Guide to Payment Method TypesPublished December 2, 2012 by OCR Editor
Online casino customers have a choice when it comes to payment methods.
Online casinos and gambling sites have boomed in the past few years, and unsurprisingly there has been a growth in payment methods at the same time. It can all be a little confusing sometimes, which is why we decided to check out the different types of payment methods - using Red Flush Casino and William Hill Casino as our examples, both leading casino brands with rich cashier banking options.
Credit and debit cards, such as Visa and MasterCard, are still the most popular form of making deposits and withdrawals to online gambling sites. Most casino customers already own at least one credit card, and tend to trust them for their secure and modern processing systems.
The drawback to using a credit card, and the reason that many customers use the other options listed below, is that many banks view casino deposits as a form of cash advance, which means that they attach an extra fee to the payment. Online casinos like Red Flush accept all major credit cards, but don't offer their customers bonuses for using them.
E-wallet payment methods, such as Skrill (Moneybookers), Neteller, and Instadebit, have stepped in to fill the gaps left by credit cards. These online funding systems basically act as your middleman between the online casino and your bank account, allowing you to transfer and receive funds without all those extra costs.
The way this usually works is that you deposit money into your e-wallet account, and then use those funds to recharge your casino account. Doing things this way ensures the casino never receives your banking details and your bank is not alerted to the fact this was a casino deposit - protecting you and keeping things convenient.
As e-wallets are a preferred deposit method bonus for online casinos like Red Flush and William Hill, players will often receive rewards for using them.
Cash alternatives are another payment method that have been growing in popularity, mainly thanks to well known brands like Ukash. Most cash alternatives can be purchased in exchange for cash at retail outlets that advertise signs like "PayPoint," "Payzone" or "e-pay." Once you have purchased a voucher, just use the funds at your preferred online gambling site by entering the unique number from the voucher.
This method is the best option for people who want to use cash rather than a credit card or e-wallet. No registration or submission of personal information is required, which means you can deposit money to your online casino, poker, betting or bingo account without your safety or security being compromised in any way.
Bank transfers are a quick and easy way to deposit or withdraw money into your online casino account, without too many added fees. The drawback is that it can take a few days for the money to appear in your account, depending on your bank and casino operator.
Money can be transferred using a variety of methods including online banking, telephone banking and over-the counter.
Local payment methods
The last few years has seen an explosion in the number of local payment methods that cater to players using specific languages and living in specific countries. For example, Baloto Electronico is a cash payment method offered by PagosOnline, which can be purchased at participating retail stores around Colombia.
And a note about new payment methods
New payment methods are constantly being added to our lists. Just this past month we have added two great new payment methods: Ticket Premium is a French cash alternative that is sold online and through more than 35,000 retail outlets across France. Realex Payment offers a broad range of payment services for online gambling websites.