An element of online gambling that is often forgotten about when new customers sign up to a betting site. Payment methods are the fundamentals of how you are going to successful complete a transaction, whether it be deposit or withdrawing to and from your betting account.
In the day and age, we now live in, everything is becoming more digital, and payment methods are no different to this. There are more and more online banking methods being released, as companies find new ways in which mobile banking and online payments can be made more convenient in terms of ease and safety.
The gambling industry is one of those markets that has been targeted for these payment methods, as betting is becoming increasingly popular online. When you are deciding which bookmaker to sign up to or place your bets with, payment options are an important factor to consider, because not every bookmaker may offer the payment method that you want. It tends to be the case that the more established and popular the betting site, the more payment methods there are.
You may also want to try something new. Instead of sticking with the generic card payments, which is no problem at all, you may want to discover a new way of processing transactions, due to a number of factors. It may be a more convenient way of paying. We have found a number of popular ways in which customers can deposit and withdraw funds to their bank account or betting account. These methods of payment are offered by most betting sites but not necessarily all of them.
Card payments have always been the most popular online betting payment option due to the fact that they were the first on the scene, meaning that customers have stuck with it ever since. It is very simple for customers to understand this method of payment due to the fact that they can just simply enter the values written on their debit card/ credit card into their betting account to process a payment. Some of the most popular card payments that a betting site will allow are: Visa, Maestro, Mastercard, EntroPay, American Express.
Credit Cards are a popular form of payment that isn’t linked to your bank account directly. The most common forms of credit cards that punters typically use are Visa cards and Mastercard’s. As with most payment methods, deposits made via credit cards are instantly processed, meaning as soon as you press deposit, the funds can be spent straight away. In terms of withdrawals, the same cant be said. Withdrawals in most cases take up to 3 days, but in some cases, can be up to 5 days. Adding this form of payment is relatively simple. As long as you have your credit card with you, simply enter in the required details into the correct fields, for example the long number, expiry day, CVN number etc.
Unsurprisingly, debit cards follow the same format as credit cards, the way in which you deposit and withdraw funds is the same. Debit cards tend to be more popular than credit cards as the funds are taken directly from your bank account straight away. Similar to credit card payments, the most popular forms of debit cards include: Visa Debit, Visa Electron, Mastercard and Maestro. Deposits made via debit cards are instant, and withdrawals can take between 1-3 days usually.
E-Wallets are an increasingly popular form of payment for customers. They are electronic forms of payment, so instead of having a physical card, you can simple have an email and password that will sign you into your account easily to process a transaction. E-wallets are becoming more widely accepted with sports betting sites and also casino sites. There are a lot of different e-wallets to the point where not all bookmakers can keep on top of it all. For this reason, they decide to select a few different e-wallets, based on their popularity. Here are some of the most popular e-wallets used by customers.
In terms of convenience and security, PayPal is possibly the best e-wallet to use. There are lots of barriers of safety involved in PayPal. It is a global success with customers all over the globe. PayPal is linked with your bank account, which means that once you have set your account up you only need an email and password to process payments. The great feature about PayPal, which is a preference by all customers, is the fact that not only are deposits processed instantly, but withdrawals are too. This means that as soon as you withdraw funds via PayPal, you can then use them funds on something else through PayPal or withdraw it straight to your bank account.
Skrill is another form of e-wallets that has popularity surrounding it. Although it is not as commonly used as the likes of PayPal, it is still one of the most popular forms of e-wallets. Skrill follows PayPal’s footsteps in the sense that all deposits and withdrawals are instant. However, the way money is processed differs. The only issue regarding Skrill, and e-wallets in general, is the fact that betting sites do not tend to allow the use of e-wallets to claim bonuses.
Neteller follows the same structure as Skrill, which is no surprise considering that Neteller used to own Skrill. Deposits are processed instantly and so are withdrawals, allowing you to handle the funds as soon as they have been authorised. In terms of bonuses, the same structure follows, you will not be able to use Neteller to claim a bonus, however once you have claimed the bonus, you can continue to use Neteller to place bets.
The e-wallets listed above are not the only ones out there listed on betting sites. There is a wide range of other payment methods, some of which may be very convenient for you. Some further e-wallets include: EcoPayz, EcoCard, Apple Pay, Click2Buy, Entropay, InstaDebit.
Prepaid cards may seem as an unusual way of processing a payment to many punters, however they are starting to gain popularity. Companies such as Mastercard and Visa are allowing customers to purchase prepaid cards. All that you need to do is top up the card and use it to deposit funds. One of the most popular prepaid cards is Paysafecard. These can be purchased in convenience stores and other supermarkets. The currency values that are allowed on these cards are either: £10, £25, £50 or £100. On your card, you will have a pin, enter this pin into your betting account to allow funds to be deposited.
Bank Transfers are one of the easiest ways to process a transaction, but unfortunately not enough bookmakers are validating it. The only real issue surrounding bank transfer payments is the fact that some banks will charge customers a fee for using this method of payment, but typically bookies will not charge. Deposits made using Bank Transfer can take up to 3 days usually, withdrawals can take even longer, 3-5 days.
To some customers surprise, payments can actually be processed using Bitcoin. Although it is a rarity at the moment, it is still an option to some betting sites. In case you were thinking of using Bitcoin to process your betting payments, you can see which betting sites offer the availability of Bitcoin on our Bitcoin Betting Sites page.
Mobile Phone Payments
Customers are able to make deposits using their mobile number! This is processed through a payment method known as Boku. Make a deposit using Boku and the fee will be added to your phone bill and you will be charged when your phone bill is due. This can be very convenient for some players. Similar to some of the other payment options, it is not offered by all betting companies.
All of the above payment methods are extremely safe and have regulations in place that ensure the safety of their customers and money. Therefore, it is really down to you as a customer to choose which payment option you want to use. There is not a great deal to bear in mind, it is whatever is most convenient to you. Other than maybe the fact that bonuses can only be claimed via card payments.