How Do Payment Methods Work
Payments are critical to the operations of online casinos. Players also depend on the quality of payment processing or cashier services that are offered by the casino. A well-curated and maintained cashier service will allow online casino operators to seamlessly process the payment requests of its customers. If they can process the payments in a fast, secure, and stress-free manner, players are satisfied which can bring in more money to the website. The same is true for casino players- if they are given access to a wide range of casino payment methods and these options work with serious issues, then they have no reason to leave the platform. There are popular payment methods available today and in the context of online casinos, the most popular ones are debit and credit cards, e-wallets, traditional bank transfers, and online banking. All these payment options are now used when it comes to depositing funds or requesting winnings.
As a service, the available payment methods of online casinos are subject to certain rules, regulations, and fair use. There are two general ways on how money is transferred between the players and the casinos: through deposits and withdrawals. On both counts, there are a number of rules and conditions that are in place. One striking condition is the allowable payment methods. In most casinos, the payment facility used in making a deposit should be the one that should also be used in receiving funds or the winnings.
Which criterias need to be met?
When making a deposit, players are required to meet certain criteria to fully use the facility. Two popular requirements are the minimum deposit and the allowable countries or territories. In most casinos, the minimum deposit required is $10 or its currency equivalent. You also need to consider if you are from a region where your chosen payment option is allowed.
When making a withdrawal, a set of general conditions should be met. You also need to consider the minimum and maximum amount, pending time, and the processing time. The pending time and processing time are two different things in the context of withdrawals in the casino. Most casinos will assign a 24-hour pending time wherein the request is under review and you also have the option to reverse the withdrawal. Processing times vary depending on the casino payment methods, with e-wallets as the most convenient options.
Indian Payment Methods
If you are a player from India, then you will be glad to know that there are more than a dozen trusted online payments that can be used. Some of the popular payment options to consider are MasterCard, Visa, Skrill, and Neteller. These payment methods are considered the most popular, and promises instant deposits and faster withdrawal procedures. We briefly describe these payment methods below:
The Skrill payment method is one of the most popular e-wallets around and is best known for its easy-to-use platform. Regulated by the FCA and with an approved license to operate in the European Union, Skrill offers customers a chance customers to send and receive payments on-the-go. Using Skrill is free, from topping it up by Maestro or bank transfer or sending funds to another account. And since most Indian casinos process Skrill-based transactions instantly, this is considered as one of the best casino payment methods around.
Neteller is a popular payment method option among online casinos. Neteller is a global brand which means that casinos that accept Indian players will also accept this payment option. Signing up for an account is fast, and uploading funds to the account is charged with minimal fees. The amount of fees charged when funding your Neteller account will vary depending on your source of money. For most funding sources, Neteller charges 2.5% percent per transaction. Although a minimal amount is charged for funding the account, Neteller is still seen by many as one of the most preferred payment methods around.
MasterCard / Visa
Majority of the online casinos today accept MasterCard and Visa payments and its a testament to its dependability and security. When using MasterCard to pay or deposit funds, you will need to submit a number of critical information. For example, you should indicate on the form the expiry date of the card and the 3-digit Card Verification Value or the CVV code. In most casinos, the deposited amount will be immediately credited to your account. When it comes to withdrawing funds, Visa and MasterCard-related transactions are also processed within 3 to 5 days, making these as two of the most recommended casino payment methods.
Payment Methods for Deposits
Different casinos will have their own list of preferred payment methods. For deposits, most casinos will carry Visa and MasterCard, Neteller, and Skill. Other casinos may also include PayPal, Paysafecard, bank transfers, and Trustly.
Payment Methods for Withdrawals
As a matter of practice, some casinos will process the withdrawal requests to payment methods where the deposits have been completed. This means that if you have funded your account using Neteller, then your future withdrawal request will be facilitated using this payment option. You will also find Indian casinos that will only identify a few payment methods for withdrawals, with bank transfer and credit and debit cards as their preferred options.
Use Your Own Payment Methods
With so many payment methods around, you can easily find the best ones that can suit your needs. Most Indian casinos will list down its accepted payment methods with specific processing times, fees, and limits. It is up to you to choose which option will work for your needs and playing requirements. But if processing times will serve as your primary concern, then consider Skrill, Neteller, Visa, and MasterCard. Most online casinos that accept Indian players process payments through these platforms in a fast manner.
When it comes to choosing casinos and assessing the available payment methods, you should also consider safety and security of the options. All leading casinos are now fully encrypted using 128-bit SSL encryption. It also helps if the casino boasts Payment Card Industry Data Security Standard (PCI DSS) compliance which means that your credit card-related transactions are safe and protected every step of the way. More importantly, the casino’s Cashier section should be available 24/7 and can be contacted using multiple channels. You will never know when issues will crop up so it’s best that there’s someone who can answer your queries.
As mentioned earlier, online payment methods are also subject to certain fees. And most of the fees are applied when you are withdrawing funds. The amount of fees will vary depending on your chosen payment methods but it’s often expressed as a percentage of the total deposit or withdrawal amount. Most payment methods will charge a 2.5% fee for transactions. The fees are often waived when depositing using e-wallets. Since fees can be a burden, it’s always best to read the Terms and Conditions before completing a transaction.