Fast payment companies make it easier to deposit money at online casinos. Some of these companies work globally, which means they enable millions of people to play slots and blackjack online.
While every payment company is unique, fast payment methods work together to help casinos build trust with players. In this guide, we’ll explain the different ways instant payment providers help the iGaming industry earn customers’ trust. Let’s get started.
Fast payment companies like Apple Pay, GPay, and PayPal work with credible online businesses. They have a reputation to safeguard. As such, they do extensive research to ensure they process payments for genuine online casinos only.
When you use one of these payment wallets, you can be certain of one thing. The casino is legitimate. It’s trustworthy and can protect your money and data. To provide more credibility, some payment companies recommend specific casinos.
Neteller and Skrill are excellent examples. If you use one of these sibling companies, you might have noticed they have a list of online casinos they trust. Sites recommended by Skrill and Neteller tend to be genuine and trustworthy.
Additionally, fast payment companies tend to be secure. They encrypt your data and process payments securely. In doing so, digital wallets have built a reputation for being secure ways to make online payments. And that includes deposits to online casinos.
Facilitating Instant Deposits
If you’re like many people, you get anxious if you deposit money to a casino and it fails to reflect in your account after a few minutes. Likewise, no one trusts a site that takes more than a week to process a cashout request.
Fast payment companies erase your doubts by facilitating quick transactions. Digital wallets like PayPal, EcoPayz, and Skrill provide instant deposits. Cryptocurrencies like Bitcoin and Ethereum take five to 30 minutes to process your payments.
Banks used to be slow. Lately, they’re creating technologies that make it possible to deposit money in a casino quickly. All you need is to find trustworthy online casinos with instant bank transfer. They’re popular in New Zealand, Australia, and most of Europe.
By facilitating instant payments, digital payment methods make it easy to verify whether a casino is genuine. You don’t need to spend too much time on research. You can deposit the minimum amount required. If the site lets you spend your money, then it’s a genuine site.
Allowing Convenient Limits
Another way payment companies help people build trust with casinos is by lowering the barrier to entry. Think about it. In the early days of iGaming, most casinos had a minimum deposit limit of $100. Not everyone was willing to risk $100 to play slots online.
Digital wallets lowered the barrier to entry from $100 to $1. We know. Most casinos have a minimum deposit amount of $10. However, some sites allow you to deposit as little as $1.
Low minimum payments make it easier for people to trust online casinos. When a site allows you to test its services for a minimum of $1, there’s a very low chance it will defraud you.
Besides, $1 is an amount people are willing to risk to discover if an online business is trustworthy. With that said, many fast payment providers allow you to deposit up to $10,000. Some—Bitcoin and altcoins—support much higher payments.
Supporting Quick Withdrawals
Most casino players are used to fast deposits. That’s because many well-known payment options offer quick deposits. The main problem for players is finding a casino with quick payouts.
Interestingly, you can speed up casino withdrawals by using a fast payment method. Let’s say you like to withdraw your winnings to your bank account. Replace traditional wire transfers with modern instant bank payments.
You could also withdraw through digital wallets or cryptocurrencies. Both of these payment options allow you to cash out your winnings within one or two days. Additionally, crypto supports large payments.
If you hit a $50,000 jackpot, you can convert it into BTC. Then you could hold your Bitcoin to make more money in the long term. Or, you could convert it into cash later on.
Offering Free Payments
Did you know most fast payment methods don’t charge for deposits? PayPal, Visa, Skrill, MasterCard, and many other digital wallets offer free deposits. This reduces payment costs for players. And it motivates them to deposit money in casinos.
Most of these companies charge you a small amount of money during withdrawals. But it’s usually a small 1% or 2% of your winnings. This ensures that you only pay fees after winning money from a trustworthy casino.
Surprisingly, slow payment providers like cards and traditional wire transfers charge higher fees. Banks tend to slap you with a fixed payment amount. It could be $20 or $30. But it’s a huge fee for people who transact small amounts.
Supporting Mobile Casinos
Mobile casinos are incredibly popular today. For these sites to be successful, people needed to trust them. Payment companies like GPay, Bitcoin, and Neteller helped people gain trust in mobile casinos by facilitating payments.
Imagine if you had to use a paper check to deposit money at mobile casinos. Everyone would be playing using their desktop and laptop computers. Fortunately, you can deposit through your favorite payment options.
In fact, you can play slots and roulette on credit using certain payment options. We’re talking about Boku and Zelle. These apps support something called Pay by Phone. They lend you money to play casino games and charge you together with your phone bill.
Pioneering New Technologies
Some payment companies don’t just facilitate deposits and withdrawals. They’re at the forefront of creating solutions that will benefit players. Take Trustly as an example.
This Swedish digital wallet has a product called Pay n’ Play. With this solution, you can play casino games online without creating an account. You also don’t need to provide identity verification documents, something common at most online casinos.
Trustly handles KYC rules on behalf of casinos. And it helps players make instant deposits and withdrawals. This eliminates the need for players to waste time creating accounts and uploading personal documents.