Online Casino Payment Methods
Finding a great casino to game online isn’t all about the aesthetics, the slot games, the software providers, or the casino bonuses. Of course, all those things matter, but it’s worth taking a look at what payment methods are accepted at the casino you’re about to sign up to so you’re not burnt with any significant transaction fees or long withdrawal times.
Most payment methods are available at every casino, but the likes of PayPal for example like to pick and choose who they partner with very carefully. Let us guide you through what you need to know when it comes to casino payment methods.
What is a payment method?
A payment method is a way of depositing money into an online casino using methods such as PayPal, Neteller, and Skrill. Most of which have been at the top of the game since the turn of the century, and all have a long history in the casino industry. Debit cards along with bank transfers and other e-wallet providers are also payment methods used on most sites too.
Banking online now is the most trusted, easiest, and quickest ways of transferring funds around. Online banking using any type of method was looked on with great suspicion in the formative years of the internet. However, these days there’s nothing on the internet that’s more secure.
Available Payment Methods for Online Casino and Slots
There is a wide variety of online payment methods available to casino and slot players. However, it is important to understand some online casinos may accept some and not others, this is the same with accepting one payment method for deposit and not for withdrawals.
To that we will also go through all the popular payment methods, who they are, their advantages and disadvantages, how to register and credit for use of play.
Although credit cards and debit cards are one of the most popular payment methods. It is important to note, the use of credit cards for gambling in the UK was banned in April 2020. Card payment for gambling are preferred primarily due to their ease of use as well as security guarantee they come with.
Advantages to Using Card Payments
With every bank out there ensuring each of their customers has a debit card, it is of no surprise that card payment options are the most convenient facility due to their ease of access, wide acceptance and security or debit card guarantee.
Although the use of credit cards has been banned in the UK, other countries where permitted, are still free to do so. An option we would not advise on using borrowed cash with interest attached, however credit cards do give users additional access to funds which they otherwise would not have to play online casinos and slot games.
Card payment security has been tightened in recent years with Google authentication, mobile sms, voice note as well as fingerprint recognition. To that most if not all debit card now offers a ‘debit card guarantee’, in the case your card if stolen and used, you will receive a full refund regardless of where you are. Online Casinos also offer charge-backs, although proof may be required however it entails funds used to gamble, not by you, are returned to you.
Disadvantages of Using Card Payments at the Online Casino
As with everything, despite Card payments having their advantages, there are areas to which you would also want to consider prior to making your decision to use this option.
Despite the wide use of cards for purchases online and retail, not all online casinos accept the use of credit cards. In the UK, the credit card ban in April 2020 means users cannot use this option for deposits nor withdrawals, even if you still have funds. Debit cards are still accepted by permitting online casinos; however, some online casinos may accept debit card for deposits but not for withdrawal. Not every online casino supports using visa cards to make withdrawals. Even though there are a bunch of online casinos that will let you make deposits with it. Some will not let you make withdrawals.
To also note, withdrawals to debit cards can take 3-5 working days to clear into your account, this can become an inconvenience especially when you need the funds sooner. Online casinos also have a ‘reverse fund’ option, this means that while the cash is still in the ‘pending’ period, player wishing to gamble can stop the process and reverse it back into your online casino account.
Possibility of Rejection
Due to ever changing regulation across the globe, some banks will reject online gambling requests made by you. Although, this is very unlikely, it can happen, particularly in countries where online gambling is highly regulated, such as America and Canada.
Gambling Activity on Card Payments is not anonymous
Due to your chosen card being linked directly to your bank account, any gambling activity carried out will show up on your bank statement. This can affect individuals particularly applying for finance or a mortgage, whereby gamblers are looked at as high risk to lend to.
Most newbies, tend to think the bank transfer method entails players going to their bank and transferring funds to the online casino or slot bank account. But this is most certainly not the case, rather a player adds their bank account details into the cashier system within the chosen online casino. This option is at times preferred if you do not always carry your debit card with you.
Advantages of Using Bank Transfer to at Online Casinos
Labelled as Bank wire or bank transfers in the online casino cashier section, makes this form of payment methods, one of the easiest and most secure options users can have.
As everyone has a bank account, it also makes this option the most convenient to both the player as well as the casino as it expands their reach.
Having you direct bank account details tied into having you direct bank account details tied into our account means it is easier, and faster both when depositing funds as well withdrawals.
All transactions are encrypted with the latest firewall security technology, this secures you from hackers or any other third parties capable of stealing your details.
Disadvantages of Using Bank Transfer at Online Casinos
As you would expect, bank wire transfer as you would expect, bank wire transfer also has it disadvantages.
Firstly, using bank transfer means it is harder for you to manage your gambling funds and could lead into your overdraft which could escalate with interest.
Secondly, using the bank wire transfer can affect you from qualifying for a mortgage or big purchase that requires a credit check.
Thirdly, using bank transfer also means your gambling activity is not anonymous, and appears on your bank statement.
Finally, regular gambling could see the bank freeze the use of this option to fund you online casino activity, this is also down to their own internal safeguarding policies.
Perhaps one of the most popular payment methods in recent times. E-wallets come in the form of an online bank account whereby users can simply, choose an email address, register their details, confirm the address and contact details, connect your main bank account or direct debit card.
Once confirmed simply find a merchant accepting your chosen e-wallet and add your registered email address when you are ready to make a deposit or purchase. In some instances, for security, you will be diverted to your e-wallet, asked to log in and confirm the amount you wish to deposit.
Popular E-Wallets Accepted by Online Casinos
PayPal: Flexible, multi-currency widely accepted by online casinos, secure, fast deposit and withdrawal.
Skrill: Having a Skrill account also means you can apply for a prepaid Mastercard. Skrill offers, flexibility, multi-currency widely accepted by online casinos, secure, fast deposit and withdrawal.
Neteller: Some of the advantages Neteller offers include, no charge back risks, multi-currency, safe as well as secure and it is widely accepted by the online casino community.
EcoPayz: EcoPayz offers simple registration and setup, multi-currencies, safe and secure, however it is not an option used by all online casinos.
Trustly: Widely accepted by online casinos, offers a simple interface, safe and secure, does not require as much personal information as most of the other e-wallets.
EntroPay: Popular across all online casinos accepting Visa, flexible, safe and secure, popular across online casinos.
Boku: Boku also known as ‘pay by phone’, offers ease of use by connecting allowing you to pay using your phone bill, safe, secure and convenient. Max limit on deposit amounts allowed. Growing in popularity among online casinos.
PaySafe: Group behind Skrill and Neteller, Paysafe offers multi-currencies, financial risk management, simple interface and convenient. Users can apply for a Paysafe card which is a prepaid card that can also be topped up at any convenience store as well as online.
WebMoney: WebMoney is accepted by some online casinos, however for those that do, users can expect, smooth and fast secure deposits as well as withdrawals. Simple application process that also offers multiple currencies.
Prepaid cards are like e-wallets in the sense that they both separate your purchase activity from your actual bank account. Prepaid cards can be purchased online or from convenience stores. Simply register your details, activate your card and add funds either online, via phone or at a convenience store.
Prepaid cards are not a bank account, they simply allow you to have the details necessary when requested by the online casino you would like to play at. The other beauty of prepaid cards is you can only play with what you have added to the card, unlike bank details which could at times go into your overdraft.
Majority of E-Wallet options mentioned above do offer prepaid card to their users, helping you to acquire purchases anywhere, as they can be used as a regular bank card. One of the great things about prepaid cards is users in different countries that would like to carry their funds without the risk of carry cash, can simply deposit the cash into a prepaid card instead. These cards can also be connected to your Google Pay via your mobile phone, should you not want to carry your prepaid card around.
Advantages of using Prepaid Cards
Prepaid cards are not associated with your bank account and therefore make it easier to manage your spending as there is no overdraft.
Prepaid cards are secure and safe, this is because all prepaid cards are associated with larger financial institutions despite their name, and you will generally find them with the Visa or Mastercard logo.
Prepaid card can be linked to mobile contactless application on your phone such as Google Pay.
You can download your prepaid card app to your mobile phone enabling you to have full control over managing your funds as well as locking the card, should you lose it.
Prepaid cards offer flexibility across continents, therefore despite the cards being loaded with an individual country’s currency, it can be used in a different country and will automatically convert to local currency.
Disadvantages to Using Prepaid Cards
No credit, this means unlike a bank debit or credit card, prepaid cards only hold the money you deposit into them, therefore once it is gone, there is no overdraft.
Expect high fees, from either membership of the card service or when you decide to move your prepaid balance to your regular bank account. In addition, should you decide to withdraw cash from an ATM, you are likely to be hit by high fees.
Adding funds to some prepaid cards can be a pain, particularly prepaid cards that require you to visit a convenience store, purchase a voucher and load it to your card, this can become a problem particularly depending on where you are and if any convenience stores that offer the service, are indeed, open.
Some prepaid card are not accepted by online casinos, therefore do make sure you check out accepted payment methods from your chosen online casino.
One of the biggest technological evolution in the finance World, although controversial, has been cryptocurrency. The most popular of them all, and that started it all is Bitcoin (Btc). Cryptocurrencies are yet to gain mass adoption as they are currently seen not to have a store value, therefore incredibly volatile. However, this has not stopped thousands of cryptocurrencies to come available, all offering something unique that will change the way an area of the market works.
There are several crypto or bitcoin casino available now, and they offer a better experience than standard online casino. The reason behind their case is based on two main elements, which are:
- Operate using Blockchain technology
- Operate using Provably fair
In summary, the blockchain is see as a ledger on the internet, which does not sit on a server and therefore cannot be controlled, manipulated or shutdown. It records every transaction taking place within its system. This ‘ledger or block’ is replicated hundreds of times throughout the public network making it available to everyone. Unlike cash, whereby a purchase or transaction not recorded, cannot be traced.
The blockchain records and monitors all transactions and cannot be edited or deleted. Combined with the Provably Fair software, makes this new technology the future. You can read more about Bitcoin or Cryptocurrency Casinos by click HERE
Provably fair gambling removes the thought of any game being rigged. When playing at any online bitcoin or cryptocurrency casino, whether you are new or have visited the casino website many times. You are placing your trust in that casino and expect the outcomes of their games to be fair.
Using the blockchain players at crypto casinos, can check that games and outcome were indeed fair. This is known as ‘provably fair gambling’, therefore with every roll of the dice or turn of a card, players can verify in real time that the results have not been tampered with, which has always been an age old concern among regular online gamblers.
Advantages of using Cryptocurrency Casinos
Deciding to play at crypto casinos does have its advantages, although this user base still has a long way to go, before it is mass adopted by online casino players:
- Big bonuses matched with ongoing reward programs
- Top of the range visuals not seen in standard online casinos
- Crypto or Bitcoin casinos have become more recognisable than standard online casinos
- Super-fast withdrawals, the fastest being around 5 seconds
- Highly secure and safe, online wallets use 2 AF authentication as well as secret questions for verification. Hardware wallets are also available, these are like a usb drive to which users can move their cryptocurrency from an online exchange to their wallet to avoid being hacked.
Disadvantages of Using Cryptocurrency Casinos
Despite the evolutionary positive’s cryptocurrencies hold, there are still a number of concerns to address:
- Cryptocurrencies are incredibly volatile and high risk, therefore a purchase of £100 today could be worth £500 or £0.00 tomorrow.
- Getting hold of cryptocurrency for a first-time user is not straight forward and entails dreadful process that is likely to put off many new users.
- Depositing cryptocurrency into your chosen casino account can take a while and is not as instant as other payment methods
- Bitcoin is the preferred cryptocurrency of use across most online casino platforms, but is not cheap to purchase
- This technology is currently only enjoyed by cryptocurrency enthusiasts as it takes some time to learn and get your head around how it works, how and where to purchase.
- The use of long addresses used to transfer funds opens problems to mistakes of missing a digit, should this happen your cryptocurrency could be lost and cannot be retrieved.
What to look out for and why?
Withdrawal limits, withdrawal times, withdrawal fees, minimum deposits, deposit fees, deposit times are all things you need to be mindful of. Some casinos will have their own rules, and if you combine that with a payment method that charges high additional fees. You could be losing 5% or 10% of your initial deposit.
Look through the differences in payments methods. It’s always wise to get a good understanding prior to signing up to a casino.
E-wallets might be your go-to choice because they don’t charge additional fees. However, not every casino accepts e-wallets, so make sure you do some thorough scouting before you depositing.