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What is an Online Payment Method?
In order to play your favourite casino games online, a method of payment must first be selected, which will be used in order to both deposit and withdraw cash on your preferred platforms. The variety of options available in this area is likely to differ from casino to casino, however in India, the most popular methods include credit and debit cards and e-wallets, due to their speed and ease of use. These are just two of the factors to consider when choosing a payment method, with others including fees and security. We will discuss this in greater detail below.
How to Select the Best Online Casino Payment Method – Payment Guide for Indian Casino
Time should be spent in weighing up the benefits and limitations of all available payment methods, while players should also look into how individual casino sites perform in this area before signing up. With online security being of huge importance today, players must feel safe when depositing and withdrawing money, with the best payment methods having a variety of measures in place to combat the threat of fraud. Encryption technology is a must, while any reliable and trustworthy payment method will require some form of verification when transfers are being made. This is part of the reason as to why e-wallets have become so popular lately, with the likes of PayPal and Skrill meaning that players are not required to upload their bank details to their casino site account, adding another layer of protection as a result.
Elsewhere, the demand for instant play has also grown emphatically, meaning that any payment method must allow for instant deposits to be made. As well as this, with there being nothing more frustrating than having to wait for extended periods in order to get your hands on casino winnings, withdrawals should also be processed in an efficient manner.
On top of this, players must be aware of potential fees that may be incurred when making payments on casino sites, which will obviously come as an unwelcome surprise. As such, selecting a payment method that makes transactions free of charge is a major plus, with the majority of available options doing just that.
Finally, it is also important to take into account bonuses when choosing between available payment methods, with deposits made in certain ways sometimes making players ineligible for a potentially lucrative offer. Casino sites will often state in their terms and conditions that opening deposits made using an e-wallet will mean that players will not qualify for their welcome bonus, which can often provide an excellent platform to build upon, especially for those new to the world of iGaming.
Most Popular Payment Methods in the UK
The number of available payment methods at casino sites in the UK is growing at a fairly rapid rate, however there are still a handful of options that remain among the most commonly used. For UK-based players, the following are likely to be the payment methods worth considering when depositing and withdrawing funds online:
Visa – Visa provide credit, debit and prepaid cards to customers, with payments made in this way being both safe and quick. Available from a number of banks for those in the UK, Visa is now one of the most popular form of depositing and withdrawing cash on casino sites, with players being able to process transactions quickly after saving their card details online. Having first been developed in the 1950’s, Visa is one of the most recognisable brands around, with their reliability and trustworthiness meaning that they have remained at the top of the industry for decades. Deposits made using Visa cards are instant, while withdrawals are likely to take anywhere between 2-5 working days. However, players must keep in mind the fact that credit cards of all kind will not be available to use on gambling sites from the 14th April, something in which we will discuss further later on.
Mastercard – American financial services organisation is another to distribute a range of bank cards, with such products being widely accepted on casino sites today. The speed, security and convenience of such payments have attracted a large number of players over the years, whether it be a credit or debit card that is being used. Similarly to Visa, Mastercard deposits are instant, while the wait can be as long as 5 working days for withdrawals, however this will range from casino to casino.
PayPal – PayPal is undoubtedly the world’s leading e-wallet, with the online payments system now having also been adopted by many casino sites in order to facilitate quick and secure deposits and withdrawals. The fact that players are not forced to enter their bank or card information to their casino account is certainly one of PayPal’s biggest benefits, adding another layer of protection in the process. Meanwhile, PayPal also have a dedicated mobile app, catering for those who are constantly on the move. Deposits using PayPal are instant, while those also looking to take home their winnings in this way will often receive their funds in just a matter of hours.
Neteller – Part of the British-owned Paysafe Group, Neteller acts in a similar way to PayPal, with just an email address being required in order for players to sign up for an account. Payments using Neteller are now available in over 20 currencies, demonstrating the growth in which the organisation has seen over recent years. Neteller was founded in 1999, with the e-money transfer service having gained an excellent reputation as a result of their work, especially when it comes to iGaming.
Skrill – E-commerce organisation Skrill are another to process online payments, with the company being regulated by the Financial Conduct Authority in the UK, as well as being operated by Paysafe Group. Potential users will be pleased to hear that the Skrill Payment Gateaway was developed with the online gambling market specifically in mind.
Paysafecard – An alternative form of payment comes from Paysafecard, who deliver prepaid cards, independent of bank accounts or cards. A 16-digit code is used to process payments online, with cards being available to buy from thousands of licensed outlets in the UK. Deposits using Paysafecard’s are instant, however withdrawals are unavailable using this payment method at present, which is understandable given its nature.
Bank Transfer – Also commonly known as a bank wire, bank transfers are generally used by those who concerned with online safety. Payments can be made via a local bank or cash office, however the time taken to process payments, along with the potential fees involved, often put casino players off. Deposits and withdrawals made using bank transfers on casino sites are likely to take between 3-5 days to complete.
Bitcoin – A number of casino sites now also accept Bitcoin, with the cryptocurrency being familiar to an increasing number of players. With Bitcoin not having to be authorised by a bank, its peer-to-peer system has helped to make it an increasingly popular method of payment for casino players.
Typical Transaction Times
In terms of transaction times for payments made on casino sites in the UK, players are rarely made to wait for frustrating periods of time. The majority of payment methods cater for instant deposits, with only bank transfers taking longer in most cases. Meanwhile, withdrawals using e-wallet platforms are often processed in just a matter of hours, however the majority of casino sites will state a maximum transaction time of around 48 hours. Those withdrawing funds using alternative methods are likely to have to wait anywhere between 2-10 working days in order to receive their cash, with bank transfers again being the worst option when it comes to speed.
As we eluded to earlier on, those in the UK will not be in a position to use credit cards on casino sites from the 14th April 2020. This comes following a review of the gambling industry by both the Government and Gambling Commission, which found that around 22% of players using credit cards are known as “problem gamblers”. In an attempt to cut down on the financial difficulties in which some players get themselves into as a result of credit card payments, this form of banking will soon be unavailable to those in the UK. With over 10 million British citizens now gambling online, such changes perhaps come as little surprise, however those currently using credit cards to fund their casino site accounts must find an alternative, with the most popular options having been discussed above.
Online Casino Payment Methods UK FAQ
In this section, our experts have answered some of the most commonly asked questions surrounding online casino payment methods in the UK:
Q: What are the safest payment methods for online casinos?
A: Those looking for quick deposits and withdrawals on casino sites should certainly consider e-wallets, however the majority of payment methods discussed on this page allow for speedy transactions to be made.
Q: How long does it take for my money to arrive?
A: The majority of available payment methods to those in the UK allow for instant deposits to be made, however withdrawals can take anywhere between 24 hours to 10 working days to complete, depending on the method of banking selected.
Q: Can I use different payment methods to deposit in one account?
A: Players are free to add a number of payment methods to their casino account, however it is recommended to use the same option when it comes to both depositing and withdrawing cash, as this will ensure that transactions are processed as quickly as possible.
Q: I can’t withdraw my money to my desired method. Why?
A: Not all payment methods allow for both deposits and withdrawals, meaning that those looking to take home winnings on their preferred casino site may be restricted in the options available to them. In this case, an alternative payment method may be required, especially for those using a method such as Paysafecard.
Q: What is a closed loop withdrawal?
A: A small number of casino sites catering for players in the UK will adopt what is known as a “Closed Loop” policy, meaning that the same method of payment must be used when both depositing and withdrawing money.
Q: What is important when selecting a payment method?
A: Upon selecting which payment method best suits your needs, be sure to take into account factors including speed, fees and convenience, with all likely to have an impact upon just how satisfactory payments are made.
Q: Can I use a credit card to deposit funds?
A: New laws in the UK state that from the 14th April 2020, credit cards will be banned when it comes to making payments on any gambling site.
Q: Which are the fastest payment methods?
A: Generally speaking, e-wallets such as PayPal and Skrill process payments the quickest, which is why they are now so popular in the online gambling industry.
Q: Do I need to pay a fee to do an online deposit?
A: Deposits made on casino sites are generally processed free of charge, however those withdrawing winnings may have to concern themselves with the potential charges involved, which can be frustrating.