The Top Online Casino Payment Methods in 2020

Research suggests that there are three main driving forces behind the explosive popularity of online casino gaming:

Total convenience and 24/7 accessibility

Limitless gaming variety available

Games to suit all budgets and bankrolls

All hugely important for the industry, but what’s made the biggest difference over the past few years in particular is the advancement being made in online casino safety and security.

From seasoned veterans like William Hill through to the most innovative newcomers on the scene, safety and security has become a priority at all levels.

Casino Payment Policies

Increasingly, online casinos are conducting more stringent checks than ever before to prevent fraud and identity theft. One example of which being the request for a formal proof of ID, prior to withdrawals being processed.

Unless you’re able to confirm both your identity and your location, you’ll be barred access to your account and your funds.

In addition to this, casino payment policies are also becoming fairer and more transparent than ever before. Particularly when it comes to things like fees and commissions, it’s comparatively rare for a reputable online casino to impose additional charges.

Still, there will always be exceptions to the rule – hence the importance of consulting a casino’s terms and conditions in full. Given how it’s your personal information and your money on the line, it simply makes sense not to take chances.

Popular Casino Payment Methods

For the most part, choosing a payment method for deposits and withdrawals is purely a case of personal preference. Nevertheless, there are certain pros and cons to the most popular payment types used by casino gamers, which are worth taking into account.

The casinos worldwide now accept dozens of payment methods for deposits and withdrawals, though the following remain the most popular by a significant margin:

Credit or Debit Card

This is always likely to be the most common payment method that the majority of online casino gamers use. Major credit and debit cards include Visa, MasterCard, American Express, and many more besides. 

The vast majority of deposits credited using debit and credit cards are transferred instantaneously, with no fees or commissions payable. Withdrawals typically take around 3 to 5 working days to process, which again should be offered 100% free of charge.

One of the bonuses of using a major credit or debit card is the way in which you’re protected from most types of fraud and identity theft. Most major providers will cover any losses that occur as a result of digital crime, unless the named card holder is to blame due to their irresponsible actions.

Digital Wallets

Likewise, digital wallets provide an additional layer of safety and insure players against the potential consequences of cybercrime. In addition, leading digital wallets like PayPal and Skrill implement some of the most robust and effective digital and physical security measures of any contemporary payment provider.

Making payments to PayPal is quick, easy and comprehensively safe. In addition, PayPal also tends to be quite selective when deciding which providers are allowed to process online gambling transactions using its services. Hence, the very fact that an online casino accepts PayPal payments is often seen as a mark of quality in its own right.

Digital wallets availability varies from one region to the next, though all major markets now have access to comprehensively safe and surprisingly versatile services.

Cryptocurrencies

If you’re feeling particularly adventurous, you can also gamble online using cryptocurrencies. Offering the kind of anonymity and discretion that go beyond any conventional currency, cryptocurrencies exist in a 100% virtual form and are completely decentralised.

As an added bonus, some consider cryptocurrencies to be assets of immense value and importance. The Bitcoin being a primary example, which has proved to be perhaps the single most volatile form of currency of recent years. Buying and selling cryptocurrency at the right time opens the door to enormous potential profits, with values fluctuating dramatically from one day to the next.

Of course, this also means factoring in the potential for heavy losses, though this is no different than with any other type of currency trading. If you’re keen to combine casino gaming with more conventional trading activities, cryptocurrencies have you covered.

eCheck

Available in selected markets only, electronic checks are (unsurprisingly) digital versions of traditional checks. Eliminating the need to physically write and send a paper check, eChecks are much quicker and more convenient than their conventional counterparts.

Though considered relatively safe, one of the main downsides of eChecks is limited access to rewards and loyalty perks with some online casinos. Check your casino’s deposit and withdrawal policies carefully if planning on using eChecks.

Bank or wire transfer

Last but not least, a sizeable proportion of online casinos worldwide continue to support deposits and withdrawals by way of wire transfer. As the name suggests, this is where funds are transferred directly from one bank account to another, rather than via a payment method like a debit or credit card.

There’s much debate as to the safety or otherwise of bank transfers, which are not considered quite as secure or reliable as online wallets or credit and debit cards. In addition, bank transfers typically take up to seven business days to process and are more likely to incur fees and commissions than most other payment methods.

As such, it’s again worth speaking to your chosen casino directly if you plan on depositing or withdrawing funds by way of bank transfer.

In Summary…

As payment and withdrawal policies vary so drastically from one casino to the next, it’s difficult to label any specific payment method as ‘better’ than any other.  There are advantages and disadvantages so most payment options, which include things like transaction times, access to incentives, safety and security, potential commissions and so on.

Prior to transferring funds into your account, it’s advisable to consult the casino’s deposit and withdrawal policy in full. If in doubt, contact the casino’s customer support team directly for their advice and recommendations.

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