Online Casino Deposit and Payment Methods
When in the process of choosing an online casino, a wise step to take is to go over the financial processing services available to online players. Most online casinos offer their players with different deposit and payment methods, as these allow their players to choose the easiest and fastest means of making deposits or withdrawing funds from their casino account.
Still, for such features to work to one’s advantage online players should also have a broader knowledge of the different types of online financial facilities offered by service providers.
Different Types of Online Payment and Withdrawal Methods:
1. The Digital Wallet or eWallet Solutions – Service providers for this type of financial facility, offer fund transfer services from a player’s bank account to his or her online casino account and vice-versa. Transfers are free of charge or for a low fee, and without the need to supply the Internet casino with information about one’s bank account or credit/debit card information. Generally, the processing of eWallet fund transfers takes about two to three days to complete. Casinos that accept this type of deposit– Jackpot City, 888, Party Casino and Others.
PayPal – is an online payment-processing portal owned by e-Bay. Although popular and highly reputed as the safest means of sending and receiving funds for e-commerce purposes, only a few Internet casinos include PayPal in their banking options. PayPal’s acceptable use policy prohibits the use of its financial processing services for any form of gambling or gaming account; not unless, the online casino operator obtained prior approval from PayPal.
Casinos that accept PayPal – CloudCasino.com, VegasParadise.com, 888
Skrill Digital Wallet – This UK-based eWallet solution first gained global popularity as a Moneybookers financial service, before Investcorp Technology Partners gained majority ownership and rebranded the company as Skrill Holdings Limited. Skrill Digital Wallet is one of the most widely used online casino banking options, as it allows online players in over 200 countries to make deposit and to receive winnings in any of Skrill’s 41 currency-offerings; for as long as the jurisdiction in which the casino operates, recognizes online gambling and other betting activities as legal.
Neteller – This is the eWallet brand of Optimal Payments Plc, a payment solutions provider registered in the Isle of Man, which has worldwide operations through its key offices in its Isle of Man headquarters, in the UK and in the Canadian provinces of Alberta and Quebec. Neteller provides financial services available in 19 currencies to a wide-range of industries in about 180 countries; including Australian online gambling sites that operate under the Australian government’s regulatory body for gaming and entertainment. However, some Australian online casinos use Neteller services only for casino deposit purposes.
Web Money – is a type of eWallet that offers a more complex form of deposit and withdrawal solutions, since customers maintain Web Money currencies (WM) by way of separate “purses”. Web Money Transfer Technology identifies the US dollar as a WMZ currency maintained under a Z-Purse, while the Euro dollar is a WME currency kept in an E-Purse. Web Money provides a list of online casinos where WMZ or WME is acceptable as a means for making casino deposits or for receiving casino payouts. This denotes that the online casino likewise maintains purses for different WM currencies because such “purses” allow the online gaming site to accept deposits from, and payout winnings to players coming from different parts of the globe. Russia-based WM Transfer Ltd owns Web Money Transfer Technology and granted authority to Amstar Holdings and Netec Financial Limited to manage and guarantee the WMZ and WME currencies, respectively.
Click2Pay – is an eWallet service, provided and owned by CLICK2PAY GmbH, a company registered and operated under German laws. A number of online casinos include Click2Pay in their banking options for Australian, Canadian, UK, and other European players, since this eWallet has a wide array of financial facilities that players can use in managing their casino account.
Click and Buy – is an online payment system owned by Deutsche Telekom AG and available to international users coming from countries like UK, Canada and Australia. Click and Buy account holders can add funds to their account by using Visa, MasterCard, Amex or Maestro Cards. Click and Buy simply transfer money to a casino account at the request of an account user.
2. Credit Card – This electronic form of online payment solution is widely popular as a conventional method of paying for online purchases or acquisitions. Here, a cardholder uses funds loaned out by the card issuer or the credit card company. However, some credit card brand name, such as Visa or MasterCard refers to the third-party entity that provides the technology for processing credit card transactions, while the card-issuer and provider of funds is usually the cardholder’s bank.
Online casinos accept credit cards for deposit purposes only, and they require online players to furnish information about the credit card as well. Moreover, credit card users incur additional costs, since the card-issuer will impose interests and service charges for the amount extended as credit or loan.
Visa Card – This brand of electronic payment system provides Visa-affiliated financial institutions operating in more than 200 countries, the technology that allows them to connect to Visa’s network of global payment processors. The firm’s innovative technology is capable of processing more than 20,000 Visa Card transactions per second.
MasterCard – Formerly known as Master Charge, is also a provider of credit card processing technology to about 33 million establishments, comprising banks and franchisees located across 210 countries. Its 99.9 percent global availability has won accolades, as it allows private individuals and entities to use funds provided by their banks and other financial institutions, when paying for goods and/or services acquired in almost every country and territory. MasterCard’s technology is capable of processing credit card deals at an average speed of 130 milliseconds per transaction.
American Express Card – or Amex is owned and operated by the American Express Company, a publicly traded U.S. company founded in 1854, which to date has more than 90 offices operating globally. Unlike other brands of credit cards, which carry the name of the technology provider and not of the card issuer, the American Express Company is a direct issuer, fund provider, as well as processor of all financial transactions for Amex card products. The global Amex offices like those located in UK, Canada or Australia, are in charge of providing the financial services according to the needs of the Amex cardholders in their respective country or region.
Discover Card – is a credit card facility of Discover Financial Services (DFSI), a publicly traded American firm that initially started out as a subsidiary of Sears, Roebuck and Company. The more than 4,000 bank and financial institution members of DFSI directly issues, provide funds and process US Discover cards, while the UK-based Morgan Stanley Card handles the Discover Card products issued, funded and processed for UK customers. This is in view of the merger between DFSI and Morgan Stanley Group in 1999. In order to broaden DFSI global coverage, the company acquired Diners Club International in July 2008. Such move made DFSI’s financial services available to Diners Club cardholders in other countries, including Canada and Australia.
Ezi-Pay Express is a payment solution available to Australians and provided by FlexiGroup Limited, which operates in Australia, New Zealand and Ireland. It offers a revolving credit, which customers can use with no interest charges added. Customers, however, have to maintain a deposit account, from which the company will automatically collect payment after 14 days.
3. Prepaid or Debit Card – This type of electronic payment method stands in contrast to credit cards because cardholders use their own funds, which they maintain in a special type of deposit account. The account serves as a repository for a specific amount of money for any future purchases or payments. Cardholders use it to pay for goods or services; or even withdraw from their ATM account up to the amount of funds available in their prepaid card account.
Depending on the card-issuer, some debit cards can also be used to withdraw funds from a casino deposit account. Issuers of Visa, MasterCard, Amex and Discover credit cards, likewise offer debit cards to customers that prefer this type of facility, as there are no interest charges or hefty service fees involved.
Maestro – This is the debit card product of MasterCard, accepted in about 13 million establishments located in 100 countries. The UK Maestro debit card was formerly Switch in the United Kingdom, before the banks that issued Switch debit cards, merged with MasterCard in 2002.
EcoCard – is a debit card also tied-in with MasterCard but used mainly as payment method for Internet-based transactions.
EntroPay – is a prepaid card accepted in establishments that also accept Visa cards. Holders of EntroPay debit cards can use this payment system to deposit and withdraw funds from their online casino account using their prepaid card account maintained in any Visa-affiliated bank.
Paysafe – is a prepaid payment solution for Internet transactions provided by Austria-based Wertkarten AG. The company has tie-ins with MasterCard, and this allows the firm to process online prepayments not only in Austria but also in UK and other European countries.
4. Direct Bank Transfers – This method of making deposits and withdrawing funds from one’s casino account entails fewer service charges on the part of the casino player, but takes about two to five days to complete a transaction. Moreover, the player must provide the casino cashier with information about his or her bank account. Doing so allows the casino’s banking institution to request payment or send payouts via wire transfers addressed to the bank where a player maintains his or her deposit account.
However, if a player prefers not to divulge information about his bank account to the casino, he or she can use a third-party payment processor that allows a player to connect directly to the list of banks designated by a casino, for direct bank transfer purposes.
POLi – is an online payment option available to Australian players and widely accepted by online casinos, as it allows Australian players to make a direct deposit to their casino account. Australia-based Centricom Pty Ltd owns and manages the online payment system.
Instadebit – This is a payment portal service operated by Instadebit Services, a private company located in Toronto Canada. It claims to provide real time and local banking services in 32 countries including UK and Australia, which makes it possible for international players to add or withdraw funds to and from their casino account.
Citadel Direct is a financial service of Citadel Commerce, a subsidiary of Entertainment Systems Inc. (ESI) registered in Vancouver, Canada and with offices in UK and Malta. The primary method of providing online payment solutions in UK and other European countries is through the firm’s network of participating international banks that accept direct bank transfers.
5. Other Deposit and Withdrawal Methods
There are providers of online payment services that offer payment systems by way of supplying transactions codes, which customers use as a means of authorizing their bank to transfer money to a particular bank account.
UKash is an online payment system provided by UK-based Smart Voucher Limited, where customers simply buy e-Money in the form of transaction codes that represent a specific value. Consumers using Ukash simply make online purchases and pay the merchants using this payment method. An online player, therefore, can add funds to his casino account by simply presenting a valid Ukash code to a casino that accepts this type of payment medium.
Bitcoin (BTC) is a virtual currency that is now widely acceptable as a form of payment in exchange for goods and services purchased online. Web-based BTC traders or online banks buy and sell this type of virtual money through BTC accounts maintained at their site. An online player who wishes to make a deposit in his or her casino account will request a BTC trader to issue a transaction code that will put into effect a BTC fund transfer in favor of the online casino.