Best online casino payment methods for 2023
Top secure online casino payment methods operators use to attract players and facilitate payment processes. Check the available options to find the right fit.
Are you facing the dilemma of choosing the best online casino payment methods for 2023? Actually, anyone could get carried away by the wide variety of available options. In the scope of this article, we’re going to elaborate on payment types for online casinos by helping you narrow down your choices and finally pick the most suitable ones.
Payment methods for online casinos: main criteria
Sometimes you need to make a case-specific choice of casino payment solutions by trying to find the right fit. However, there are also certain benchmarking criteria to consider. Whichever option you choose, make sure they facilitate the processes for players. Wear your players’ shoes and go in line with their priorities. In fact, players are often guided by the following criteria:
Safety of financial assets
It’s no secret that players put safety first. We can even say that your online gambling platform is as good as its payment systems are secure. When making online deposits, players need to feel assured their data remains confidential.
The security of online transactions is ensured by the Transport Layer Security (TLS) protocol. Formerly known as SSL, the TLS protocol ensures security when the Browser retrieves data from the server. As an operator, you should make sure to keep this in mind before integrating payment types into your platform or choosing iGaming B2B providers.
Additionally, safety is also important in terms of the users’ funds. It is not only important to make sure that malicious actors cannot easily get a hold of the operator’s user accounts, but that they also cannot manipulate the system to steal assets during transfers. Most of the industry’s most widely used payment gateways offer a reasonable level of security for the funds of their users, however, this is still a vital aspect to check when choosing which casino payment methods to utilize.
Closely related to our last point, privacy is another important one. Having a private gambling experience is so important for some players that they turn to a variety of crypto casinos to get an enhanced level of privacy and to ensure the safety of their sensitive data. This means that incorporating online casino payment methods that require a minimal amount of personal data to start utilizing their services will lower the barrier to entry for some players.
Deposit and withdrawal time
When searching for an iGaming platform, players usually take notice of deposit and withdrawal durations. As an operator, select payment types that facilitate not only fast deposits but also fast withdrawals. The matter is that most operators often ensure fast deposits, while the withdrawal process takes time. So, if you want to deliver a customer-centric service and beat the competition, keep your focus on this aspect.
Some operators limit the availability of bonuses, including the welcome bonus for punters who use certain payment systems. Although operators may have their own reasons for doing so, this approach creates a set of inconveniences for players.
Another obstacle along the way is the high benchmarks for minimum deposit and withdrawal amounts. Some players may feel uncomfortable depositing large amounts of money and wagering until they reach the minimum withdrawable amount, let alone the fact that they never know if they’re going to win. So, it’s out of suspicion that balancing these points will work out in your favour.
Banks and operators often charge high transaction fees while punters prefer services with low commissions. Although the amount is often kept at the minimum, a commission withdrawn from every transaction can be annoying. In case charging transaction fees is inevitable, it’d be fair play to elaborate on this in your terms.
Another major thing players look for in casino payment methods is regional availability. It is important for operators, especially those focusing on a few jurisdictions, to choose online casino payment methods that are accessible to their user bases. International casinos, on the other hand, may want to integrate casino payment methods that offer a wide range of available regions, as an expansive international reach is quite beneficial to them.
Most used online casino payment methods
Operators, iGaming software suppliers and players crave for the utmost security and usability of payment options based on the aforementioned criteria and the growing popularity of hyper-innovative financial technologies. So, it’s obvious that you should be well-versed in the specifications of each payment system.
It’s also pretty important to hold a merchant account. The latter will allow you to accept deposits from popular payment systems such as debit cards, electronic wallets, also through payment services applied in the banking industry, such as Trustly, iDEAL etc.
One of the most common payment systems in the iGaming industry is the credit card. However, even though this payment option is a classic, it’s becoming less acceptable for many regulated markets. Some gambling regulators are starting to restrict or entirely prohibit the use of credit cards for various gambling activities, as credit cards allow players to gamble with funds they don’t have. This can be quite dangerous for users experiencing various gambling harms, as they could get into debt they cannot afford and hamper their future borrowing eligibility, potentially delaying a significant purchase, like that of a house, later in life.
Despite this, credit cards are still considered a popular payment option for casino transactions. So, if this payment system is nonetheless applicable in your situation, the low-interest fee can be its main advantage. Below are the most reliable credit card companies:
- American Express
- Union Pay
In contrast to credit cards, debit cards are intended to keep the money that the customer has at his/her disposal, so its holders can withdraw the needed amount right away with zero transaction fees. World-famous companies issuing debit cards are as follows:
One of the fastest and easy-to-use payment solutions are e-wallets. In fact, this payment type outranks the turnaround times of its rivals. What’s more, players can enjoy low transaction fees when deposits are processed with electronic wallets. Another significant advantage of this payment system is its security.
Note: According to research by Yap and NG in 2019, Malaysia, the use of e-wallets facilitates online transactions while maintaining the confidentiality of payment data.
The system allows players to feel at ease about their data by keeping their bank account info detached from the casino account. In line with the advantages, this payment system also has limitations. Because of the high interest rates, some operators restrict or exclude bonuses for e-wallet users. As an operator, why not consider offering bonuses and promotions to e-wallet users to stay ahead of the competition? Here are examples of most used e-wallets:
Should your players be searching for a facilitated medium to make payments on the go, mobile payments can be what they need. All they need to do is to attach their phone number to the payment system, input the security code and confirm the deposits with a fingerprint. Below, you can find the list of major mobile operators.
Cryptocurrencies conclude the list of the popular payment solutions. In contrast to the above-mentioned four payment varieties applied in the financial banking sector, cryptocurrency payments are maintained in and processed through crypto wallets, so they can be withdrawn quickly from anywhere and ensure minimal or no transaction fees.
Note: There are three types of crypto wallets – paper wallets, hardware wallets and online wallets. Though each wallet type has its advantages and disadvantages, online wallets are becoming mainstream due to convenience, as well as security provided by two-factor authentication. As opposed to standard wallets which hold money, crypto wallets don’t keep digital assets. Instead, they keep the public and private keys to the blockchain network.
Thanks to their cryptographic nature, digital currencies stored in the blockchain database attract players with decentralization and anonymity. There is a wide range of virtual currencies used as payment solutions in crypto casinos. If we analyze the security level of digital money as the most decentralized one among online casino payment methods bitcoin will definitely lead the list.
There is a lot of buzz around bitcoin casinos due to the consistent online casino marketing operations.
These marketing campaigns also include bitcoin casino affiliate programs for affiliates to join and spread the word about bitcoin-powered casinos.
But the buzz is also going on around other cryptocurrencies which reassures us that this hyper-innovative fin-tech solution is going to further expand its boundaries in the years to come. Below, explore some major virtual currencies:
The primary reason why bitcoin casinos are gaining popularity is the broad accessibility of cryptocurrencies, which allows players to circumvent several limits that they would not have otherwise. Bitcoin casinos are also far more flexible and rapid in their transactions, so the player spends less time waiting for payments to be completed.
Other online casino payment methods
Even though the aforementioned payment systems are more popular, other payment systems should not be left out of the game. Let’s dive deeper and explore them.
Vouchers or prepaid cards
As an operator, you can also get to know more about vouchers or prepaid cards – an anonymous and secure payment medium most players love. The process of obtaining and using this payment solution is as simple as purchasing them, loading them with funds and making online deposits.
Quite a few voucher-based casino payment methods also give their clients the opportunity to purchase credits using cash, which is another sizable advantage of these types of casino payment options. This further contributes to the excellent anonymity offered by these firms, however, it is important to assess the regional availability of voucher-based casino online payment methods before integrating them to take advantage of this benefit, as these firms will need to have a presence in the markets they operate in to be able to sell prepaid cards in physical locations like stores.
The only disadvantage players may encounter is the restriction on bonuses. The underlying reason is that sometimes operators themselves have to pay high commissions to integrate these payment solutions. So, think for yourself, is this a good chance to beat the competition? Here are some popular types of vouchers or prepaid cards.
- Visa Prepaid
- MasterCard Prepaid
- American Express Prepaid
Another secure payment alternative used for iGaming transactions is bank transfers. Especially noteworthy is the fact that bank transfers are implemented by adhering to stringent KYC policies. This is an important factor that serves the greater good helping prevent financial crimes such as tax evasion, money laundering and terrorism financing.
Another advantage of this payment system is the fast deposit. The withdrawal process, however, is slow and transaction fees differ significantly from operator to operator. Here are a number of secure bank transfer services through which the process is facilitated.
- Wire Transfer
Each of the mentioned bank transfer services has its own approach to ensuring security and data privacy. However, the bank acts as an intermediary while processing payments requested by any of the services.
Types of online casinos based on payment options
Payment solutions have become so diverse and sophisticated that iGaming operators can now often be differentiated by the types of currencies they accept. In particular, we have witnessed the emergence of fiat, crypto-centric, and mixed types of casinos in recent years. As the names suggest, fiat or traditional operators accept a wide variety of fiat payments, such as through bank cards or online wallets, crypto casinos accept only cryptocurrencies, while some others work with a mixed selection of payment solution providers for online casinos to deliver both types of payments to their players.
If you’re someone who plans to launch and operate an online gambling service, make sure to explore top casino payment solution providers. Modern payment solutions are sophisticated enough to facilitate both real money and cryptocurrency transactions. Each payment system has its pros and cons and sometimes you just need to find the right fit. Players are looking for licensed operators that can facilitate secure payments, low transaction fees, fast and hassle-free deposits and withdrawals. In addition, players will look for bonuses available in case of depositing and wagering with a specific payment system.
Long story short, a tip from the warm family at AffPapa is to consistently go above and beyond to address the needs of your players, which will put you ahead of the competition and let you further enjoy the fruitful journey.