There are many different ways to fund your online gambling and all of them have a variety of different benefits as well downsides. Casinos are also trying to include new payment methods as soon as there’s a market for them and the players can benefit from having a new option.
It’s important to think about this feature beyond its technical qualities. That’s because the payment method you’re using also has legal and tax-related benefits that you should be aware of.
How are the Transactions Made?
For the most part, the online casino deposit that you can use to pay for bets needs to be connected with some service that will store and transfer funds for you. That way you have two accounts – one is your casino account that you get to spend from and the other is your bank or card that you withdraw to or pay from.
It’s not possible to pay directly from your card or your bank account and you need to have a casino account tied to your name. In some cases, there are limits as to how much you can transfer in both directions.
Credit and Payment Cards
The most common way to pay for using iGaming services is via a credit or debit card. This is simple enough to do and as soon the card is issued it can be connected to your online account. It’s important to note that you’re connecting a card and not a bank account. Cards can expire and once they do, you can change them.
The fee structure is also somewhat different when you’re using cards than when using other online transaction methods. The card can also be used right away and you can pay with it directly as you transfer the funds.
A Bank Account
Another way to go is to connect your casino deposit to a bank account directly. This is similar to using a card and the limits as to how much you can add and transfer are usually somewhat higher. Chances are that the fees will be lower as well but it depends on the bank.
Using a bank account also means that the waiting periods may be a bit higher as well and that can be a problem for some players. At the same time, you should also take into account how you can withdraw the funds from the bank and if there are additional fees for doing so.
PayPal is one of the oldest and most famous e-wallets out there. Most if not all casinos will offer this payment method as one of the options. Funds that you withdraw to your PayPal account can then be used to make online purchases or you can further withdraw them to your card or bank account.
These transactions are usually made quickly if not right away and there are usually some fees that come with using the PayPal service, which can be a lot for small amounts.
Skrill is another payment processor somewhat similar to PayPal in its features and fee structure. It’s secure and the transactions are made right away and in most, if not all cases, without any glitches. This payment processor also needs to be connected with a bank or a card.
The upsides and downsides are similar to that of using PayPal with one major difference. It’s a smaller company than PayPal and therefore you may come across a casino that won’t accept it as a payment method.
2Checkout is a payment processor that’s often used for small online transactions. Some casinos use it as a payment method. The fees paid to use their services are a bit higher than with other payment processors we’ve mentioned. It can be more than 5 percent in some cases, and that can be a lot when transferring smaller amounts.
There are also some downsides to this service that you should be aware of. Since it’s a smaller operation it may not be as good when it comes to customer support as you may expect from PayPal. Sometimes there are delays to your payments as well (until the issue is resolved with the support).
Bitcoin and Other Cryptocurrency
Bitcoin and other cryptocurrencies are the newest addition to available payment methods. Casinos are always looking for cutting-edge technology that can help them improve their service and cryptocurrency can be beneficial to all parties. With this payment method, the player connects their e-wallet to their casino account.
The main benefit of using this payment method is the fact that you can remain anonymous online while doing it. The payments are also made right away and there are no delays or glitches. Keep in mind that the value of the cryptocurrency you’re using can change in value.
What to Look for?
There’s no one size fits all answer to look for in the payment transaction. This depends on what options are available to you and what qualities are essential to you as a user. However, there are a few features that you should be on the lookout for.
It’s essential that the payment method you’ve chosen is secure. It also needs to be quick enough to support your needs (but there’s no rule as to what’s quick enough for everyone). The payment method shouldn’t cut too much into your winning with a complicated fee structure, either.