It is the age of online gambling. Long gone are those days of frequenting traditional casinos to play your favourite casino games. Similar is the case with physical high-street betting chances to place wagers on sports.
Online casinos are on the rise. Irrespective of where you are, there are sites and online sportsbooks ready to service you. What makes it possible is the large array of online casino banking methods available for target customers to use.
The diversity of banking methods that online casinos offer is what let players across the world find a software provider which is suitable for them.
Various Types of Payment Methods
One of the primary features that a majority of the players look at is the ability to use it for easy, fast, and safely. Almost all online casinos offer different deposits and withdrawals.
Let’s take a look at the different payment methods available at online casinos.
1. Debit and Credit Cards
It is the most popular payment method across the world. Online casinos accept Visa, MasterCard, or Maestro. The main advantage of using this payment method is its accessibility. It is because anyone will be able to able for a debit or credit card and use it across the world.
Nevertheless, the primary disadvantage is many banks don’t accept online gambling payments. The practice is primarily under the discretion of the bank issuing the card. Credit card and debit card providers these days are under strict regulations that stem from their use as online gambling payment.
2. eWallets
Another rising adoption is eWallets. They are all set to take over the market of online casino banking methods because of their ease of use. With eWallets, you don’t have to share your financial details. When you choose Jeton wallet casino or some other eWallet casino, you will be able to make instant transfers.
Nevertheless, one of the drawbacks is that most eWallets charge transaction fees. Even though you have to pay this fee, it is usually minimal.
3. Prepaid Vouchers and Cards
Paysafecard is a leading prepaid card that is used by online casinos. Almost every top site accepts it as a payment method because they are highly secure. Another benefit of the payment method is that it charges minimal fees. However, prepaid cards might not be available in some countries. Yet, you can purchase it in one location and deposit money using it electronically.
4. Bank Transfers
Most online casinos accept bank transfers as one of the top payment methods. They are taken as a secure payment method because of their strict requirements. For example, bank transfers are subject to strict KYC procedures to cut down on money laundering and KYC issues for parties engaging in transactions at online casinos. Nevertheless, KYC processes usually take time. Thus, the transaction might take up to 7 days to be complete. Another drawback of the payment method is that it charges a fee for deposits and withdrawals.
5. Cryptocurrencies
More and more online casinos are now starting to accept cryptocurrency as a banking method. It mainly stems from the security that Bitcoin and other cryptocurrencies offer. One of the benefits of using Bitcoin as a banking method is that it gives players a chance to play online. It is one of the payment methods that allows you to make anonymous transfers at an online casino. Since you make transactions through the cryptocurrency wallet, your financial details are safe.
No matter the cryptocurrency you choose, there are many benefits you can enjoy,
- Debit and credit cards usually take 3-5 days for processing whereas provide instant delivery.
- Cryptos also provide a privacy layer, with some transactions being done anonymously.
- Cryptocurrencies provide an additional security layer before their inherent cryptographic nature. When combined with advanced encryption technologies that several online casinos use, it makes it a highly-secure banking method.
How do Online Casino Secure Payments?
Online casino gambling involves monetary transactions. These transactions include confidential financial and personal information. Reputable online casinos value players and take the required steps to protect identifiable information.
The security protocols that online casinos use are,
Firewalls
Firewalls define parameters, which decide which traffics are allowed and which is not.
Secure Socket Layer
SSL identifies details about the server from which a certain site originates. Then it creates an encrypted connection for storing your details.
Certificates and Logos
While iGaming operators can assert the safety of their websites by showcasing VeriSign and other certification logos, it is important to note that these logos can be easily forged.
Audits
Disputes are a common occurrence in any business, including online gambling. Reputable operators make a sincere effort to resolve disputes by conducting thorough audit trials.
Online casinos are usually ahead of the curve when it comes to payment security.
