Casino Payment Methods
Something that used to be difficult for online casino players, but is now very easy, is getting money in and out of your account. This is because the majority of casinos offer many different ways in which you can do this. One element that makes the best casino sites stand out from their opposition is this, what payment methods they accept and everything else surrounding payment such as the processing times of each type.
If you are wanting to know which is the best payment method to use then this is a very subjective topic. There is no right or wrong really, it is all down to what you value the most and what you personally are comfortable using and trust. There will be some players out there happy to try new methods and will use multiple ways to get money into their casino account, while others will trust one that they have used all the time and not want to move away from that. All methods have their advantages, while they also have disadvantages and it is knowing and understanding these that will help you
decide which is the best for you.
Here are some of the many different types of payment methods you can expect to see available from your online casino, the better casino sites will have most if not all of these available for players to use.
Credit & Debit Cards
The go-to method for most people simply because of the convenience factor they have. We are all used to paying with our bank cards, whether this is for shopping at the local, a meal out with friends or paying for something online. It is the trust we have in our cards and the fact that almost everywhere accepts them that has made these so popular.
Cards offer you the chance to store one payment method on the casino account for both putting funds into the account and withdrawing them. If your details are on the system then usually it is just a case of filling in a couple of small bits of information before you are able to deposit funds, rather than entering the who card number again. This is often the CCV number on the back of the card and/or the expiry date. If you are a new card customer or you choose to not store your previously used card details on the site then you will have to enter the 16 digit card number as well as both the CCV and expiry date.
Card transfers into your account happen instantly, so if you deposit funds then you can play straight away, another advantage it has over using your bank to process the money. Withdrawing can take a couple of days to process as the funds have to go from one bank to another, which makes this method at a slight disadvantage compared to others, though for most people it doesn’t matter too much, but is worth noting.
If there is one real negative to using your credit or debit card to transfer funds to your casino then it is the small possibility that your details may be stolen. We have instances where people’s card details are stolen online when being used, this isn’t just in the casino and gambling industry, but across the entire internet. Although the majority of casino websites are completely secure and strict when it comes to this sort of thing, there is still the tiny chance that this could happen on their site, and that means it could happen to you.
For those who hold multiple online casino accounts, if you deposit and store your card details with each one of them then you are leaving your card details in the trust of multiple companies. It is a very rare occurrence for this to happen, but for the security-conscious amongst us, this will be a small worry and a possible reason to not deposit using a bank card.
The e-wallet payment method has grown into a huge market over the past decade, with the established names such as Paypal, Neteller and Skrill all growing, while smaller merchants are also trying to get their slice of the market.
The last point about bank card security is what e-wallets have been designed to solve for those who spend a lot of money online in a
variety of different places, again it doesn’t have to just be gambling associated.
When you have an e-wallet account you fund the account with your bank card, but crucially here, when you are paying with an e-wallet the only thing you need to enter is the account details you hold. For example, when paying with Paypal, you enter your Paypal username and password to complete the
transaction, and it is your email address for Paypal that is stored on then casino account.
This means if you have six different online casino accounts then the only information they are holding is your Paypal email address, you do
not have six different places all holding onto your payment details such as a card number or bank account number.
The only place that will hold your actual payment details here is your e-wallet company, and considering that their entire business is run for people to make payments, you have to assume they are some of the most secure websites on the internet.
Another positive of using an e-wallet is that the payments are transferred immediately just like using a bank card, so you can play straight away when you make a deposit, there is no need to wait. The time taken to withdraw funds can in most cases be quicker than a card too, as there is no bank involved, the money is simply going from the casino into your e-wallet. The downside is that you then have to perform a transfer of your own if you wish to get this money into your bank, but these can be performed instantly, so you should have your money a little quicker this way.
If there is a downside for people who use an e-wallet to transfer funds then it is that they are trusting a third party to look after their details and all money transferred both ways has to go through this third party company. The money no longer goes from you and your bank card or account to the casino, it goes from you to the third party e-wallet then onto the casino account and does the same when it is coming back to you.
This raises the possibility of any glitches in the system, and possible faults along the way as there as more people and companies involved in the overall movement of the money. Having said that, e-wallets have been created for people to use to transfer money, they are set up to handle all
of this, and collectively they have millions of customers who use them all over the world every single day for a variety of different transaction types.
Bank Account Transfer
If you want to transfer from your bank account to the casino bank account then there is no simpler, straight forward way of doing this than performing a straight forward bank to bank transfer. There is no need to use your card details here, and you don’t need to set up a third party to transfer the funds for you in the form of an e-wallet, so there are positives to using your bank account. However, there are also negatives, and the biggest one is speed.
When transferring from your bank account directly to another, the payment has to be processed by both banks, and this means it can take time for the funds to appear, and only when the funds appear in the casino bank account will someone manually add them to your account balance. This means you are waiting for both the banks to send the money, and the casino site to manually add it to your account, so it is not the most time effective way of making a transfer.
It is for this reason that only a select few people use a bank transfer as a way to get funds into your account, but it could work for you if you are not too concerned about speed and you want a straight transfer, with nothing else involved.
The Paysafecard is definitely the leader in this field when it comes to casinos and the types of these vouchers and cards that are accepted. This is the perfect solution for someone who wants to gamble but doesn’t have a bank account to use for their funds, which all of the above require. You can also use these vouchers if you don’t want to use your bank details online at all, as there is nothing that can be done should anyone get the details of your voucher or card.
These cards and vouchers can be bought in a number of different places on the high street. This means you can buy one with cash, and then use this as a way of getting that cash online so you can play inside an online casino.
There is one big flaw to them, which is that you cannot withdraw funds back onto them, you have to use a different method. If you are looking for a way to get funds into your account then this is a good idea for those who want to use cash online, or who don’t have access to a bank account. However, we do all bet online to try and win, and if you do win then it is important that you have a method available to you which allows you to get the funds out of your account somehow.
Payment Options Summary
The great thing to take from all of the above is that the choice for punters looking to put money into their online casino account has never been as good. We have multiple methods of getting payments in and out of our accounts, all falling into the different categories above.
The best for you may not be the best for others, and this is why you need to approach this as a personal choice, don’t just go with the one you think is most popular with other people.
For ultimate security, if you have multiple accounts, an e-wallet is probably the best way forward as you are only giving your email address to many different companies, and your card or bank details to just one, which is your merchant.
Those who want speed and convenience will probably favour a bank card transaction, we all use our cards everywhere now, it is the mostconvenient way to pay from your bank to your casino account. Bank transfers cut out the card details, but take time, however, it must be noted that some people
don’t mind the wait as they can deposit ahead of when they want to play.
Lastly, if you are not able to access a bank account or you don’t have one then you can pay online using a pre-paid card or voucher which you can buy in cash on the high street and then send that amount to your online casino account. You need to make sure you have a way of getting the funds out should you win, as you aren’t able to do that with these cards, but they do offer an alternative for those who wish to use cash to play online.
Overall, the choice is yours, with each different method having positives and negatives attached to it, so it really all depends on what kind of player you are and what you value the most.