Online gambling removed the need for frequent visits to land-based casinos to enjoy a few spins on slot machines or classic table games. Just about anyone and everyone have access from everywhere to online casinos and sports betting. The popularity of online and mobile casinos and betting companies continue to rise, and an array of trustworthy payment services makes it all possible.
Deposit and withdrawal versatility enables players from around the globe to play at online casinos. The most popular payment method is often the one that accepts a wide variety of currencies, while deposits are easy, safe, and fast. Such payment methods are even better if it also allows withdrawals.
Online Gambling Payment Convenience
Online payment convenience starts with the payment gateway, a solution connecting the casino to its players, it allows the acceptance of payment transactions for services. Once set up, the payment system makes it possible for players to select their preferred payment method, complete a form and approve the transaction. The payment gateway processes the transaction and completes the transfer making it possible for the casino to withdraw the funds.
Several alternative payment services ensure speedy transactions and use the latest security measures to provide players with peace of mind. These payment methods often come with no or low costs involved, e-wallets, bank transfers, and pre-paid cards continue to grow in popularity in the gambling sector, due to benefits such as fast processing times and ease of use.
Paypal Payment Soultion
PayPal is the most preferred e-wallet worldwide and in the online gaming industry due to its exceptionally safe system and impeccable reputation.
In selecting its partners carefully and setting its standards high, PayPal payment solutions are available at trustworthy casinos and this straightforward and fast alternative offers gamblers an extra layer of security and accepts multiple currencies.
Most importantly, this payment service prevents the sharing of sensitive financial information with online casinos.
Trustly Payment Provider
Trustly is the most popular instant bank transfer payment service available to online gambling operators including casinos and sportsbooks.
Focused on providing the best user experience, Trustly’s Pay N Play solution, not only places the payment service provider as a middleman between the bank and casino but as a full-service provider.
This service includes registration, plus fast deposits and withdrawals.
Paysafecard Payment Method
Paysafecard is the most used and trusted prepaid card in the gambling industry, especially in the UK and Europe.
Almost every online casino accepts payments via Paysafecard and it is one of the safest ways to fund online casino accounts.
The list of advantages includes no banking or financial information sharing with the gambling site, no fees, no waiting, staying in control of spending, and it’s the safest for online deposits.
Visa is the leading debit card used to deposit and withdraw funds in the online gambling market and the most accepted for online purchases and payments worldwide.
The universally respected, accepted, and trusted method requires players to provide the casino with their debit card details. It increases the risk of financial information being hacked, even though online casinos use advanced encryption technology to reduce security risks.
Neteller is one of the most popular e-wallets used to safely fund online casino accounts, and for fast withdraws of winnings. Adding funds to a Neteller e-wallet is quick via multiple options, and over 22 different currencies are supported.
One of the main benefits of using this e-wallet in the gambling industry is that players never have to share banking details with the online casino. Users enjoy instant deposits and withdraws are fast and offered within 24 hours depending on the casino.
How Can a Payment Provider Damage a Casino Site’s Standing
Improved security remains the ultimate goal, despite the long list of alternatives, credit cards remain a popular choice with players. Unfortunately, both credit and debit cards are less secure and less reliable when measured against e-wallets and other methods in the gambling market. Any form of a data breach has serious impacts on the reputation of the payment service provider and the casino.
Regulations are as important as security, they go hand in hand and remain the most challenging, since inadequate controls by one payment provider can result in a reputation damage for the entire online casino industry. The best payment providers are approved by the UKGC, high-risk merchants often fall into the trap of less expensive fees, although this could lead to deceptive contract terms and hidden prices, skeleton services and the risk of account termination.
The UK Gambling Commission recently banned the use of credit cards at online casinos or any other online gambling sites. Online casinos can no longer process credit card transactions for players from the United Kingdom.
The ban on credit card use for online gambling ensures that players only play with money they have an not on credit. Several tools are available to online casinos to determine affordability, which is another way to prevent players from overspending on online gaming. Although, it is also the responsibility of payment service providers to prevent system flaws allowing vulnerable players from overspending.