Let’s Talk Online Casino Payment Systems
by Alex J. Coyne © 2018 Great Bridge Links
If you play at online casinos, one of most important questions will be, “How easily can I add money to my casino account and how easy is it for me to get my money out?” Today there are many deposit and withdrawal methods accepted and systems and every casino will favour something a little bit unique to their business – and their country. It can be confusing but most online casinos take great care to explain their systems. But for now, here’s a look at some popular ones and just how safe they are.
Online Casino Gateways
Online casinos offer various payment methods – what you want is a system that is not only easy to put money into, but easy to get money out of. You’ve won, and you’d like your winnings to appear in your bricks and mortar bank account, right? The speed at which you’ll see your withdrawal in your bank depends on the payment methods the casino offers, and you are using. Credit cards such as Visa and MasterCard are a traditional approach. But there are other online systems that might work even more quickly:
PayPal has cemented itself as one of the most popular and reliable internet payment gateways around – and this is with good reason. Out of all of the gateways we’ve taken a look at and used over the years, we’d say that PayPal wins in terms of ease-of-use and customer support: We’ve lodged complaints with PayPal before, and had them sorted out in less than 48 hours – much less than some of the other payment gateways on this list. PayPal offers a fair amount of buyer protection and is available in most parts of the world. And because PayPal is so easy to set up, you’ll find there are thousands of services and stores as well as casinos. Money shows up in your Paypal account almost instantly and can be used for online activity but be warned – it can take up to 5 business days to show up in a linked bank account.
Note: Not all countries allow PayPal casinos. Be sure to check the website of your favourite casino to make sure you can use this payment method for gambling in your country. Sadly, Canada (this editor’s country) and the USA do not allow Paypal withdrawal and deposits at their online casinos. However, you can still use your Paypal account as a source of funds, and transfer them into an acceptable ewallet account – such as Skrill – or purchase a Paysafecard (see below).
A good page of information can be found at JohnSlots where they write: Although PayPal is not widely available casinos, for those players who do have access to is, it is without a doubt the fastest form of withdrawal and deposit. In fact, the money will show up in your PayPal account almost immediately. From there, you can proceed to transfer money to your bank.
If we were to describe it in the most simple terms, we can say that Skrill is the UK equivalent to PayPal – and you will most likely run into it on UK-based websites. But, Skrill makes this list because it offers international support, and their sign up process isn’t too hard either – though some might be put off by their fees, so check into this before you sign up. They also note that those who gamble with their Skrill cards might incur some extra fees, which is explained on their website.
JohnSlots tells us: Skrill is as popular as PayPal. Money transfers show up almost immediately in your account. It is for this very reason that this payment method is widely accepted by most casinos.
This payment method gives you flexibility by allowing you to make payments as well as receiving money using a 16-digit PIN number. Paysafecard claims their prepaid principle guarantees absolute security. You purchase the card/account and then receive a pin that will give you a set amount of money. You can use your Paypal or Skrill accounts, or credit cards, to purchase Paysafecard pins. Paysafecard Canada is especially popular among Canadian gamblers as it is the quick and safe way to make gambling deposits.
This is a popular payment method for online casino patrons and it began in Canada in 1999. It moved to the Isle of Man in 2004 but still retains a local flavour as well as an understanding of local laws and regulations. You have to have money in your Neteller account, which can come through various sources (bank transfer, credit or debit card, etc) and then you transfer the money you want to use to play with into a casino account.
While more than 200 countries allow Neteller as a payment method at their online casinos, Canada and the US, have the limited number of Neteller services meaning you can have the account but gambling payments may be restricted. Neteller Canada is now working on expanding its services so we may hope that it will be available soon for more options.
If you want to play blackjack in Denmark, you’ll likely use your Dankort debit card. Many online casinos in Denmark will also accept Paypal.
For all online casinos, look at their footer to see what payment systems they will accept and there’ll be a link to more information.
Your Credit Card
Of course most casinos will allow you to transfer money from your credit card into the casino bank. And you likely have already read all the tips on managing your credit card. I would like to offer one suggestion – start up a credit card with a low balance. If the card is compromised you won’t lose a whole lot. If you for some wild reason want to bet your life savings at the table, your credit card limit will protect you.
No article discussion online payment gateways and systems would be complete without touching on the wild surge of crypto currency and in particular, BitCoin. These systems will revolutionize online gaming because of what is known as blockchain technology.
Blockchain and cryptocurrency make it easy to transfer money across the world and bypass traditional middlemen like banks and even governments. It is secure and incorruptible for many reasons but that will be another article! Or you can read this one on LifeHacker – What is blockchain.
General Security Tips
Want to stay safe? Here’s our general tips for staying safe when you’re dealing with money online.
- Research every payment gateway before you sign up: Make sure you read the fine print and know what their terms and conditions are, make sure you know what their additional fees are and make sure they are registered to provide a financial service in your country.
- Ensure that your connection with the website is secure before you enter any important financial information. In other words, don’t set up your merchant gateway on public WiFi at Starbucks. Wait until you’re home on your personal connection.
- Passwords are only safe as long as nobody else knows what they are. Never write your passwords down where anyone could find them – and consider that password managers are usually not as safe as they claim to be. If you’re looking for an amazing password system, read this fantastic article by Dana-Marie Battaglia “How to create unique passwords so you won’t have to memorize”
- When it comes to your account’s security questions, lie. These days it’s much easier to find out what street someone grew up in or what colour their childhood dog was… But it’s much harder to find the answer for a hacker if you outright lied – and if only you can remember your lie.
- Always research a casino before you hand your money over to them via any kind of payment gateway: Make sure that your casino is accredited, registered and legal – and make sure that other people have had positive experiences with the casino up until now. Checking out online reviews is a great start.
Been caught in a nasty transaction? Your first recourse is to contact your chosen payment gateway: They will usually have a fraud department where you can report any issues and have it taken care of right there.