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Best Payment Method Option to Play Online Casinos
Various facets exist by which online casino sites get evaluated. Newbie gamblers cling to fancy interfaces, bonuses, and vast game catalogs. Veterans know that these aspects of gambling sites are vital to the internet gaming experience, but one often neglected yet equally crucial thing is payment processing.
High-end casino platforms boast cashier tabs that feature multiple money transaction methods. These get divided into categories depending on how they work and what they offer, fees, and transfer speeds aside.
According to most online gamblers, cryptos are the best payment choice for remote wagering on sports and games of chance. That is so because virtual money is untraceable by government entities, on top of delivering super swift fund transport.
Despite cryptocurrencies taking over the digital gaming landscape over the past two years, other transaction picks still have distinct values. We elaborate on these below, where a ranking gets also presented regarding the best payment options the online gambling sphere offers.
Most instant withdrawal casinos earn this title by featuring cryptos in their payment arsenals. For those living under a rock, digital coins debuted in 2009, when Bitcoin hit the Web, an invention of the mysterious Satoshi Nakamoto.
Since then, more than twelve thousand cryptocurrencies have appeared, with this figure representing a doubling of the 2021 coin number. On average, nowadays, around one thousand new cryptos appear monthly, and many of these disappear without attaining any type of loyal following.
The reason many gamblers like utilizing Bitcoin and altcoins for gambling entertainment is that these methods are not subject to inflation. They also have low transaction fees and are fast, private, and secure. Their chief drawbacks include that their values can fluctuate dramatically, and all transfers are irreversible.
PayPal is likely the world’s most renowned e-wallet. It also pioneered digital payment processing in 1998, when the company that created it, Confinity, got established.
In short, e-wallets are software that provides digital storage of fiat funds and allows these assets to get transferred to other parties. In the early 2000s, Skrill and Neteller appeared on the scene as transaction options primarily targeting the internet gaming sector. At one point, Neteller processed around 85% of payments for the world’s gambling merchants.
The appeal of e-wallets lies in that this software can process payment in less than a day. It is cheaper to use than traditional banking, with safeguards against fraudulent behavior. The top negative aspect of utilizing these options for fueling a casino balance is that many platforms don’t allow promotions for Neteller and Skrill users.
Around 2.8 billion people use credit cards. They are by far the most accessible money transaction option there is, responsible for 1.01 billion transactions daily. In an online gambling context, their popularity is somewhat dwindling thanks to the fact that they incur longer wait times than the two other choices mentioned above.
Making a deposit in an online casino via a credit card is simple and instantaneous. After quickly funding their accounts with their Visa, MasterCard, Maestro, American Express, and Discover cards, many players believe that withdrawals through this method happen similarly rapidly. That is not the case, with credit card payment processing taking anywhere from three to five days to complete.
Do people still utilize wire transfers? Yes. These happen electronically today, via networks that tie together banks and transfer service agencies around the globe. The wire money transfer process is loads more cumbersome than the one other payment picks have, with it requiring the recipient’s banking information, including their branch and account number, plus the reason for the transfer.
Despite these hassles and slow processing speeds that can take up to seven banking days or more, wire transfers are probably the safest fund-hauling method out there. They utilize secure systems like SWIFT and Fedwire, allowing banking institutions to settle payment details on the back end. Most casinos still list bank transfers as a viable balance-fueling choice, as they should, for users who prioritize security over speed.
Payment Method Option to Play Online Casinos: eChecks & Pre-Paid Solutions
Electronic checks are the digital equivalent of paper ones. They are not a super standard option in cashier tabs and are predominately a withdrawal alternative. Famous US-facing sites usually have them, helping international players take out their winnings safely. Their predictable downside is that eCheck withdrawals are slow.
Prepaid solutions like a PaysafeCard are deposit-only methods. Some casino game enthusiasts like them because they act as a responsible gaming measure, allowing them to deposit only the amount on their bought cards.
For this reason, EcoCards, a pre-paid product offered by ecoPayz, has a dedicated fan base in the online gambling community. That also goes for NeoSurf cards, also chiefly available at offshore platforms targeting North American gamblers. This article was written in collaboration with online slot experts.