What is a Payment Method in Terms of Online Gambling?
A payment method is a way of making payments or moving money from one account to another. You can transfer money between two accounts that are the same or between two accounts that are different. For example, you can transfer money from a credit card to another credit card or you can transfer from an e-wallet to a credit card.
When it comes to online gambling, you want to be sure that the payment method you are using is safe, reliable, and speedy. This way you can top up your account easily whenever you feel like playing, without having to wait. Your withdrawals will also be paid to you without any hiccups or long waiting times.
Payment methods are facilitated by payment processing networks or payment providers. VISA is a popular payment processing network for credit card payments. Similarly, Neteller is a popular e-wallet payment provider.
In the past, transfers from one bank account to another (bank transfers) were facilitated primarily by the holding banks. These days there are many third-party payment providers that complete online transactions between bank accounts, such as Trustly, EasyEFT, and POLi.
The benefits of using third-party payment providers to complete online casino payments include:
- Security: Additional layers of security and encryption.
- Speed: Faster transaction speeds.
- Selection: Wider accessibility in terms of online casinos supporting the payment methods.
- Privacy: Enhanced privacy since you do not have to provide the casino with your financial details.
Payment providers simply help us move money around (transfer) when we play at online casinos. Numerous payment providers facilitate each type of money transfer or payment method.
