The Pros and Cons of different payment methods
Signing up to an online gambling site usually only takes a matter of minutes. First of all, you are required to submit personal details such as name(s), address and contact details. Once you’ve got past this stage you will be asked to complete the registration by submitting your preferred payment method but there are so many to choose from!
We take a look at the different payment methods available and explore the pros and cons of each method.
It is important to take time and consider which option is best for you. It is possible to alternate between different methods but it’s easier to stay in control and keep on top of finances if the majority of deposits come from one place.
Many potential customers signing up to an online casino or slots site can be put off the by the sheer range of methods and there are always new possibilities joining the already extensive list including BOKU (more on this later). All methods and sites are safe but if you’re still unsure take time to study reviews of each operator or opt for a household name with the best reputation.
Credit or Debit Card
This is the most popular method of depositing with online casino and slots sites. It is quick and easy and most punters will have their card details to hand. Using this method is completely free of charge and accounts are funded immediately. You won’t find a site which doesn’t accept this method. With the rise of online banking, it is easier to keep on top of transactions than ever before. You don’t have to wait for a quarterly statement to arrive through the post!
Most types of debit card are accepted with online slots sites including Visa Debit, Electron, Maestro and Switch. All major credit cards will also be accepted and are particularly popular with players in the USA. There is sometimes extra protection and insurance which comes from using Mastercard and other credit cards, these are provided by the bank and not the casino. AMEX is another popular option.
They are quick and easy to use and most sites allow a deposit limit to be set via these methods. The downside of using this method is that these transactions will appear on your statement and if you’re hiding gambling fees, this isn’t ideal. Occasionally banks will check statements ahead of loan or mortgage applications and this isn’t always a good look! Occasionally transactions will take 1-3 days to complete, especially close to Bank Holiday weekend in the UK and it’s important to make sure you don’t leave yourself short to pay for important things such as household bills.
This is a method which is available throughout the UK and Europe. Many US and Canadian slots sites also accept payments from PaySafe cards. This is a pre-paid card which allows users to keep on top of their finances and it can be funded via a range of retailers. Once your balance has expired, it will be impossible to complete a transaction so make sure it’s topped up!
This is similar to the PaySafe card and nearly all online slots sites and casinos will accept this method. Entropay Card is also pre-funded so ensure it is topped up before making a deposit. You can go back and fund this via a Credit or Debit card online so this is an easier method to use if your balance is running low. Once again, this is a handy way of depositing and allows the customer to keep on top of his or her finances.
PayPal is an increasingly popular method of depositing online. Nearly all online slots and casino sites accept this method in the UK but always best to check with Canadian, US and Australian sites. PayPal acts as an online wallet and houses money which is ready to be spent online. Many freelancers get paid via PayPal and it is popular on sites such as eBay and Gumtree. It is fast and efficient and deposits will arrive in casino accounts straightaway. It is very safe, secure and email confirmation will be sent once the transaction has completed.
The main downsides of PayPal are that some casinos don’t allow withdrawals to a PayPal account even if you’ve deposited via this method! Many sites based in the USA don’t accept PayPal as a legitimate payment option. Some sites will take a small transaction fee (usually 1%) if using PayPal so it’s always best to check before making a deposit via this method.
Neteller is very similar to PayPal and acts as an e-wallet to hold funds in an online account. It is very easy to make transaction using Neteller and there is rarely any charge for doing so.Many US and Canadian sites do accept Neteller but not PayPal which is a bonus.
Neteller accepts all currencies and will convert funds if necessary. It is one of the most popular ways of storing cash online and is safe and secure. Withdrawing via PayPal and Neteller is often quicker than using a credit or debit card.
Other Online E-Wallets
EcoCard – Another popular method of depositing which allows users to switch between currencies with the click of a button. Once again, this is secure and allows customers to keep on top of finances
ecoPayz – Almost identical to the above but is particularly prominent when using Canadian based casinos. Operates in 45 different currencies.
Skrill – One of the newest names on the market and allows transactions to take place in over 200 countries. It has been running long enough to be a trusted name and transaction are safe and secure. Occasionally there is a small charge for depositing to online casino sites (always best to check beforehand) and not all slots sites allow withdrawals to be completed using Skrill.
BOKU is fast becoming one of the most popular ways of depositing to online casino accounts. This is a way to deposit money into an online casino or betting site using your mobile phone. The money you deposit is simply added to your phone bill, these are generally known as pay by phone casinos.
The majority of phone providers allow BOKU transactions to be completed and you only need to input your phone number and click confirmation on your SMS to finish the process. Most casino and slots sites now accept BOKU to make it easier than ever before to complete a deposit. It can be finished in a matter of minutes and your funds will arrive in your account immediately.
You can fund your account on the move using this method and it’s available on all types of phones. At the time of writing BOKU will only allow 3 x £10 / $10 transactions to be made per day. Withdrawals cannot be made via this method so you will need to have a secondary method of payment in case you win big! You’ll receive a receipt for the transaction so it’s easy to keep tabs on your finances.
BOKU is ideal for depositing into online casino and slots sites but you’ll need to find another method if you are looking to spend more than £30 per day.
Bank Wire Transfer
If you are thinking of depositing a hefty sum to your online casino account then Bank Wire Transfer might be the best way of completing the transaction. Most slots sites now accept this method but it’s always best to check beforehand. The advantage of this method is the anonymity as you don’t need to submit any card details to complete the transaction. This is particularly handy if you’re worried about giving out credit or debit card digits. It is also handy for withdrawing large sums of cash from online accounts.
The downside is that it will take a couple of days for the transaction to complete. Which can be frustrating. Occasionally fees will be incurred for using this method so once again always check terms and conditions.
Big stakes punters do prefer to use these methods and it is a perfectly safe and secure way of going about your business!
Another recent development is the ability to fund casino accounts via Bitcoins. This allows players to make anonymous transactions and it’s fast and efficient to complete the process. Several gamblers, businesses and online purchasers now use this currency which has seen a resurgence in recent years. Most online slots sites now accept this method.
A very popular method used throughout Canada and some parts of the USA. Most casinos do accept this method and transactions are quick and straightforward using Instadebit.
There is a huge range of deposit and withdrawal methods available to players using online casino and slots sites and the range is only set to increase. With the recent addition of BOKU there are more options than ever before. It is imperative that you pick the method which is handiest for you ensuring you don’t incur any charges along the way. E-Wallet transactions tend to be the quickest whilst the majority of players like the straightforward nature of depositing via a credit or debit card.