For newcomers in the world of online gambling, there are plenty of people being withheld by the uncertainty about giving out personal information to be able to get money in and out of their account. Whether it’s concerns over security, hidden fees, or usability, there are many players who are stopped by fear and therefore cannot access their favorite games.
Fortunately, online casinos now have a number of payment options that can help secure users about security and usability. To help with our reassurance, we have put together a guide of all the payment options and some details around each one.
Bank transfers allow a user to deposit money directly from their bank to the online casino, without any middleman. For example, some casinos may choose to use a third party for payments, and it will be possible to transfer to them.
Bank transfers that are often available include:
- Bank Wire – User account details of a casino to make transfers directly at a bank or via online banking; It may take up to three days for your money to come through.
- Instant Bank Transfer – also involves using account details to transfer money, but it happens immediately, usually for a small fee.
- Check – you may in some cases write a check and send it to the casino’s address, but postage takes time, and it also takes a few days for the check to go through.
Debit cards, or bankcard that we most often say, are connected to your account and use the money you have available to make deposits to the casino. The payment takes place immediately and there are usually no extra fees involved.
Bank Wire – User account details of a casino to make transfers directly at a bank or via online banking; It may take up to three days for your money to come through.
Credit cards accepted by most major casinos include:
Unlike bank cards, credit cards are not linked to a bank account. Instead, they are offered by most banks and financial services, and serve as a small loan. Funds transferred from a credit card are borrowed from your bank and will incur interest if not paid back within an agreed time.
Transfers are immediate, but many online casinos charge small fees for using credit cards, which vary depending on which bank you use.
Accepted credit cards include:
- American Express
These work the same way as a debit card, but instead of pulling cards from an account or borrowing institution, you need to refill the card before using it, a bit like a calling card. They are easier to control and give you a full overview of how much you spend, considering that you need to buy a new card when the card is empty. Some payment cards are physical that you can buy in the store, others are virtual, where you buy them over the net and get a code you can use at the casino.
Transfers take place immediately and the fees vary according to the supplier, but are either based on a single fee or a percentage of the amount you transfer. The good news, however, is that no online casino will charge if you deposit money with a prepaid card.
The most popular payment providers include:
- Paysafecard (owner of the former vendor Ukash service)
Instant payment Services
Instant Payment Services Act as a security barrier between your bank and your online casino. You only need to make an account with the payment service with your account details, and when you need to pay something simply log in with your username and password.
Transactions usually happen immediately, and most are free to use, while some have a small transaction fee. Online casinos will also not charge if you deposit money with payment services.
Examples of instant payment services that are well known and accepted are:
- iDebit (formerly Instadebit)
eWallets are digital wallets that combine items of both prepaid cards and instant payment services, although the exact process varies between different providers. Sometimes you just need to log in when you have to pay something, and the vendor pays on your behalf while still withdrawing money from your account – just like an instant payment service. Other providers require you to deposit money to your digital wallet before you can use it – just like a prepaid card. Many also have their own security measures, as well as protection policies and services to resolve conflicts.
Transfers usually happen immediately and there is extra protection in place. The fees vary, and can either be deducted from the amount you deposit into your digital wallet account, or on vendor transactions. But again, it’s good news, as online casinos rarely pay when you use an eWallet for deposits and withdrawals.
Known and accepted eWallets include:
- Skrill (Moneybookers)
Other innovation-rich options
In addition to the traditional methods, there are a few other interesting options. Bitcoin is a new virtual currency and digital payment method that keeps gaining popularity. Bitcoin is acquired through ‘ mining ‘ via a payment processing or purchased from certain outlets. Keep an eye on the introduction of Bitcoin gambling in the most famous casinos.
Online casinos are constantly looking for new ways to make their payment methods easier, more secure and more versatile, so check their list of payment methods for more ideas.