How to Deposit and Withdraw at Online Casinos: Zooming in on Online Gambling Payment Methods

August 2021, 05

online casino payment methods

What is the picture that appears before your mind’s eye when you hear the word “casino”? The odds are that you will imagine James Bond in white tie threading his way among the tables somewhere in Monte Carlo and choosing a place to play blackjack. Or it can be a company of friends on a spree in Las Vegas whose primary goal is not to become millionaires overnight but to have fun and take a break for a while from their routine drudgeries.
However romantic those visions might be, they are rather old-fashioned and nostalgic in the post-COVID IT-driven world of the third millennium. Today, an ever-growing number of dabblers and a considerable portion of real money players prefer to gamble wherever and whenever they fancy, enjoying all amenities respective online platforms provide.


The Golden Age of Online Casinos

Comprehensive digitalization and the aftermath of the global plague made us switch to the remote mode in a lion’s share of our activities. Work and education, shopping and healthcare, even relationships and friendship – all of those have turned now into digitally-powered domains. Gambling entertainment moves in the wake of this general trend, letting people leverage their gadgets to feel the thrill of betting and winning.
Astute entrepreneurs have already sensed which way the cat jumps and started to invest heavily in developing online casinos and poker websites of various types – from quite regular ones to more exotic (so far) crypto online casinos that are gaining traction currently.
Being as appealing a business niche as it might be, it takes a certain knack to make an online casino a profitable venture. There are plenty of niceties – from getting a gambling license to launch it to running affiliate programs to attract the public en masse – that can turn it into a big-time story or let it become a complete failure.
As experts in gambling software, we at Multi-Programming Solutions know that a mission-critical summand of success in the industry is the choice of the best online casino payment methods and the implementation of an igaming payment gateway to handle online gambling payment processing.

Factors Conditioning the Choice of Online Casino Payment Methods

Any casino payment methods guide should start with definitions. The payment method is the way a player utilizes to perform their deposit options and withdrawal options while partaking in gambling at an online casino site. The task of determination, submission, and detailed description of payment method is a total responsibility of the service providers. The latter may vary in the scope of methods their clients can enjoy. Why?

Today, the conventional gamut of online casino payment options (like online casino bank transfer deposit and withdrawal, cheque and card payments, etc.) has been significantly augmented by the opportunities of online banking, Google Pay, coupons, and other high-tech mechanisms and channels that streamline financial interaction between gamblers and casinos. The latter go all lengths to cater to the tastes of the former and make their gambling experience a comfortable one. To do that, it is necessary to place themselves into their customers’ shoes and look at payment options with their eyes. How do clients gauge the roster of methods offered by the casino?

Being aware of the approaches customers have to making online casino payment comparisons, you can approach the selection of payment methods to be available on your gambling platform. What are the top aspects you should take into account before including a method in your options list?

With these considerations in mind, let’s go through the list of payment methods online casinos typically offer. 

The Lineup of Online Casino Payment Options

What are the ways gamblers can enter into financial interaction with online casinos?

  1. Credit and Debit Cards

These are the most popular instruments for online payment in general, so gambling platforms that accept credit cards dominate in the niche. They are easy to obtain and convenient to use anywhere across the globe. Some consumers have apprehension as to sharing their credit card information with an online casino. Yet, the truth is that the security of their data is compromised to the same extent as when they buy things online so there is no sense in making a hassle about it if you deal with a regulated online casino.
Conventionally, gamblers make use of credit cards. However, you have to be cautious not to go into negative and start spending credit money that a bank lends to you via such a card. For punters who want to make sure they won’t rack up debt playing in an online casino debit card is a preferable option since it allows them to use only the resources available on their bank account.
he main problem with both kinds of cards is that not all banks allow financial operations with online casinos so users have to experiment with them to see which work and which don’t. What are the most popular card brands accepted by gambling sites?

  1. E-Wallets

This is a rising star in the sphere of contemporary banking services, being effectively a link between customers’ bank accounts and gambling sites. Casino wallet online users enjoy prompt and foolproof transactions as well as the absence of the necessity to disclose financial data to the casino. The main shortcoming of e-wallets is the transaction fees charged by them. However, they are conventionally minimal and are somewhat mitigated by loyalty programs extended by the majority of e-wallets. What are the most popular of them?

  1. Pre-Paid Cards and Vouchers

This is an alternative for clients who don’t have either an e-wallet or a credit card. By acquiring a prepaid credit card online casino gamblers can start their transactions with the site since this card already contains a certain sum for them to use at their discretion. What are the options available to customers?

  1. Bank Wire Transfers

This method sacrifices speed for the sake of security. The latter is achieved through identity check which takes stakeholders up to a week to accomplish. Such measures are instituted by banks that want to make sure any online casino wire transfer withdrawal and deposit is performed by the account owner who must verify the transaction. It is effected via an SMS code that the gambler receives and then sends back to the bank.
In addition to being rather slow, this payment method is also expensive since casinos mostly charge a fee on this way of money withdrawal. Besides, some gamblers are reluctant to share their financial details with gambling sites, all of which leaves this payment option behind the above-mentioned types.

  1. By Phone Payments

This is an innovation that is intensely pushing its way into the online gambling industry. People can make deposits using their phone bill or paying with phone credit. Then, they inform the casino of their choice and give their phone number through which the service provider contacts them to authorize the transaction.
The downside of this method is that online casino mobile payments are supported by a small number of gambling sites so far. Plus, there is no universal fee policy among operators as to this payment method – some casinos charge nothing while others can rob you of 10%. 

  1. Cryptocurrencies

Another cutting-edge novelty that is gathering significant momentum is related to using crypto money in gambling transactions. Casinos that support such operations aren’t that numerous as yet but more and more sites are warming up to extending crypto payment options in view of their high level of privacy, swift withdrawals, and minimal transaction fees. What are the crypto options for consumers?  

Summing It up

Setting up an online casino, you should pay close attention to choosing payment methods it would support. Out of a whole range of options, you should select those that would attract an as large audience of punters as possible. Whatever your choice might be, Multi-Programming Solutions is ready to assist you along the way by developing a high-end gambling site with payment gateways that will provide the most comfortable UX for your future customers.

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