The Different Types of Payment Methods
Your aim in UK online casino banking should be to have a fast, efficient, and safe process to rely on. A reliable banking process is something to consider and have in place whenever you need to top up your account or cash out winnings.
Most UK online casinos nowadays will give you a long list of payment methods, 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 UK 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.
The number one most accessible payment method of them all is the debit card. Its popularity among online casino players worldwide is unparalleled in terms of ease of use and reliability. It is the one method you can rely on to be available across most UK online casinos and 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 they have a readily available payment option 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 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 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. However, the processing time at the casino’s end will 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 loyalty programs that the top e-wallets run alongside their service. Popular e-wallets include PayPal, Skrill, Neteller, Paysafecard, and ecoPayz.
The prepaid card is starting to gain traction in UK online casinos, mainly because it holds a very high level of security. It comes with minimal fees, too. The PaysafeCard is the most popular of these payment types, so that 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 that you cannot always withdraw your winnings back onto the card. Some casinos have started allowing withdrawals through Paysafe, but it is not yet widespread. Therefore, you may have to arrange an alternative method to retrieve your winnings from some casinos. The withdrawal method you’ll have most often available will be a bank transfer.
Bank Wire Transfers
Wire transfers favour 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, 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, so it is very little in the way of benefits. This is why you will only 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, which are gaining much 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 bank. In other words, it takes much of the hassle out of the banking process.
The ‘Pay N Play’ product from Trustly has also given players a 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 instant withdrawals.
Instant bank transfers let you get on with playing the games and enjoying the moment. No wonder 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 UK Online Casinos
Finding your preferred payment options is good, 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 follows 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 complies with all security features 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, 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 offering a wide range of deposit and withdrawal options clearly indicates that it cares for customer security and their financial transactions. Keeping all the popular banking options available brings a sense of trust to players, allowing them to move money to and from the casino freely and 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 you can trust with your money.