Staff Reporter
In order to be successful, online casinos should be able to make things as convenient as possible for players. That’s why they need to ensure that they always stay on top of the latest trends and constantly improve their offer. Naturally, this will not only help attract new players, but it will also keep their loyal players interested and coming back for more.
One of the most important things casinos should focus on is the payment methods that they choose to offer to their patrons. Usually, players prefer being able to make their wagers quickly, but also collect – and enjoy – their potential winnings, without having to wait for a long time to receive them. And precisely for that reason fast withdrawal casinos are becoming so popular so fast.
The most notable pros and cons of different payment methods offered by online casinos
It’s worth mentioning that some players prefer to use the payment methods that they’re used to, regardless of how long it may take for them to process. But, there are also those who are willing to try other payment methods offered by online casinos, so that they can compare their options and see which ones work best for them. With that in mind, let’s explore the pros and cons of these options a bit more thoroughly.
Bank Transfers
Bank transfers are one of the most popular payment methods offered by online casinos. They’re secure and reliable, and many people are used to them because they’ve been around for a very long time. However, even though they are one of the most popular payment methods available, they still come with some pros and cons.
Pros
Tried and true, bank transfers offer great security, as well as the option to reverse a payment. They don’t require any third-party involvement in order to be able to complete a transaction. They are more secure than wire transfers and support higher transaction limits than some other payment methods.
Cons
The most noteworthy cons include the fact that bank transfers can sometimes be very slow – they may take up to 72 hours to complete, and not all banks allow international transactions.
Credit Cards
Credit cards are among the most commonly accepted payment methods users can find in online casinos. Although secure and reliable, they may be a bit risky, depending on how users can manage their spendings. Almost all online casinos accept VISA and Mastercard, and some also take American Express.
Pros
As mentioned, credit cards are secure and reliable and are commonly accepted by the majority of online casinos. Some providers even offer the opportunity to collect points when spending funds using a credit card.
Cons
Users will pay using ‘borrowed’ money, which requires them to be extra cautious and responsible, and limit their spending. Transactions usually come with an interest rate.
Debit Cards
Unlike credit cards, debit cards only enable users to spend money that they already have in their bank account.
Pros
As another tried and true method, debit cards are also widely accepted. They usually involve lower fees and no interest, as opposed to credit cards.
Cons
Spending is limited to only the amount of money available in the bank account.
Prepaid Credit Cards
Prepaid credit cards are a great choice for individuals who prefer not to share their personal information yet still want to use bank cards. Since anonymity has become one of the most important aspects for players, the fact that prepaid credit cards offer this extra layer of security is precisely why they’ve risen in popularity.
Pros
Prepaid credit cards are a very popular form of payment as they offer the opportunity to make quick transactions anonymously, which greatly protects users’ data.
Cons
Although super convenient, these cards usually expire within one year, and users can’t refund their expired prepaid cards. Additionally, they offer only limited possibilities, as the funds that are deposited on the card are the only funds available. Finally, users need to add their credit card information in order to make a withdrawal.
E-Wallets
E-wallets provide convenience, allowing users to easily monitor their spending while obtaining enhanced security for their financial data. There’s a long list of popular e-wallets, but PayPal is arguably the most popular one. That being said, there are lots of casinos that accept more than one e-wallet choice, providing more options to users.
Pros
E-wallets are easy to set up, and don’t require users to share any of their financial information with third parties. Transactions are also quick to process and come with lower fees when compared to bank transfers.
Cons
The most obvious con, when it comes to e-wallets, is the currency conversion fee that can sometimes be quite unfavourable. Additionally, not all online casinos accept e-wallet transactions, and not all e-wallets support casino transactions.
Vouchers
Last but not least, vouchers are also a viable option, but they can be used only in certain casinos. They work similarly to how depositing cash works, and some of the most common are Flexepin, Paysafecard and Neosurf, but they can depend on the player’s jurisdiction.
Pros
Vouchers offer elevated security through PIN code activation. What’s more, they are easy to use, can be purchased in many convenience stores and are a great way to control spending, as each voucher comes with a limited amount of funds.
Cons
Vouchers can’t be “topped off” which means that players will have quite limited funds (usually up to $200) at their disposal.
