The main questions asked by gamblers revolve around forms of payment. What is the best choice of transactions for online casinos? How can we have confidence in the security of a payment method? What methods provide the quickest withdrawal times? Does my payment method allow me to cash out to it as well?
Next to determining the casino and game, forms of payments are the most critical. The type of payment can affect your enjoyment at the casino, and the swift transfer of funds is essential to many gamblers.
So, what are the best gaming payment methods? Maunu Seppinen, an expert in online casinos from Netti-casino.biz, is here to help. He has the inside scoop on the igaming industry and the best ways we can utilise the online platforms to our advantage.
What’s in Your Wallet?
First, we should talk about the basic types of payments accepted. We are all familiar with credit cards. The best known are Mastercard, Visa, and Paysafecard. Let’s look at the pros and cons of credit cards.
Pros
- Credit cards offer security features built into them. The fraud/theft prevention measures increase their popularity.
- Most casinos accept credit cards for deposit.
- Deposits from credit cards are flawless and quick.
Cons
- While they are an immediate form of deposit, credit cards have delayed withdrawals.
- Credit card companies charge fees for withdrawals.
- Credit card companies cause delays in the withdrawal process and are stubborn about foreign transactions.
In summary, deposits with credit cards are rapid, taking less than 15 minutes to complete, but withdrawals, when they accept them, can take 2-7 days. This is often attributed to the casino instead of the card company.
It’s also advised to check with the casino which credit cards are accepted. If you prefer using a Diner’s Club or American Express, it’s best to first see if they are accepted. While these are common cards among players, they aren’t commonly accepted by online gambling platforms.
Before using a credit card, make sure the casino will send withdrawals back to the card. If not, prepare to add an alternate account for withdrawals. Credit cards are an excellent way to pay for a casino online. They are trusted and used by thousands of players across the globe and are reliable.
Speaking of Wallets
A growing trend in monetary transactions is the e-wallet. Companies such as PayPal have been available since 1999, and sister companies Neteller and Skrill followed close behind. New additions such as Eco Card and ecoPayz are both popular in Canada. Let’s examine the good and bad of e-wallets.
Pros
- E-wallets provide a layer of security between your banking information and the internet.
- Like credit cards, they are secure, reliable, and familiar.
- Deposits made to casinos are instantaneous.
- Unlike credit cards, e-wallets allow withdrawals to process post-haste.
Cons
- Password vulnerabilities are the deterrent to e-wallets. The loss or compromise of a password could result in the loss of funds.
E-wallets are among the best accommodations for online casino payment methods. They provide quick, secure transactions on a wide range of platforms.
Phoning it In
One of the newest trends is the ability to pay by phone. This is how to gamble online without a credit card. In this method, you make a deposit to the casino from your phone, and the amount billed applies to your next monthly payment. Withdrawals can happen the same way.
Pros
- It is easy to use.
- It offers fast deposit and withdrawal times.
- This method does not expose your banking information.
Cons
- A lost or broken phone is a dangerous exposure of information.
- Not all casinos allow this method of payment.
Pay by phone is a new concept, that we are seeing more and more casinos offerring their patrons. While it hasn’t taken the industry by storm, its ease of use is a definite plus for online payments.
Bank Transfers
One of the most common types of gambling payment is bank transfer. This option allows you to send money from your bank account straight to the recipient. Deposits are instant, and withdrawals are based on availability and bank protocol.
Pros
- A standard method of money management.
- Bank transfers are time tested.
- They have been used since the late ‘80s to transfer funds.
Cons
- Use of this form of payment exposes your financial information.
- It is limited as far as withdrawals to casino approval.
- It offers a lengthy processing time for withdrawals when approved.
While bank transfer is a traditional form of financial arrangement, your account information is vulnerable with this method. Also, the delay in withdrawals, if available, can be lengthy.
We can also see a decline in the number of players who opt for this form of payment. The combination of vulnerability, the limits placed on withdrawal and the lengthy waiting period for transactions makes it clear as to why many players are deterred from this option.
Cryptocurrency
The best-known form of cryptocurrency is Bitcoin. Cryptocurrency is designed to provide secure funds transfers on the internet. Other examples of cryptocurrency are Ethereum and Auroracoin.
Pros
- Designed for e-commerce, cryptocurrency is secure.
- Also, depending on the currency, it can be very valuable.
- Crypto offers quick deposit and withdrawal times.
Cons
- Losing your account information is disastrous.
- Not all casinos are accepting cryptocurrency.
Crypto is soon to be the new standard for online transaction payments. The security of cryptocurrency, the ease of processing, and value are what fiat currency desires to be.
There’s a growing trend of cryptocurrencies online making it more and more appealing to players. The blockchain technology used gives users a sense of security, autonomy and anonymity when they are playing at their favourite casinos. If you’re an avid gambler, it may be worth your while to learn more about this latest technological payment system.
Conclusion
Whichever form of payment you decide to use, make certain you are familiar with its use. Accessing security features is essential, and make sure the casino is comfortable with your deposit and withdrawal methods.
