Payment Options | Money Transfer Solutions for casino players
New online casinos are a great way to have fun right from your own home. They also offer the players a chance to win some money, while they are relaxing. So, when the players decide to withdraw their winnings or their deposit balances, they must be able to do it easily.
They shouldn’t have to jump through hoops to withdraw their own money. For this reason, online casinos offer plenty of payment options for the players to withdraw their money. Here is a quick overview of all the major payment options before them.
Plastic – Debit and Credit Cards
Debit and credit cards are by far the most popular payment method in the online casino industry. The fact that every one of us has at least one or two cards makes it only natural that we use them to make online transactions, including online casinos. Sensing their popularity, most online casinos to do not levy any deposit or withdrawal charges on them. This has in turn made them even more popular. And the icing on the cake is that card transactions are processed in less than 2 days in the most cases. However, players must take note that their bank might be charging them a small fee for processing the payments.
Even among the cards, credit cards are the most popular choice. Since they allow players to enjoy the casino games, even at the times when they are running short on the bank balance is what has contributed to their immense popularity.
Among all the credit and debit cards, VISA cards are the most commonly used options. Its nearest competitor is MasterCard, which is increasingly catching up to the global level of acceptance that VISA enjoys. Finally, there are the American Express cards. However, they are not generally preferred because American Express is a US based company and the USA has banned online casinos.
Wire Transfer or Bank Transfer
This is one of the oldest payment methods and has existed long before the online casino industry came into existence. Yet, it continues to be one of the most preferred choices among the online casino players for making transactions with the online casinos. One of the reasons is that wire transfer is highly secure, owing to the serious degree of focus that banks have on security.
However, wire transfers can often take more than a week to be processed. In fact, it is one of the slowest methods of banking transactions. For this reason, many online casinos only allow wire transfers for withdrawing the money and not for depositing. Players want to enjoy the game as soon as they make the deposits. Delayed wire transfers are a hindrance to that.
Apart from the banks, third party agents like Western Union also offer wire transfer services. So, players need not depend on the banking system in their country either. With services like Western Union available in pretty much every country, players will never have a problem with wire transfers.
E-wallets are the most convenient payment processing option available to the online casino players for multiple reasons. Firstly, they can be used by players even when online casinos are banned in the user’s country. In such cases, their credit and debit cards cannot be used for online casino payments. For them, e-wallets come as a huge respite. Most of the e-wallets also allow users to send money directly to their friends, family, and everyone else. So, they can send their winnings to anyone or just use them for online shopping.
E-wallets also offer another huge appeal – ease of transactions. Most e-wallets process their payments as quickly as 1 day. In some cases, like PayPal, the payments are processed in as little as 1 to 4 hours.
Pay by Phone or SMS
The rapid development of technology is opening up a plethora of money transfer options for the consumers. For online casino players, especially, there are many innovative payment services. One of them is the phone pay. Consumers in a few countries like the UK can use their phone and the SMS facility to make small deposits in their online casino accounts.
All the money they deposit this way is accumulated over the month and ends up in their phone bill at the end. So, it is a fantastic way for the players to enjoy their favorite online casino games.
The fact that there are usually small caps on the size of the payments that can be made through this method keeps the players well within their safe limit. Often, these caps are smaller than £30 per day. This very reason makes it unsuitable for the high-roller casino players. On the other hand, it keeps people with known or a history of gambling addiction well within their expense limit.
Of course, cryptocurrency payment methods are a fantastic intersection of two huge online phenomenon – online casinos and digital cryptocurrencies.
A large number of cryptocurrencies like bitcoin, ethereum, litecoin, and others are not only popular among the internet users, but are also legal to use in a vast majority of the countries. Perhaps, the most popular cryptocurrency out there – bitcoin – is increasingly being accepted as a payment method by businesses across the world. Naturally, online casinos weren’t going to be left behind. Bitcoin is now one of the major payment options accepted by a large number of online casinos.
In addition, online casino players find it sensible to use cryptocurrencies for making deposits onto the online casinos when their cryptocurrency is losing its value and they aren’t able to sell it at good prices. This way, they can deposit in bitcoins and later withdraw their money, along with the winnings, in any other currency of their choice.