Top 5 Payment Mediums for online Gaming Industry
Technology has overtaken industries worldwide and online gambling is no exception. With time, internet gambling is expected to surpass $ 94.4 billion revenue in the year 2024. Factors determining such figure target include the variety and reliability of payment methods provided to customers. A reliable payment method enables a player to invest his money with confidence in an online casino. Delays in deposits and withdrawals can frustrate a player even if it’s the first time happening. A trustworthy casino site offers several methods of payment to suit each customer’s need. Some players may prefer a high withdrawal and deposit limit while others a site that offers flexible payment methods.
Here are the top payment methods for deposits and withdrawals:
PayPal is the most commonly used electronic wallet globally. With PayPal, you will be able to easily, and quickly transfer money anywhere, and anytime. Also, PayPal is preferable for an online casino, as long as it is authorized as a payment method in your country. For example, UK dwellers have numerous online casinos offering PayPal as a funding method. However, you can also opt for e-wallets like Neteller and Skrill.
2. Bank Transfer
Bank transfer is another popular method that involves a small fee. In this method, money is received straight to your bank account. The money doesn’t go through numerous providers that’s why many customers prefer bank transfer. Deposits usually take 3 or 5 days of working whereas withdrawals get processed for a maximum of 10 working days. However, the several days taken depend on your location and the bank you transact with. High rollers mostly use bank transfer to transact hundreds and thousands of dollars.
This payment medium is a quick method. With Neteller, you can move funds from your account smoothly. Those who carry out transactions through Neteller do not pay for charges, and their transactions are processed immediately or within 24 hours.
MasterCard is used as a debit and credit card worldwide. It is a legacy brand that has improved the success of finance industries. MasterCard is broadly used as an ideal funding and withdrawal technique for most online casino. Fortunately, there is no charged fee for the deposits and withdrawals. .
This is also a commonly used debit and credit card. Due to the largest financial network brought by the use of a Visa, over 30 million transactions are processed daily. Visa is a multi-purpose card enabling one to move cash without glitches. Also, the deposits and withdrawals do not incur charges. The system also ensures safety of customers’ data due to the use of firewall and failsafe method.
It is significant for a business such as an online casino or any other to use the correct payment method. Numerous methods of payment include varied rates and incentives. Therefore, it’s paramount for the consumer to pick the right method according to his or her needs. Also, check the advantages and disadvantages of a payment method before you settle on one. For example, some methods of payment involve higher withdrawal time, while others a higher fees. Also, others incur low fees and poor customer care.