Payment Methods for Online Casinos
Payments Methods and online casinos — probably no other topics are more intertwined than these two. After all, in addition to the fun of gaming and the entertainment factor, it is all about the money. So, which payment methods are secure and can be recommended? We will show you and give you valuable tips with regard to this subject that we hope you will take to heart. Because we are not just talking about your money, but also about your personal data which is highly valuable to criminal organizations. What is important is that you can play securely, resting assured that your personal information does not fall into the hands of (illegitimate) third parties.
1. Credit cards – Visa or MasterCard
As with all aspects of daily life, you can use credit cards to play in casinos. This sounds logical and safe. Especially since many credit cards offer a certain degree of protection from misuse. However, they also have some disadvantages: first of all, due to high spending limits, credit cards do not provide cost control, and, secondly, while casinos accept credit cards as methods of payment, many do not accept them as methods to collect payouts. This is due to the high fees associated with those kinds of transactions. Thus, while credit cards are good, they are not the best alternative.
2. Debit cards – various providers
Debit cards are very popular, provided by all major financial institutions and have one major advantage over credit cards: cost control. And this is in our experience priceless in online casinos! Amounts withdrawn with the card are immediately debited from the player’s account. Casino players thus cannot go into debt as they can only spend money that is actually in their account. Unfortunately, debit cards are not accepted as methods to collect payouts and players have to resort to another provider for those. Debit cards can only be used for making payments or deposits in online casinos.
3. E-wallets – Neteller, Skrill, PayPal
When playing in online casinos, we recommend this method of payment above all others and hope you will take our advice to heart. Unfortunately, from our perspective, electronic money transfer systems or “e-wallets” as they are commonly called, are not as well known as they should be. E-wallets offer every advantage and have virtually no drawbacks. The most popular provider is Neteller, followed by Skrill, and in Germany, PayPal also has a broad presence.
Advantages: e-wallet companies are private financial services providers that act as a liaison between the customer and the merchant. You only provide your personal data to the e-wallet provider, not the third party merchant. When you make a purchase online, the only information you have to provide to identify yourself to the merchant (which in this discussion is the online casino) is your e-mail address. You create a virtual account with your e-wallet provider that lets you deposit monies and withdraw funds. E-wallets are exclusively account based, so you have full control over your money. Accounts can be set up in most major currencies. We highly recommend this method of payment.
4. Pre-paid cards – Ucash, Paysafe
Pre-paid cards have a set amount of value and can be purchased at various outlets such as kiosks, gas stations, or the website of the respective card provider. Maximum balances that can be obtained on these cards vary: with Ucash you can put up to 500 € , with Paysafe up to 150 € on one card. These cards come with a code that you enter to pay for purchases on the Internet, or to make a deposit in an online casino. Pre-paid cards cannot be used to collect payouts. For those, you will need an e-wallet or provide information for direct transfer to your checking account. Our evaluation: pre-paid cards provide cost control and do not require the transmission of your personal information to third parties. They are recommended as a form of payment in online casinos, although they are somewhat inflexible due to their set amounts.
Our recommended payment methods
We already mentioned above that we recommend e-wallets, such as Neteller, Skrill or Paypal, for playing in online casinos. The advantages of e-wallets are simply too great, even though you have to go through the process of opening an account and providing verification. Once this process has been completed, all your financial transactions on the Internet feel very anonymous. Pre-paid cards present the best alternative to e-wallets, but they can only be used to make payments. Payouts can only be received via transfer to your checking account, a process that not only takes a long time, but also incurs additional fees. Credit cards can also be used, but with every use of your card, your personal information is supplied to the respective third party. In light of the high risk of identity theft, this is no longer a recommendable option these days.