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The Different Types of Payment Methods

Your aim when it comes to online casino banking should be to have a fast, efficient, and safe process to rely on. A reliable banking process is something to think about and have in place for whenever you need to top up your account or cash out winnings. 

Most online casinos nowadays will give you a long list of payment methods to choose from, while some will only offer a limited selection of options. You can rely on the bigger casinos to give you a decent choice, though, and this is one of the sections we at GoodLuckMate always look into when we review and evaluate casinos.

Casinos will nearly always request that you deposit and withdraw using the same method unless the payment method you deposited with is unavailable for withdrawals. So this is something you should have in mind when choosing which payment method to deposit with.

Debit Cards

The number one most accessible payment method of them all is the debit card. Its popularity among online casino players across the world is unparalleled in terms of ease of use and reliability. It is the one method that you can rely on to be available across most online casinos and definitely at all the bigger casino sites.

The accessibility factor is obviously down to the fact that most people already own one of these before they step into the online casino world, so that means they have a readily available payment option to use from day one. Instant transactions and friendly limits are just some of the other advantages of using a debit card.

You might wonder about credit cards, but unfortunately those are no longer supported at online casinos licensed by the UKGC. 

E-Wallets

E-wallets are another very popular online casino payment method, and that’s for a good reason. The ease of use is one huge advantage, but the quick deposits and withdrawals are the real incentives for most users. 

Most e-wallets are great for depositing, but they really come into their own when you start withdrawing your winnings. Instant transactions are the general rule of thumb, making it obvious why many players choose this option. No other payment method will give you access to your winnings as quickly as most electronic wallets will. However, the processing time at the casino’s end will of course still be a factor.

The only downside here is the transaction fee that sometimes gets charged when you withdraw money from the e-wallet back to your bank account. However, these fees are often counterbalanced by the various loyalty programs that the top e-wallets run alongside their service. Popular e-wallets include PayPal, Skrill, Neteller, PaysafeCard, and ecoPayz.

Prepaid Cards

The prepaid card is starting to gain traction in online casinos, mainly because it holds a very high level of security. It comes with minimal fees, too. The PaysafeCard is by far the most popular of these payment types, so you will find its logo on nearly all the top online casino sites.

ecoPayz also comes with a prepaid option through its ecoCard and works in the same way as the PaysafeCard. The only drawback with prepaid cards is the fact that you cannot always withdraw your winnings back onto the card. Some casinos have started to allow withdrawals through Paysafe, but it is not yet widespread across casinos. Therefore, you may have to arrange an alternative method to retrieve your winnings from some casinos. Most often, the withdrawal method you’ll have available will be a bank transfer.

Bank Wire Transfers

Wire transfers work in the favour of online casinos more than they do for us players because the payment method is subject to strict requirements. It reduces the chances of money laundering, which is a huge issue that the regulators are trying to crack down on, but what does it offer us?

Well, one thing it does not offer is a fast processing time, as it can often take up to seven days to get approved. Bank charges are also known to be included and so there is very little in the way of benefits. This is why you will only really ever find players using bank wire transfers if they don’t have any other option. Needless to say, this option is not a popular one among players in the UK. 

Instant Bank Transfers

A new and modern way to fund your casino account is through instant bank transfers, and these are gaining a lot of popularity in the UK. Trustly is the market leader of the pack. The way it works, and the reason it has become so popular at online casinos, is that it acts as a middle person between the online casino site and your personal bank. In other words, it takes a lot of the hassle out of the whole banking process.

The ‘Pay N Play’ product from Trustly has also given players the chance to access and play online casino games without having to sign up or even go through the verification procedure, as this is all carried out by Trustly and the casino behind the scenes. Many players also enjoy the instant withdrawals. 

Instant bank transfers let you get on with playing the games and enjoying the moment. No wonder so many casino customers are turning to these payment methods, especially when you realise how easy it is to withdraw your money when no other methods are available. As we mentioned, Trustly is the current top choice, but Instant Banking is also a common option.

Banking Security at Online Casinos

It is all well and good to find your preferred payment options, but you need to know that the casinos are keeping up their side of the deal with a safe and secure website. So, what do you need to look out for to ensure that your casino is following strict security protocols? Read on to find out.

PCI DSS Payment Card Industry Data Security Standards is a certificate you’ll see at many casinos, and you should. This logo, usually in the casino website’s footer, tells you that the casino is compliant with all security features needed to provide safe and secure card payments. In other words, it protects your payment card details. 

SSL – Secure Socket Layer technology creates a highly encrypted connection between the casino and yourself to ensure that all your personal information is safe and stays out of unwanted hands. If you see a padlock or a green light near the casino URL then you know that the website is protected under an SSL certificate.

Firewalls The job of a firewall is to define a set of parameters that will allow certain traffic to and from a specific network. Casinos use firewalls to protect unwanted traffic entering their server setup.

Deposit Selection   A casino that offers a wide range of deposit and withdrawal options is a clear indicator that it cares for customer security and their financial transactions. Keeping all the popular banking options available brings a sense of trust to players, and this allows them to move money to and from the casino freely and also without hesitation over security issues.

Regular Audits The top casinos are the ones that are happy to resolve disputes across any part of their website through accredited third parties or official audit trials performed by the operator. Transparency is the keyword here and the willingness to resolve any issue openly is a sign of a casino that you can trust with your money.

Nerijus Grenda
Nerijus GrendaUpdated: 10 Oct 2022
Nerijus is one of our top writers here at GoodLuckMate, and he knows exactly what casino players want to read about. He got started in the iGaming industry as a player, more specif...
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