Overview of Popular Payment Methods in Online Casinos
Knowing your way around transferring money in and out of casino websites is fairly confusing. Here are the most popular payment methods, from credit cards to cryptocurrencies. Know the benefits, disadvantages, and the processing time for each option.
Main Deposit and Withdrawal Methods
Credit and Debit Cards
Credit cards and debits have become widely accepted at the online casinos, making them popular and favourite deposit methods among players. Deposits are usually credited immediately. Be aware that in some cases the transactions made with your credit card may be recognized by some companies as a cash advance. This means that they may charge you up to 5% of the deposited amount in fees, along with some extra cash advance interest rates. Therefore, always check with your card issuer if online gambling transactions are allowed.
Mobile Payments (BLIK)
BLIK is a mobile payment system created specifically for the Polish market. It enables online and point-of-sale payments directly from bank accounts through a smartphone app. This operator is not available in all international online https://sizzlinghotspot.pl/kasyno-blik/ for Poland, but it is considered the most convenient and completely secure deposit method.
BLIK lets you make quick and secure online payments directly from your bank account using your smartphone. Even though BLIK is an attractive option for Polish players, you should bear in mind that foreigners can’t possibly use this method as it is only present in Poland.
E-wallets (PayPal, Skrill, Neteller)
An e-wallet, that is also known as an electronic wallet or digital wallet, represents a web account that stores your paying data. You can link your bank account or credit/debit card to your e-wallet and use it to make secure online payments without revealing your financial details to the online casino for real money.
E-wallets are getting more and more popular in online transactions because players find them more convenient, faster, and a secure additional layer. With an e-wallet, you send the funds you want to your e-wallet account from your preferred source like a bank account or credit card. Next, while funding your online casino account, you send the active funds on your e-wallet to your casino account. That way, your bank account does not directly pass on this information to the casino. So, an extra security layer is guaranteed.
Prepaid Cards (Paysafecard, Neosurf, etc.)
Prepaid cards are the ideal means of payment if you want to avoid credit card/debit card fraud for online casinos. Unlike debit/credit cards, prepaid cards don’t require linking your bank account or credit line. You buy them at the chosen retail outlet with a certain amount of money corresponding to the sum you want to use for the internet transactions. The card is thus pre-loaded with a specific amount of money you can use at online casinos.
You will be asked to select the appropriate card and then get it with your cash. Afterward, you will be required to make a deposit at the online casino using the 16-digit PIN displayed on the card.
Bank Transfers
Bank transfers are a good way to make your big financial transactions between the bank account and the casino account secure. Bank transfer is a reliable way to make withdrawals or do your deposits when you are a highrollers or a player who wants to bet a larger amount of money.
The online casino makes sure that bank transfer is done securely through a secure connection using the HTTPS Web protocol implementation. The privilege of bank transfers does not include them being as fast as you would wish. Deposits take between 1 — 3 business days until they are processed, while withdrawals may be even longer if your bank’s internal procedures are slow in that period. This, therefore, causes a problem for the gamblers as we all want the access to our money to be immediate.
Cryptocurrencies in Online Casinos
Cryptocurrency is catching on among online casino patrons due to its decentralised features and faster processing times. Here’s what you need to know about cryptocurrencies when it comes to casino games:
Supported Cryptocurrencies
Some casinos don’t allow cryptocurrencies, and the ones that do might not provide all options. Popular Cryptos favoured are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Dogecoin (DOGE).
Deposit and Withdrawal Process
The method of depositing and withdrawing with cryptocurrencies is, in general, the direct transfer of funds from your personal crypto wallet to the casino’s wallet address.
In the first place, the casino will provide you with a unique wallet address for your deposits. After you initiate the transaction, the payment shall be made into the casino account in a matter of 1 — 5 minutes. Withdrawing is a similar process in which you provide your cryptocurrency wallet address at the casino, therefore authorising the casino to send the funds.
Transaction Fees
It’s been observed that the transaction fees can be different for both the cryptocurrency that you want and the present traffic on the network. In any case, some of the casinos online may bring an additional charge. Review the casino’s terms and conditions before using cryptocurrency to play at the casino to avoid any that may be in existence but yet to be known.
Processing Times
Use of cryptocurrencies such as decentralised deposits frequently process very fast, with a few minutes being a liable reaction time in your casino account. Whenever you want to withdraw money, transactions are fast, thanks to the queue of your instructions and if there were no network congestion issues.
Even though cryptocurrency money allows a certain level of anonymity, you need to remember that online casinos still ask for different kinds of verification to comply with the KYC regulations. In addition to this, apart from the software wallet and crypto exchange they are encouraging risks.
Conclusion
Amongst the various payment systems, the ultimate solution for your online casino business is the balance between ease, security, and speed of the process. Look at what we have just given out to figure out the truth and then play!