Protecting your money when participating in online bingo should be your #1 priority. So it’s important that you are aware of the most current practices used by the top payment providers in the industry, which names are the most reputable and how you can take action to ensure your deposits and withdrawals are going to where you intend them to. This can all seem a bit daunting so we have put together this guide to help you pick the right payment process.
Pick A Site Based On Payment Options
As a general rule its good practice to gamble at well-known online gaming sites that have been in the business for years and offer a wide variety of payment methods. These sites have spent a considerable amount of time developing a strong working relationship with many top financial institutions and place high value on giving their customers the widest range of selections as possible. Check out these bingo sites to review the payment options available to you.
It is often tempting to play on a brand new internet gambling site that just started up because the competition will be far less. You can select a new bingo sites, you just need to be aware of the payment providers and the processes they use.
Research The Payment Processor
As we stressed earlier, protecting your money should be a top priority so doing some research on the payment processor is important. Once you have chosen a site to play, then look at their list of payment methods and try to find one that most appeals to you…we give a full breakdown of different payment types later on in this blog. Ideally, you are looking for an option that supports a merchant that you already have a relationship with. This would include accepting deposits from major credit cards like Visa/Mastercard or from popular existing digital wallets like PayPal.
If you are new to online gambling, then the chances are you will come across a lot of names that you don’t recognize when it comes to payment merchants. This can be intimidating and make you fear for the security of your money. If the only options available to you are ones you aren’t familiar with, then it’s a good idea to go online and do some independent research. Things to consider when you are doing your research include: finding out how long the payment processor has been in business, have they got a good reputation online with users and are there any articles or posts that indicate problems with the processor such as delayed availability of funds or inability to access accounts.
Types Of Deposit Methods
Most online gaming providers will offer a combination of payment processors that fall into one of three categories: Credit Card/Debit Card/Prepaid Card, e-Wallet and Transfer Services.
All three categories are used successfully so ideally, you are looking for the option that best suits you. So let’s look at the benefits and disadvantages of each plus the top companies for every category.
1. Credit Card/ Debit Card/ Prepaid Card
Making an immediate deposit with a credit card is the most popular method used by internet gamblers around the world because it allows you to quickly deposit funds and normally requires the least amount of personal information to be provided at the time of deposit. However, there is a trade-off as there normally isn’t a way to withdraw the money from your online gaming account back to your credit/debit/prepaid card later on. This means you have to select a different withdrawal option, preventing this payment method from being a true all-in-one solution.
The information required at the time of deposit includes : Billing address, card number, expiration date, and Card Verification Value (CVV) code.
Top Companies in this Category:
- Credit Cards
- Visa: Considered the most accepted credit card in the world for online gambling.
- Mastercard: Accepted at many sites and is equally as safe a method as Visa.
- Debit Cards
- Switch
- Maestro
- Visa Debit
- Laser
Prepaid Cards
- UKash: Popular in the UK and across Europe. Players pre-buy funds that go on their UKash account, with account details then entered into the online gambling site during payment request.
- PaySafe: Similar to UKash and offers users ability to add funds to account via live vendors.
- 2. e-Wallets
e-Wallets have gained popularity in the gaming world because of their ability to serve as a true all-in-one outlet for players to make both deposits and withdrawals. The introduction of e-Wallet providers simplified many of the downfalls found in other payment processors and has become the preferred method of choice for gaming operators themselves due to the ease of use provided by these trusted companies. Some gaming sites will even offer specials in the form of deposit bonuses for customers that use e-Wallets. e-Wallets are typically the safest and most secure way to both deposit and withdraw money. And they allow users to quickly move money from different gambling sites that use the same e-Wallet as a payment processor. However, you need to be aware that fees are typically charged by the e-Wallet provider to the customer for use of the service and that establishing brand new e-Wallet accounts and linking them to your gaming account may take a few days.
The information required at the time of deposit include billing address, email address, credit card information, and sometimes more details required to verify identify.
Top Companies in this Category
- PayPal – The global leader in e-Wallets. However, PayPal is very picky about what gaming sites and countries it does business with for internet gambling.
- NETeller – A very popular e-Wallet that was created specifically to be used for gambling. It has a reputation for having high deposit fees but does offer an in-house debit card that can be used to access funds quickly.
- Skrill – Originally known as MoneyBookers, Skrill has emerged as an industry leader in e-Wallets for the gambling community and is accepted in over 200 countries.
In Summary:
Hopefully, this guide has answered the majority of your payment method questions. Why not keep the guidelines close to hand as you can never be too safe with your money!