Online punters check out various aspects before deciding where to play online casino games. These include the provider of casino games, welcome bonus, VIP program, etc. However, several punters fail to consider the options available for casino payment. For you to have a seamless experience on a gambling platform, the casino payment systems have to be super fast and secure.
After considering how little punters know about how transactions are processed, we have written an article on the best payment solutions for casino online.
The Best Casino Payment Options
In this section, we will be looking at the best casino payment methods. As you should know, there are several options available for online gamblers to choose from. They include:
- E-wallets
- Bank transfer
- Credit and debit cards
- Prepaid cards
Electronic Wallets
If you want to get fast payouts in casino, e-wallets should be your go-to option. Any fast payout online casino will accept e-wallets as a payment option. The most popular options casino fast payout online are:
- EcoPayz
- Neteller
- Skrill
- Neteller
The ease of transacting with e-wallets along with their safety makes them one of the best options for online gamblers.
Bank Transfers
Bank transfer is one of the most reliable payment methods casino for online punters. To perform transactions via your bank account, you only have to link it to your casino account. Once that is done, you will be able to make secure deposits and withdrawals through your bank account. PlayOjo casino is a gambling website that you can trust with your banking details. You can read a PlayOjo casino review to learn more about PlayOjo online casino. However, you should note that bank transfers are usually slow. Withdrawals via bank transfer can take anywhere between a few business days and a couple of weeks.
Credit and Debit Cards
Credit and debit cards are the most popular casino payment methods. Depending on your preference, you can choose between different card companies such as:
- MasterCard
- Visa
- American Express
- Maestro
However, the credit card payment option is inadvisable due to the addictive nature of gambling. Some gambling regulatory bodies have banned online casinos from accepting credit card payments. Such gambling websites accept only bank transfers and card payments. But if you prefer processing transactions via credit cards, don’t worry, you will find several platforms that can cater to your needs.
Phone Payments
This isn’t one of the most popular options, but it can be a good alternative. In some countries, customers are allowed to perform transactions over the phone. But as expected, there is a limit to the amount that customers can make over the phone. So, don’t expect big deposits.
Instant Bank Transfers
The top gambling websites offer this option as a faster alternative to bank transfers. You should choose this option if you want to make faster transactions without losing the safety of transfers. Some of the options available include:
- Trustly
- iDEAL
- Giropay
Cryptocurrencies
Cryptocurrencies are the latest addition to the list of payment options accepted by gambling websites. They can be used for both deposits and withdrawals. But while cryptocurrencies are rapidly growing in popularity, not all online casinos support them. Some of the crypto assets supported by crypto casinos include:
- Bitcoin
- Ethereum
- Dogecoin
- Litecoin
How Online Casinos Avoid Issues With Transactions
To ensure that all transactions are processed, gambling websites make use of payment processing systems. These payment solutions are split into three categories, they include:
- Payment processor
- Payment gateway
- Merchant account
Payment Processor
The majority of online gambling platforms hire a processor to process their transactions. A processor is a financial institution that offers an online merchant (casino) with all the services it needs to process transactions. These institutions act as an intermediary between the merchant’s account and the payment gateway. They swiftly transfer information from one point to the other and ensure that it is done securely.
Here is a breakdown of the work done by a processor:
- Transmits the information
- Verifies the information
- Executes the information
- Pays the money into the merchant account
- Informs the gateway about the success of the transaction
Payment Gateway
The gateway serves as an intermediary between casinos online and the payment processor that receives funds from customers. It is responsible for the secure transfer of customer information to the processor.
Here is a breakdown of the role of a processor:
- Transaction security
- Data encryption
- Payment verification
- 24/7 availability
- Provision of insights and reports
Merchant Account
Also known as merchant IDs (MIDs), a merchant account is a bank account through which gambling websites receive funds from credit and debit cards. Once a transaction has been processed by the payment processor, the funds are transferred to the merchant account. The merchant will then be able to transfer the money to its primary account. Due to the high risk involved in the gambling business, it can be difficult for online casinos to obtain a merchant account.
Conclusion
You have to make deposits to play online casino games that pay. Hence, you have to be very careful when choosing casinos Canada. Fortunately, the industry has continued to evolve over the years and there are now several safe online payment solutions for you to make your deposits and withdrawals.