When it comes to choosing an online slot game, there are a lot of payment methods available to players. This is one of the great things about modern slot sites: there is plenty of variety in the market. However, with so many payment methods available, this can be confusing, as players have to make a decision about which one they prefer. Our experts have pulled together a list of the best payment methods for online slot games and the advantages and disadvantages of using each one.
Whether you want to use a credit card, mobile payments, or cryptocurrencies, most people are looking for the same thing when they play at an online casino, convenience, security, and accessibility. Depending on where you live and the way you play, there are a few ways to get what you’re looking for.
Many online gamblers prefer to use a debit card for convenience. Still, eWallet solutions like PayPal, Skrill, and Neteller provide considerable benefits regarding ease and security. In addition, the availability of Bitcoin and other cryptocurrencies is increasing in various countries and is a potential game changer.
What’s clear is that it’s not enough to just follow the crowd, as we are talking here about using your hard earned money to play real money online slots, so there isn’t a one size fits all solution for everyone.
Where to Begin
You’ve got some decisions to make. First, you need to figure out what your payment preferences are. Taking this first step will allow you to look into the various deposit and withdrawal methods and compare them on their different merits. For instance, you might want to use an e-wallet for its ease of use and that you don’t have to submit your financial details to an online casino, so this is brilliant for greater security. The downside is that these payment types come with fees.
All in all, you’ll also want to figure out what form of payment suits your needs the best before signing up because not every casino offers all of the payment methods available.
Different Payment Methods
For online slots sites and brick-and-mortar casinos alike, it’s important to offer various payment options. That allows players to choose the one that fits their needs and not be locked into using one payment method. Larger casinos often have lots of different options for making deposits. Still, most online casinos offer e-wallets, prepaid cards, credit/debit cards, currencies, and bank wire as their primary payment methods.
Your choice of the best payment method for you will depend on your financial situation. Whether it’s a credit card, bank transfer, or prepaid card, we’ve compiled a list of as many of the payment methods as we can find.
We’ll explain how these function, and then we’ll tell you what to expect from them. Although the payment method categories below are comprehensive, it does not imply that all slots sites will provide these options. In reality, this is not going to be the case.
Make sure to familiarise yourself with the payment alternatives below and then figure out which one is appropriate for your needs.
Debit cards are the most common way to deposit funds at an online slots site. They are safe, low-cost, and have the highest maximum deposit limits. Transactions are free of charge and easy to access. Visa and MasterCard cards are both standard debit card options. Pre-paid Visa Cards like Entropay also provide a convenient option and a wide variety of features, such as no fees.
Withdrawals usually take 3 working days, but this can vary. For example, we’ve noticed that many sites are paying back funds to accounts within 24 hours.
The major disadvantage of Debit Cards is that the online slots site holds a copy of your debit card number, so should the slots site get hacked, then your financial information is at risk and the money in your bank account.
Visa Electron is a payment method that works similarly to a regular Visa card. There are, however, some differences. Simply put, this type of card does not allow you to take out any extra money. The funds in your account are all you can use this card for. If there isn’t enough cash in the account, it won’t process the payment.
Most online casinos allow Visa Electron, but they are more restricted than a typical Visa card.
Mastercard is an international payment brand, and many casinos use them as a payment option in their cashier systems. However, MasterCard credit cards aren’t accepted for online slots in the UK. Suppose you’re wondering why it’s because the UK Gambling Commission has a ban in place preventing people from using credit cards to place bets online. This is to prevent people from gambling more than they can afford.
Some MasterCards function just like debit cards, and these are still permitted as they don’t allow you to spend more than what’s in your bank account.
Maestro is a debit card from Mastercard, and it’s straightforward to use. You can load funds onto the card without any fuss, use it as you would a Visa debit card, and access your funds at ATMs worldwide.
When it comes to the most widely used card for gambling, Visa is the way to go. However, some casinos will not accept your card of choice.
A popular payment option for online casino players is the electronic wallet. eWallets such as Paypal and Neteller are easy to control your budget and use with little hassle. The best part is that they do not require you to share any of your bank information with any of the sites you play at.
One of the biggest pros of these e-wallets is that transactions are processed within a few hours. Deposits will be instant, but a withdrawal can be back in the account within a matter of hours, unlike most, which can take days.
You will need to pay attention to the fees attached when using e-wallers. Not all of them come from the casino, but rather from the e-wallet provider. Some accounts have upgrades that allow you to limit or even remove fees, so it is worth looking into.
PayPal is not just one of the most common and most popular payment methods in the world – it’s also one of the safest and secure! In addition, PayPal is very accessible and can be used at almost any online casino. Unlike other payment methods, this is because PayPal is straightforward to use.
It’s worth noting that withdrawing money from your PayPal account to your bank account through PayPal will incur a fee. But on the other hand, PayPal payments are processed within 24 hours on average.
You can read all about using PayPal for slots deposits and check our expert tips.
Neteller was one of the first e-wallets to enter the online casino world. With a digital bank account, you can transfer money from your Neteller account to your casino account in a matter of moments. It’s a speedy way to make a deposit and withdraw funds, which usually takes a matter of hours, not days.
This mode of payment is just as fast as PayPal, and you can expect to have your money back in a matter of hours, not days.
Skrill (formerly known as Money Bookers) is an eWallet service similar to Paypal that allows transactions on online gambling sites.
The Skrill payment system is marketed explicitly towards online gambling. It includes a casino or slot site to make payments into your account. You can do this quickly and easily with your Skrill account, debit card, or bank account without having to share your bank details.
Paysafecard is a prepaid payment solution that provides increased protection when it comes to online transactions. Paysafecard codes with a value ranging from £10 to £100 can be purchased from one of the selling locations mentioned on the company’s website. After that, you may use them to make deposits at reputable online casinos.
It is a safe and secure solution because no financial information is ever transferred across sites. Paysafecard is presently available in over 40 countries, making it a viable option for most players. In addition, the free mobile app for iOS and Android smartphones allows you to keep track of all of your codes in one convenient location.
Entropay is a payment card that is powered by the Visa network. A prepaid card, which means that the card must be funded from another source before it can be used, is what this is. It is a perfect payment option for slot sites and casinos since there are no fees, no fear of going overdrawn, and no credit checks are required to obtain one. Furthermore, all deposits are eligible for bonus payments.
Pay By Phone
One way to make a deposit is to pay by phone bill slots. Then, you can make a deposit and begin playing without worrying about making a payment on the spot. And, when you deposit using your phone bill, the costs will be added at the end of your phone bill cycle.
Despite the common misconception, you are not expressly prohibited from using your monthly bill as a payment method. However, these types of payment are proving less popular as the UK Gambling Commission seeks to ban payment methods that are easy for problem gamblers to abuse. Pay by mobile payments are not accepted by many online slot sites, but there are enough of them out there, and they are still very popular.
Using a bank wire to deposit money into an online casino is a straightforward process that entails transferring funds directly from your bank account to the casino’s bank account using your account information. Casino players frequently prefer this technique because of the additional protection provided by banks to ensure that their money is kept safe.
Typically, you will be required to include a reference on the transfer for the online casino to recognise that the money is intended for your online account, so double-check that your information is right.
Instant Wire Transfers
Online casino players may deposit money directly into their casino accounts by visiting any one of the thousands of partner stores, but only in person and with cash. This option may be limited depending on where you reside. For many that live in the US and reside in a State that allows online gambling, this is a standard deposit method. However, it requires you to visit the casino to deposit into your account.
Western Union accepts deposits in various formats, including in-person, online, and over the phone, among others. Upon registration, you will be given a unique account ID that you can use to either load money into your account using your credit card or to make a one-time payment to the casino using your credit card and a Western Union account.
There is no need to save any personal information online, as everything is connected electronically instead of manually. However, you may be charged additional fees for this service, and not all casinos will let you withdraw funds back to your original account.
Funding a casino account with cryptocurrency is still a relatively new concept. Not all casinos accept Bitcoin, Monero, Litecoin, and the plethora of other cryptocurrencies that are now on the market. In terms of money transfer, security is unquestionably the safest method available since the built-in security safeguards, and various authentication stages make it almost hard to hack. However, only a few casinos accept crypto-currencies as deposits, and even fewer accept crypto-currencies as withdrawal methods.
The number of payment options available in the online slot sites industry is extensive. UK players will not only be able to take advantage of this broad selection, but they will also be secure in knowing that they are operating under a secure payment processing licence issued by the United Kingdom Gambling Commission.
It would be best to read through and understand the positives and negatives, especially when faced with many options. It is essential to select the payment option that is most suitable for your needs, and this is not always as basic as it may appear.
Hopefully, the advice from our experts has helped you pick the ideal option, but if you have any questions, feel free to get in touch.