Payment processors in the gambling industry are subject to the same regulatory measures as casinos. But while a casino can still operate – even offshore and without a formal approval of a regulatory body – payment processors don’t have this option.
Regulated by central financial authorities, banks and Internet payment companies all have to play by the book. And this is good news for gamers who are eager to always have their money handled with care and due diligence.
Today, we will take a look at the available payment methods online casinos use to make sure your money is deposited and withdrawn safely into and from their websites. Regardless of the type of gambling you are interested in – whether it is slot machines, live dealer games, bingo or even sports betting, you always should have access to straightforward payment options.
Bank Cards (A Staple Payment Option)
Bank cards are the most useful to make a deposit or request a withdrawal with and the majority of players agrees. Cards are omnipresent and if you want to function in the 21st century you ought to have a credit card, or failing that at least a debit card.
Thanks to e-commerce giant Amazon.com, online payments have become safe and popular and casinos make sure to accept payments done via credit cards. Processing times are quick and payments are usually concluded with paying a small flat fee around 5%.
Whether such a fee applies depends on the casino you have chosen to play at, so make sure to double-check the banking facilities.
E-Wallets (Safest Option Online)
Perhaps no other method boasts the same level of security as e-wallets. E-wallets use the information of your credit card, but they don’t share it with any third parties. So, in a way, an e-wallet is like having an extra layer of security added to your online payment account.
There are several established and trusted e-wallet brands you can use depending on where you are in the world. PayPal is an almost universal wallet that operates in every legal market so long as a casino has a license.
Other popular options include Skrill, Neteller, NeoSurf and ecoPayz, to name just a few. Once again, these payment methods prefer to work with casinos that have been licensed and cleared by relevant regulatory and financial authorities.
Pre-Paid Vouchers (Off the Grid)
For players who want to completely disassociate their financial info with any type of online payment method, pre-paid vouchers may just be the solution! You see, a pre-paid voucher allows you to quickly deposit into your account using a security code.
One of the most popular options, Paysafecard, even allows you to check your balance online, but doesn’t expect you to actually register yourself. Still, if you want to, most voucher services are now developing – or have developed – an e-wallet-like online environment.
With this said, Paysafecard is probably still the safest payment option you can use when playing at casinos. Many players opt for this option and enjoy themselves in the process.
With the introduction of the blockchain technology, cryptocurrencies have become an increasingly handy way to settle transactions. While they do require some familiarity with the underpinning technology, casino deposits and withdrawals are unprecedentedly quick thanks to cryptocurrencies such as Bitcoin, Ethereum, Litecoin and many others.
The casino industry has benefited immensely from the introduction of these banking methods as there are zero fees associated with the transactions and you can commit huge sums – the equivalent of up to $100,000 and above – while still relying on immediate completion of each transaction.
Not least of all, blockchain and cryptocurrencies guarantee a better level of security that players find handy. The fact you retain a relative anonymity and use complex passwords and unique verification keys adds a new layer of security traditional payment options simply aren’t built to offer.
What to Look Out for in a Casino Payment System
Who Keeps Your Money Safe?
Safety should be uppermost in your mind when it comes to the iGaming industry, and this is quite understandable. After all, you don’t want to throw money out the window – or worse, grant third-parties access to your sensitive financial information.
There are several auditors out there based on the country, and they all make sure that a payment processor is clear. Even more importantly, to ensure the safety of your funds, we strongly recommend playing at casinos that have the necessary track record and reputation and are trusted by fellow players.
Make sure to always check if a casino offers a Secure Socket Layer (SSL) counterfeit measures in place and see if there have been any complaints against the casino.
The Red Tape (Verify Your Identity Before Withdrawing)
Before you can withdraw, you will have to prove to the casino that you are you. You have probably opened an account at some online service where your identity had to be confirmed. Online casinos operate in the same way to comply with AML and KYC norms, just like any bank would.
While it has often been cited as a bit of a hassle to complete these checks, it’s very important to make sure you do so before even playing. In fact, it’s best to make sure the casino expects you to undergo a verification process before you even deposit.
Trust Trustly Online Casino Payment
The good news is you can comply with regulator norms without having to undergo the pesky process of collecting documents, scanning them and then submitting them to a casino. Thanks to Trustly, a popular payment method, these checks are carried out automatically, and you won’t have a thing to worry about.
Trustly collects your data and confirms for you with the casino that you are indeed who you claim to be. This translates into less time spending sorting out legal legwork and more time spending enjoy yourself at a favorite casino.
Pick the Payment Option You Like Best
Ultimately, you simply need to choose the payment option you feel the most comfortable with. In certain jurisdictions, you will have a whole lot of payment options to pick from. Others will make the withdrawing process slightly more challenging due to certain restrictions in the country, state or region you are in.
However, for those of you playing from licensed casinos and in the right jurisdictions, payment processing times should be no issue at all.