Without payment gateways, there wouldn’t be millions of online gamblers worldwide, a total which includes 17% of the UK population. This guide will help you decide which payment gateway is right for you, which ones you should trust and which you should avoid or else incur fees.
What is a payment gateway?
Payment gateways are an electronic service that gives businesses a method of allowing their users to make payments. In the online gambling industry, it is essential that this is done smoothly, as users are frequently depositing and withdrawing their money. The payment gateways that a business offers, and how well they work, is essential for building trust in businesses, and the visibility of these payment methods has transformed some providers into household names.
Payment gateways sound complicated but are actually very simple and efficient. When using a payment gateway there will be a request to move money from one account to another. This will then go through a number of authorisations, which vary based on the regulations of the industry involved and the amount of money being dealt with.
What to watch out for
Payment gateways don’t come without their own complications, some of which are unique to the online casino industry. It’s vital to understand payment gateways before you start gambling. Then you’ll understand fully what options are available to you in case the casino doesn’t offer your preferred method of payment. It also gives you a heads-up to look out for fees, the last thing you want is to lose money before you even start playing.
Some casinos will even offer a payment method bonus to retain players who can’t use a credit or debit card. Gambling laws in certain countries forbid players using credit/debit cards to load their gaming accounts, leading to this unique incentive growing in popularity.
What are the best payment gateways?
The most well-known and popular payment gateway, PayPal has developed into an industry staple since being introduced in 1998. Part of what makes PayPal so popular amongst both gamblers and non-gamblers is it’s ease of service.
For online gamblers, it hits all the right notes. No charge for depositing money into your account, instant depositing times and withdrawals within 24 hours. All major online gambling platforms will accept PayPal, meaning if you have an account with them you can log in, transfer your money and get playing.
The longevity and respect PayPal has should be enough to convince you it’s trustworthy before you realise that online casinos have embraced if for just those reasons. A very hard one to not recommend.
VISA is an even bigger player than PayPal, and one synonymous with the payment industry. They’ve been providing financial services since their founding in 1958, and continue to be trusted around the world. It’s guaranteed you either have or know someone with a VISA card.
They do the basics well too. No charge for depositing cash, and it will appear in your account instantly. However, withdrawals from online gambling websites can take 2-5 working days to appear in your account, though this does vary from casino to casino.
VISA is an easy and trustworthy service to use, and one that you shouldn’t be worried about finding a casino that doesn’t use it. It’s a powerful option recognised worldwide, and you should feel safe using it.
Skrill may not have the name value of our last two entries, but it still a payment gateway used worldwide, particularly amongst eCommerce websites. Millions of gamblers are part of what makes up an impressive international userbase of 40 million people in 200 countries.
Free to use, instant deposits with no waiting around and 24-hour withdrawal into your account, Skrill follows the industry standard and does it well. All major online casinos accept it as a form of payment so you won’t miss out on any chances to win.
Users recommend Skrill for being safe and reliable. In 2014 it purchased money exchange system UKash, expanding its presence as a major force among payment gateways.
Neteller may not be synonymous with online gambling today, but in 2000 it was responsible for 85% of all gambling merchants payments. Although its market share has diminished with the rise of competitors over the last two decades, it is still a favoured service for many online gamblers.
There is no charge for depositing with Neteller, which is an instant service. One reason it has retained so many users over the years is that withdrawals with Neteller are usually instant, and at most take 24 hours.
A strong history in the industry means that Neteller is still used by major online casinos, so it’s millions of users won’t need to change over any time soon. A service that has stayed popular with gamblers since 1999, this is one you can trust.
A premier company who have been providing payment services in 1966, it’s almost a crime to question the legitimacy and quality of service of MasterCard.
When depositing or withdrawing MasterCard is generally a free service to use, however, some online casinos may have additional charges for using it. Although deposits are instant, withdrawing your money into your account can take 1-5 working days. That being said, it is rare to find an online casino that won’t accept Mastercard.
It’s suspected that 10% of the population own a MasterCard, so there’s a pretty good chance some gamblers are using it online. You can’t doubt its quality of service and trustworthiness. For avid online gamblers though, the potential for fees and delays when getting your money back is a slight against it.
Hopefully, this guide has given you some insight into some of the biggest payment gateways. When you’re gambling online you should have your own personal vetting process for websites and services, and now this guide should help you go in even more prepared.