Online Casino Payment Methods
There’s a definite bottleneck for individuals who want to get in on the casino action on the Internet, and that’s making deposits and getting withdrawals.
Without reliable payment processing options, you’re like a fish out of water, and there’s no way to play.
The best banking options can be broken up into a few different categories in this particular industry: credit cards, electronic wallets and everything else.
We’re going to look at each grouping, the top options inside of each group and what you need to know before you make your selection about which payment method to use.
Credit cards are used to fund an online casino account in the same way that they’re used to make purchases on the Internet.
The basic idea is that you put in your credit card information, name, address and verification, and it’s made as a payment just like anything else.
Credit cards offer the advantage of being able to request a chargeback in the case that your future withdrawals aren’t honored or other shady business happens, but they offer the disadvantage of putting your credit card information out over the Internet.
The biggest options for online casino play include Visa, MasterCard, Maestro and Solo.
Virtually every online casino running today will include one or more of these brands, and if you don’t happen to have that particular brand of card, you can generally use pre-paid cards with that branding that you can buy at convenience stores.
This has the added advantage of not tying your “main” card to your online casino account, something many players take issue with.
An electronic wallet is essentially an online account that’s separate from your casino accounts.
You can fund this account through various methods and then use it to make payments directly to the casino using your stored funds.
These create a “buffer” between your credit card or bank account and the online casinos you’re playing with, and that’s something that players get a bit of peace of mind from.
However, they also sometimes have small charges for transfers, so that’s something to keep in mind. Most online casinos will pay for these fees, however, so you’ll just need to know the policy of where you’re playing.
Skrill and Neteller are the two most popular electronic wallet options.
At the time of this writing, they are also owned by the same company (Optimal).
They both work in very similar ways, and there’s not really an advantage to picking one over the other at this point.
Skrill was previously known as MoneyBookers and didn’t have that much market share until a year or two before Neteller bought them out. In the early 2000s, Neteller once had over 80 percent of all online gambling transactions under its belt. From this history, it’s clear that neither of these companies are going anywhere.
Aside from credit cards and electronic wallets, you’ll typically see other options thrown into the mix.
This includes options like Paysafecard that works on a voucher system.
You purchase a Paysafecard voucher at a retail location, and then you use the code they give you to make a payment for your online casino play.
Additionally, you’ll have bank transfer options that will work like electronic checks or debits that are paid directly out of your bank account.
Many players do not find this appealing since they believe it’s not very safe to give a casino direct access to your bank account, but it’s not a problem with the more reputable casinos.