free to join and easy to use.
PayPal offers top-notch security, using SSL encryption to keep your data safe. You can set up a strong password to protect your account from hackers. It also gives you the option of Two-Factor Authentication for added security.
PayPal allows fast payment, as it has a payment engine that processes thousands of transactions per minute. This means every transaction takes only a fraction of a second to complete. Hence, you can quickly deposit money to a casino without having to wait to be allowed to pay. Finding online casinos accepting PayPal is quite simple, with portals such as CasinoUSA.com offering players the complete list. PayPal does not charge when you deposit money for gaming, but it could charge roughly about 3% of fees while withdrawing.
Paypal also lets you make small and large transactions easily.
2. E-Wallets
Just like PayPal, several other e-wallets across the globe can be used as a payment option in casinos. While PayPal is the pioneer of peer-to-peer payments, several other companies like Skrill or Neteller and many more have also introduced such payment options. Nearly all online casinos have a variety of e-wallet payment options you can choose from
3. Wire Transfer
This is the payment method where the electronic transfer occurs from one account to another. This transfer uses bank networks or transfer agencies so that you can send money across the globe. You need a valid bank account, as wire transfers are always attached to a bank account.
While the bank transfer is highly secure and reliable, it also means there are certain restrictions, such as banking limits. You can make the deposits instantly, but the withdrawal is usually slow and can take up to five days, especially if you are playing on off-shore websites.
4. Credit/Debit Cards
We use credit and debit cards for many daily transactions, and it is used commonly. They are secure, reliable, and convenient. You have been using these cards already for shopping, and now you can use them to gamble. You can use VISA, MasterCard, Maestro, and others linked to your bank account.
UK Gambling Commission (UKGC) has banned the usage of credit cards from licensed UK casinos, but you can use the debit card to gamble. If you still wish to use the credit card, look for non-UK casinos.
Using a credit card to gamble is not just convenient but gives you a free credit score when you repay your credit timely. It also is secure and protects you against fraud. You can also restrict your limit to ensure you do not overspend. Payment through credit card as an option is available at all reputable online casinos.
5. Cryptocurrencies
Cryptocurrency, also known as digital currency, has become more popular with online casino players nowadays. Many gamblers only prefer to play on sites that accept crypto to be more discrete. The most popular crypto you must have heard of is Bitcoin, introduced in 2009, and has grown quite a popular crypto payment option for players.
Many players have started accepting Bitcoin as a payment method, and so have many businesses and casinos. Players prefer cryptocurrency over credit cards because of the advantages it offers.
Crypto payments are pretty secure and let you access higher banking limits. The system is based on decentralized blockchain technology, which means absolute anonymity. Hence, it is next to impossible to track crypto transaction information. Another benefit is instant deposits and withdrawals. It is secure; therefore, many casinos have opened up this transaction option for the players.
Conclusion
There are many payment methods available for online casino players. We have covered most of the above. It is crucial to go through the terms of each payment option to know exactly what you are getting into. Also, you can try a few payment options initially for deposit and withdrawal and conclude on the one that suits you best.
Reviewed and edited by Albert Fang.
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Article Title: Popular Payment Methods Used in the iGaming Online Industry
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