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As online casino play has risen in popularity, operators must adapt to make things easier for their customers. The playing experience needs to be constantly enhanced, and one of the ways in which casinos do this is through their funding methods.
When casinos first came online in the mid-1990s, there was little choice regarding payment, beyond bank cards and wire transfers. All that has changed, and there are more options than ever before, with new providers coming online on a continual basis.
The Need for Speed
Online casino is a fast paced industry, and customers don’t want to be kept waiting. They like to see a fast registration process, and quick funding so they can get on and play their favorite games such as roulette, blackjack, or the Rainbow Riches slot.
It’s therefore essential that the funding methods which are in place will let players deposit without delay, but speed is only the first essential detail. Customers would also like to deposit and withdraw without incurring any charges, so how does each individual payment method measure up?
Bank Cards
VISA and Mastercard transactions remain the most popular at online casino providers. The majority of customers have access to these, but there are other benefits to using a bank card.
Those adding funds with a debit card should see the money hit their playing account instantly. It’s unlikely that there will be any fees associated with debit cards, but remember to check this with the operator. Withdrawals may take up to 48 hours, but are often much quicker.
In many parts of the world, countries are banning the use of credit cards for online casino funding. In areas where this is still available, transactions should still be instant, but charges are more likely to be incurred.
Once again, the rules on credit cards, where they are allowed, will differ between operators, so remember to check information under the terms and conditions.
Bank Transfers
Bank transfers, or wire transfers as they are called in some parts of the world, are also convenient, and should be free of charges, but there is one potential drawback. Transfers from your bank account to your casino balance, are not always instant.
In fact, in some cases, the transaction may take up to five working days to hit your account. For those who are happy to wait, funding by bank transfer remains a popular option.
Digital Wallets
Digital wallets, also known as eWallets, are financial institutions that hold funds on behalf of customers, and they offer another way to pay for goods and services online. They are widely used in the casino industry, and you should find at least one digital wallet provider at each operator.
Funds can be added to the wallet via bank transfers, or money can be accumulated by the account holder by selling goods or services. Those funds can then be withdrawn, or they can be transferred to other merchants such as online casinos.
PayPal is the biggest global eWallet and one that many of the established operators have in place. There are many others, including Skrill, Neteller and PaySafeCard. Transactions are usually fast, but it’s possible that some casinos may charge fees to use an eWallet, so remember to check those terms and conditions.
One of the added benefits of using a digital wallet for online casino payments is that it offers an extra layer of security. At no stage during the transaction are sensitive details shared such as bank account numbers or card information. That’s one of the reasons why this method is popular among the gaming community.
Other Choices
We’ve covered the main funding methods across the casino industry, but there are other options. On occasions where the casino has a physical presence, it should be possible to fund your online account using cash.
Elsewhere, the rise of cryptocurrency has seen some casinos accept Bitcoin, Litecoin and others. This has the benefit of opening up the operator’s customer base, and offering access to those who like to play with crypto. The potential downside is that fees may be applied and transactions may take longer.
ApplePay is also becoming more widely accepted at online casinos. It’s a logical step for operators and more convenient for those who store all of their debit and credit cards in this way. Expect ApplePay to carry the same terms and conditions as regular VISA and Mastercard transactions.
The best online casinos are ones that are flexible enough to look after all of their customers’ needs. Players want as much choice as possible, and that demand extends to the selection of funding options.
Each method listed here has advantages and disadvantages and the player’s personal preferences will generally determine which one they use. The important point is that customers should be fully informed of those pros and cons before they proceed.
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