Live Casino Banking 101
Payment Methods for the Online Casino
Real gambling in a real casino is all about playing with real money. Although it might be incredibly informative and fun to practice your skills for hours in a row on one of the many free or demo casino games which are at your disposal online (check out our top list on this topic), there is nothing more exciting then betting your hard earned money on roulette, blackjack, or even bingo for that matter. Winning is even more fun, losing can suck but it will teach you to be patient and keep trying so you can turn your losses around in an eventual profit.
You want to have nothing to worry about when gambling, or at least not about the little things. Safety and reliability are paramount when it comes to choosing an online casino and those aspects can mostly be found in the payment options that you can choose from. You want to deposit and withdraw money in a trustable way, which is why online casinos that offer multiple payment options are amongst the popular ones. But what payment options actually are available? What payment methods have established a name for themselves ? What payment options are preferred by experienced online gamblers and how can we learn more about that? Our experts have prepared a list with all the necessary information on the common payment methods so that you can choose the payment method that best suits your desires, making it possible to test your luck with a secure feeling.
One of the current most common online casino methods of payment is Visa. This of course is not surprising, as the company is considered one of the greatest in the financial world for over fifty years. The company was actually founded under the name of BankAmericard in 1958, and the company grew into an international powerhouse in the area of international trade in 1977, when several financial institutions and payment card companies fused to create Visa. The aim of this merge was global, to create a faster and stronger payment system, and with all the credit cards that Visa has provided since, the company has ensured its position as one of the most popular and most used payment methods in the online gambling industry. Visa is, as mentioned before, a payment method specialized in credit cards, offering its services worldwide. To assist customers according to their specific needs, the Visa service is divided into several divisions for each continent. The fact that Visa is such a widely acknowledged company helps a lot of online gamblers to feel comfortable with using Visa and is also the reason that many, if not all online casinos offer Visa as a payment option.
Online casinos make it is easy for you to check whether or not you can pay with Visa. If you want to deposit money, you click on the box next to Visa, but first make sure that your credit card is a Visa card though, because you never know. After this you enter your credit card number, the expiration date of the card and the security code on the back of the card, next to the box with your signature. If you are already registered, or did payments with Visa earlier, your details will automatically be completed. Besides the convenience and security that Visa offers online gamblers and casinos, there is also an advantage for high rollers, who can easily adjust the limit on their card if they want to spend more money in the online casinos. To check how much money you spent on online gambling or to track how your gambling spending pattern evolves, Visa offers online services that will show you a pay chart at the end of each month. Because Visa is in fact – just like MasterCard – affiliated with International Card Services, an umbrella body that houses only the largest and most trusted financial institutions worldwide.
Last but not least, Visa offers an ‘internet payment guarantee’, which means that payments made via Visa are insured, and if they do not arrive Visa will give you your money back. Ideal if you have slow internet or if your computer tends to crash! Furthermore, you can get discounts for things as flying tickets through payments done with Visa, unfortunately these benefits do not apply to payments to online casinos and this has to do with Visa’s gambling addiction prevention policy.
Apart from Visa, the financial world knows another giant, also specialized in the area of credit cards. Meet MasterCard, an American company founded in 1966. According to MasterCard, their credit card is the most popular payment card worldwide, but both American Express and Visa made the exact same claim. For us the most important thing is that MasterCard is a popular payment method amongst the online casinos, which pretty much proofs that this payment service can be trusted.
With MasterCard you can choose from various types of payment cards, with various spending limits that match your spending habits. Don’t choose a high spending limit card if you don’t consistently pay attention to your bankroll when gambling online, and you actually can’t miss the money! If you’re a bit less fortunate, the MasterCard Classic might be the perfect card for you. Are you a high roller and able to afford a few rounds of poker, the MasterCard Black might be best for you.
If you deposited money through your credit card and you win in the casino, you are able to transfer that money to that same credit card account. MasterCard takes an annual rate of 1.2% up to one million euro’s for money transfers done with your credit card account. Furthermore, MasterCard also insurances their online payments, meaning that your money will be paid back if it does not arrive as promised. So check with your online casino if you are allowed to pay with Mastercard, and also check if the MasterCard logo is visible on your card, and then just follow the steps explained above!
The third largest credit card company, functional in the US and worldwide is American Express, a name familiar with almost everyone who ever entered the world of online casinos. American Express is one of the leading financial and oldest existing companies in the United States, the company was founded in 1850, although it should be noted that the company originally was not a financial institution. The company actually began as a mail service, offering their services first in the New York State. One of the founders of the company was fed up with all the difficulties that occurred when completing financial transfers and the effort necessary to withdraw money in Europe for example, and introduced checks which could be cashed in both continents.
This new way of cashing money was the first step in cross-border payments. The focus became increasingly on payment services and in 1950 the first national debit card was introduced in the United States, and the service introduced their first credit card no more than twenty years later. Particularly in America but also in Europe, the American Express cards gained popularity as a secure method of payment. In addition, through cards with high spending limits such as the Centurion Card, American Express also became a widely used payment method for the high rollers of the online casinos. Furthermore, American Express was the first financial institution to launch an app available for both Android and iOS. This is why American Express gained even more popularity amongst online gamblers who prefer the mobile casinos as their gambling hosts.
PayPal is a very popular payment method in the world of online casinos and that has everything to do with the great ease in doing transactions via PayPal. The company was founded in 1998 and is designed completely in the spirit of modern times. Handheld computers and mobile Internet started to rise in the late nineties and became very popular, especially in the world of business. To facilitate those payments, PayPal was created. PayPal is an intermediary, just like Skrill. All you have to do is link your email address to your credit -or debit card and you’ll be able to arrange payments to your online casino. The bank handles the money transfer linked to your account, and PayPal will ensure that you hard-earned money arrives at the online casino. Besides from entering your email address nothing is expected of you!
For online gamblers, the service is considered popular and reliable, due to the fact that the gambling transfers cost you nothing. The online casino however, does take a certain amount. If you withdraw money and you want it added to your banking account, you may be charged with a certain amount or percentage, but this is always omitted in the conditions. Besides the convenience for the mobile online gamblers, there is another advantage, and that is the fact that PayPal has developed a number of good apps that make payments via tablets or mobile phones even easier.
Neteller is an online service similar in operation to Paypal. And just like Maestro, Neteller falls under the umbrella body of MasterCard, which means that Neteller is also coupled to the MasterCard logo with all its conveniences. Neteller is a service that fully meets the standards created by the world of online casinos and that is because of the fact that Neteller is an online service, also known as an ‘e-wallet’. The company focuses mainly on the English-speaking market, and is also established in Canada (1999) and registered in England. Partly due to the popularity of PayPal the Dutch division of Neteller is not yet available, but Neteller can still be a good payment option for online gamblers who gamble on casino’s located abroad. Neteller already offered the possibility of online payments in the online gambling world in 2000. In fact, 80% of the online payments from online casinos were processed through this service. The company has so much affinity and experience in the online gambling industry, that us online gamblers have all the reason to trust this company and use it.
We have seen the introduction of Neteller’s e-wallet, but Click2Pay also can be found in this category. Just link your Click2Pay account to your banking account, simply by entering an email address and a response to a predefined security question, and you can transfer money instantly to the online casino of your choosing, given that they accept Click2Pay as a method of payment. If you withdraw money you will be able to use it right away, though it may occur that you will have to pay something for the transaction.
Click2Pay is a relatively new payment method and therefore has yet to earn its ranks in the financial world. However, despite the young age, Click2Pay is still known to be a highly secure and reliable provider of payment services. Unfortunately, the payment option is not yet available to US players, which is somewhat odd since the company has its home base in New York. In addition, it is not yet possible to transfer every type of currency, but click2pay promises to work on that. In particular, the easy use of Click2Pay makes the service recommended, and the expectation is that in the future more and more online casinos will offer the possibility of using Click2Pay. Just as credit cards have different payment limits, Neteller and Click2Pay have differences in spending limits for users, which set a maximum amount of money to be spent per week or per month.
Another payment method from the e-wallet category. This particular method is called ClickandBuy, originated in Germany and was founded in 1999, the company has expanded over the years, has grown and currently its headquarters are located in London. The service is available in 27 countries, in 11 languages and offers the possibility of paying in no less than 120 different currencies. Not a small player at all, and one that makes online casinos keen to offer the ClickandBuy service to the online gamblers.
ClickandBuy has manifested itself over the years as the most reliable and well-known e-wallet for mobile casinos, also due to their cooperation with mobile operators such as T-Mobile. ClickandBuy does not work as an intermediary, so whoever wants to make deposits via this payment method should first deduct money from their banking account and then deposit the money into the electronic wallet. Despite the popularity of the payment service, ClickandBuy also appeared in the news negatively, especially regarding online casinos payments. The service order requires very high transaction costs for money transfers, for example if you won money in an online casino and want to wire that money to your banking account.
Skrill / Moneybookers
Skrill is a payment method established in 2001, back then under the original name: MoneyBookers. Because some online casinos have been a bit lazy in updating their payment options properly, sometimes the name MoneyBookers is still mentioned instead of Skrill, which is why we work with both names interchangeably on this list. Skrill is a British company, and customers in the early years were also mainly British. The convenience, accessibility and low transaction costs were the main reasons for the huge growth in the popularity of Skrill and after a major international time of growth, the company now operates in more than 200 countries and offers its service for 41 currencies.
In 2015 Optimal Payments took over the company, in order to strengthen their monopoly position in the industry of e-wallets. Neteller, one of the major competitors of Skrill, is also considered affiliate of the company of Optimal Payments. Skrill is popular among online gamblers because the company is registered in England and many online casinos are also licensed in Britain, which makes for greater security and faster transactions. If you want to use Moneybookers you just have to visit their website, link your Skrill account and your email address to your banking account or credit card and within five minutes you will be ready to actively use the payment method. However, when it comes to processing transactions, please take into account that online casinos registered in different countries from yours will take longer to complete, because of the difference in time zones and such.
Our very own Dutch pride! For over ten years, the by Currence developed payment service iDeal offers the possibility to process online transactions in a quick and reliable way. The idea behind the service is simple and in addition iDeal doesn’t charge a service fee, which make the service very attractive to use in the eyes of the gamblers and online casinos. This is how the service works: you select iDeal as your method of payment for the online casino and then select the bank where you have your account. Next, iDeal leads you to the webpage of your bank to complete the transaction, in which all necessary numbers are already completed and you only need to confirm with your PIN code or bank machine in order to complete the transaction, and after you’ve confirmed iDeal redirects you to your online casino where you can find your deposited money immediately in your account balance.
iDeal is the service that accompanies the transaction, also known as the intermediary, while the bank and the online casino itself actually make the transaction happen. This creates an increased sense of security for online gamblers who prefer not to work with many different payment services, creating confusion. As can be expected from an innovative and friendly service such as iDeal, the transformation to mobile platforms has also been made possible, so anyone with the relevant app provided by their bank can use iDeal and deposit money into the mobile casino of their choice.
The last payment option that we will mention here is a controversial one that has been mentioned a lot in the news over the recent years, particularly because of the abstract character of the currency and huge fluctuations in the value of the digital currency. Bitcoins increased over the recent years in terms of value, particularly through the massive publicity that the currency gained in the media because it is believed to be especially attractive for criminal use. There are not many online casinos that offer the possibility to pay with Bitcoin and this is mostly due to the fact that the currency is not registered and therefore regulated by any type of acknowledged government or bank, and that doesn’t stroke with the strict safety rules of many online casinos. Nevertheless Bitcoins payments are easy to process for the online gambler who has access to this currency, in part because of the anonymity guaranteed and their still rising value.play now