There are quite a few casino payment methods. A payment method is the way a gamer receives money from an online casino. The way a gamer puts money into his or her casino account is called a deposit method. Many land-based casinos have adopted some of the most convenient payment methods when a player cashes out at the end of their stay at the casino.
In this article, Slots Play Casinos will talk about payment methods at an online casino since they are a bit more complicated and gamers find them difficult at first.
Online Casinos Have So Many Advantages over Land-based Casinos
Each online casino payment method has its advantages. There are also some disadvantages. In fact, some of the payment methods were born of the disadvantages of the payment methods that were prevalent at the time.
So, let’s go over a few of the most common payment methods.
Some Older Payment Methods are Now Obsolete
Money orders come to mind. Where at one time a money order was an excellent way to move money around without using gobs of cash, they have fallen by the wayside in most online transactions, not just at online casinos. This is because there are now several much more convenient ways to receive money from online casinos.
Do You Remember when Credit Cards Were New?
A lot of gamers do remember getting their first credit card. Many stores at the time accepted a credit card for a purchase only above a minimum amount. This was in the late 1960’s! The online casino gaming niche was still a full 25-30 years away!
When online casinos came about starting in 1994 and growing fast since then, credit and debit cards were the main way gamers deposited and withdrew money from an online casino. Many gamers still use their credit or debit card. However, many gamers feel that a credit card does not provide as private a transaction as they would like.
The Ewallet was Developed!
After the turn of the millennium, ewallets became the primary way for gamers to deposit and withdraw money from online casinos. An ewallet promises more privacy for gamers. Their bank may know that they have put money into an ewallet but the bank has no way to follow the money from that point on.
For many gamers, this extra measure of privacy is important.
Many Online Casinos Offer a Bonus for Deposits Made Through an Ewallet
This is an extra promotion that these casinos offer. In most cases, the promotion is so good that gamers will make their deposit with that ewallet.
Cryptocurrencies Make Headway into Online Casinos
There is still a lot of controversy and wonder surrounding cryptocurrencies. A lot of people are still not convinced that cryptocurrencies are real. Many people still believe that the prefix “crypto” means fake.
Let us set the record straight that “crypto” does not mean fake. It means supported by encryption.
What is Encryption?
If you have ever sent money across the internet, and in the modern world, who hasn’t, then you may not have thought about it but you can be sure that the companies that accepted your money did think about making sure that your money was safe!
The list of companies that do business over the internet is way too long to print! It covers at least thousands of companies and possible tens of thousands or even more! All of these companies use encryption software to scramble the information customers send them over the internet so prying eyes cannot access the same information.
Without excellent and always improving encryption software, no business would dare take money over the net!
Cryptocurrencies Are Safe Because They Use Encryption Software
People who swear by cryptocurrencies say that they are the most private of all currencies. Cryptocurrencies are hard for most people to understand because of the language used to describe them. They are “mined” not printed or minted. They exist on a blockchain, whatever that is.
What gamers need to know is that a lot of online casinos accept bitcoin and other cryptocurrencies for deposit and withdrawal. Here at Slots Play Casinos, we also have a how to page to explain how to use cryptocurrencies for online casino banking.
Why Do Withdrawals Take Time?
This may be one of the very few disadvantages of gaming at an online casino. At a land-based casino, players cash out when they go home. They empty their player’s card of all money. On the one hand, this is very easy and convenient. On the other hand, they never receive a deposit bonus.
Land-based casino players also pay a lot of money to get to and stay at the casino. So, the ease with which they cash out is a very minor convenience, indeed!
Finally, land-based players do not redeem their comp points when they leave the casino for home. So, these points stay on their player’s card and may stay on the card for many months or years!
Withdrawals Take Time Because a Good Online Casino has to Be Sure That You Are You
The formal term for the time it takes to get your money after you make a withdrawal is “processing time”. The processing time for deposits is usually pretty much immediate. That’s because no one is trying to steal gamers’ money in order to deposit it in the gamers’ accounts!
Processing time for credit cards is also usually pretty fast since the cards are connected to your bank account and that provides a layer of security since both the bank and the casino use encryption software to protect your assets.
Withdrawals with ewallets are also pretty fast.
But, Why?
Gamers often want to know why an online casino will ask them to provide a different proof of identity when they ask to withdraw money than the proof of identity they provided when they signed up.
This is nothing more than an extra layer of security and safety so the casino knows that it is sending money to the correct person.
Gamers see this is as a serious inconvenience. It is an inconvenience. It is a necessary inconvenience for gamers’ safety! Think of it this way: if a gamer cannot provide a utility bill or some similar form of identity, that might mean that even the least risky online casino gaming is beyond that gamer’s means.
They most certainly should not be travelling to a land-based casino to play.
Taking care to stay within one’s means also means knowing what one’s means are!
Slots Play Casinos Says That Online Casino Gaming is a Fun Activity above All Else
We keep track of everything that is going on in the online casino milieu. We have published hundreds of articles to help gamers get the most fun and entertainment value from online casino gaming. We publish guides and articles pretty much every week.
So….
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