Payment Systems in Gambling Industry: Types, Pros and Cons

Payment Systems in Gambling Industry: Types, Pros and Cons

Becoming the online casino client, the user wants to be sure in unobstructed depositing and withdrawing of the winning funds through the personal account. Thus, the most efficient and the safest payment system is one of the crucial factors that make gambling platform more popular. Check more details concerning its peculiarities, advantages and disadvantages in the article below.

Payment Systems: What It Is and Its Pros

Payment Systems

A payment system is a set of procedures for funds transferring from one person to another. It is used to pay for goods and services on the Internet.

In the gambling industry, using such services, money is transferred from bank cards to electronic accounts so that the player can use it later in online casino.

Payment systems have a number of advantages, namely:

  • accessibility and usability. The user having access to computer or smartphone can get an e-wallet easily. At the same time, you do not need any special knowledge for accounts opening and operating;

  • speed. Payments are realized very quickly – from ten seconds till several minutes;

  • safety. Electronic payment systems use various solutions to protect the personal data of customers as well as fight fraudsters. Money stored in an e-wallet is harder to steal than cash;

  • convenience. The user can conduct transactions anywhere and anytime. The available gadget with access to the Internet is the only requirement;

  • costs control. If necessary, the client can always receive electronic reports on the funds’ movement on his/her account.

How to Choose the Required Payment System?

How to Choose the Required Payment System

The payment systems are the legal way of services payment in online casino, performing as the intermediary between the gambling facility and the client. With their help, users replenish deposits and withdraw funds to personal accounts in financial institutions.

Several payment systems can be integrated into the one gambling resource. The more services are offered by casino, the more ways of transaction will be available to gamblers.

Selecting the payment system appropriated for a casino or a betting platform, gaming operator should take into account the following:

  • service prestige. If the casino uses the payment system of a well-known brand, that gives players additional confidence in the resource;

  • multicurrency. Citizens of different countries can be clients of a virtual gambling club, so it is important for gamer to pay for services in national currency;

  • effortless withdrawal. Players will more often return to the casino knowing that it allows to withdraw the winnings to personal accounts without efforts;

  • demand. The vast of payment systems in gambling does not guarantee that the client will choose one of them. Therefore, the best option for a casino is to select services according to a specific target audience and the territory with the gambling platform operating;

  • payment processing speed. In the event of fast and duly transactions, both the players and the operator benefit from this.

Types of Payment Systems in Online Casino

Types of Payment Systems in Online Casino

Nowadays, there is a wide range of payment systems, some of which operate all over the world, other systems are oriented towards the citizens of one or several countries. A number of services accept money of different world currencies, while others allow currency transactions of one state only. Let’s take a look at the most common among them.

Visa

It is the international payment system operating in 200 countries. You can receive the Visa card and set up an account in the most of world banks, accepted at more than 20 million companies worldwide.

Advantages of the system:

  • prevalence;

  • recognizable and well-known brand;

  • support with the most currencies in the world;

  • high speed of payments;

  • modern security technology cards;

  • integrated into the most gambling services.

MasterCard

MasterCard e-payment system is one of the most popular services in the world, operating in 210 countries.

Advantages of the system:

  • represented in most online casinos;

  • recognizable brand;

  • immediate transactions;

  • usability;

  • safety.

Sometimes players have problems withdrawing funds from their personal casino accounts. Therefore, they need to find the alternatives to get a win.

WebMoney

The system is one of the well-known payment services in Russia as well as the CIS countries. You should register and get the e-wallet in order to use this system. Each currency has its own WM wallet.

Advantages of the system:

  • used in most gambling platforms targeted at gamblers from the CIS countries;

  • high transaction rate;

  • multicurrency;

  • a wide range of methods for depositing and withdrawing funds;

  • safety.

The cons are the lack of prevalence outside Russia, the blear process of blocking wallets, the deposit and withdrawal fees.

Maestro

Maestro is one of the MasterCard payment system brands that suggests debit cards to clients.

Advantages of the system:

  • usability;

  • fast payment processing;

  • worldwide;

  • availability of pre-paid cards.

The problem is that Maestro doesn’t operate in most online casinos outside the CIS countries.

Click2Pay

With the help of this system, users pay for goods and services both in online stores and online casinos. The service has been on the financial market since 2003, managed to win the trust of clients.

Advantages of the system:

  • availability in most gambling services;

  • usability;

  • fast and simple transactions;

  • financial operations aren’t monitored;

  • availability of funds transaction from one poker house to another.

The disadvantage is inability to withdraw funds to the credit card.

Neteller

Neteller online payment system serves clients from more than 200 countries, official website of which is available in 17 languages.

Advantages of the service:

  • high level of safety;

  • fast cash transactions;

  • a number of ways for depositing (with a plastic card, bank transfer, electronic wallets, Bitcoin);

  • the prevalence of the system in virtual gambling clubs.

Weak points of Neteller are incapability to withdraw funds to a plastic card, an inactive account management fee, inability to set up a wallet in several currencies.

ECOCard

ECOCard is a British payment system, allowing its clients to send and receive money all over the world. Clients are suggested with debit cards attached to the wallet.

Advantages of the system:

  • ability to create multi-currency accounts;

  • fast transferring of funds overseas;

  • high level of technical support service;

  • confidentiality of customers' personal data.

Drawbacks are the high fees charged for deposit, funds transferring, currency conversion and withdrawal.

EntroPay

The payment system is oriented towards the European market with users willing to be anonymous while paying for services and goods.

Advantages of the system:

  • integrated into many online casinos and betting shops;

  • convenient interface;

  • high level of safety;

  • fast transactions.

On the other hand, the system supports only three types of currencies (dollars, euros and pounds), has high fees charged for funds depositing and withdrawing as well as currency exchanging fees, and has no smartphones application.

Ukash

This is a system, payments of which are made using vouchers that can be purchased at banks and various payment services. Each of them can be used only once. The service is suitable for those who want to make transactions anonymously.

Advantages of the system:

  • usability;

  • no specified personal data;

  • high rate of payments;

  • integrated into many gambling platforms;

  • no need to open an account at financial institutions.

Nevertheless, each voucher is valid for a year from the issue date.

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