Casino payment methods: a comprehensive guide to secure transactions

The payment diversity exists for a reason – it is a customer demand. Online gambling is one of the best examples of this demand for payment options.

Take a look at Malta, a very popular place to register an online casino. According to the survey on online gambling customer payments distribution, in 2021, 40% of respondents preferred bank transfers, 34,7% – a credit or debit card, 13,2% – e-Wallets, and 12,1% – other options, like cryptocurrencies.

So, the question stands: why do clients prefer such different options when using online casinos? Moreover, what are the benefits of these casino payment methods? Find out more about the best casino payment methods (i.e., different deposit methods) in the article below.  

Popular online casino payment methods

Let’s take a look at the most commonly used and the best casino payment methods, detailing popular choices, how to use them, the pros and cons, and the security measures in place to ensure safe transactions.

Credit and debit cards

Let’s start with one of the most well-known payment methods in the world: credit and debit cards. This payment method is one of the first that comes to mind, and for a good reason – debit and credit card payments have been around for dozens of years, with the vast majority of people knowing how to use them.

Some of the most popular options include Visa, Mastercard, American Express, and Diners Club International.  

To make a payment with a credit or debit card, a person needs to enter their card details, including the card number, expiry date, CVV, and sometimes a 3D Secure password for additional security. After confirming the payment, funds are usually deposited from a credit/debit card into the online casino account.

So, what are the advantages of this particular payment method for online casinos?

• The bank cards are widely accepted across the globe, with many clients preferring them to other payment methods online;
• The cards usually allow for instant casino deposits, meaning players can start playing right away;
• Credit/debit cards are a familiar and easy-to-use payment method for most players.

There are also some disadvantages to such payment options, including:

• Money withdrawals from clients can take several business days to complete;
• Some banks may decline transactions to an online casino site as they belong to a high-risk industry. 

Credit/debit cards remain one of the most secure payment methods. One such security measure is 3D Secure authentication (e.g., Verified by Visa, Mastercard SecureCode), which requires an additional verification step during the transaction process. This helps confirm that the legitimate cardholder is making the transaction.

Another crucial security feature a bank card possesses is encryption technology that allows payment details to be entered securely on a casino site. 

e-Wallets

Having an e-Wallet as a payment method has become popular in recent years. And for a good reason: e-Wallets provide clients with convenience, speed, and enhanced security. In terms of online casino payment methods, some clients prefer e-Wallets because they allow depositing and withdrawing funds quickly without directly sharing banking details during the transaction. 

The most well-known options are PayPal, Skrill, Google Pay, and Apple Pay.

To use an e-Wallet, a person usually needs to download the app, provide their information, and link the wallet to the bank account or card. Once the e-Wallet is set up, it can be linked to casino accounts. E-Wallets allow for quick deposits and withdrawals, and you don’t need to provide sensitive personal and financial information when making online payments. 

The advantages of having an e-Wallet as an online casino payment method include:

• Quick transactions for both deposits and withdrawals;
• Extra privacy for players since no direct bank details are shared during the transfer;
• A great variety of options, as e-Wallets come in many shapes and sizes – from closed type to crypto-based.

As for setbacks, there are a few as well:

• Not all online casino payment software can handle transactions from e-Wallets. So, if you need this specific payment method, you need financial providers with tailored financial solutions;
• The fee for implementing and providing e-Wallet-related payment methods may be higher.

E-Wallets use different tools to ensure the payments are safe, such as encryption, multi-factor authentication, and tokenization. For instance, data encryption protects data by converting it into a secure code. Meanwhile, multi-factor authentication is used to go through multiple verification steps to confirm that a person is an e-Wallet owner.  

Tokenization replaces sensitive information with unique tokens, preventing unauthorized access. Additionally, biometric authentication, such as fingerprint or facial recognition, enhances security. 

Bank transfers

Now, let’s get back to more traditional online casino payment methods – bank transfers. A bank transfer allows players to deposit or withdraw funds directly between their bank accounts and the online casino. While transfers can take a few days to process, they offer high transaction limits and are ideal for larger deposits or withdrawals from a casino account.

The most commonly known payment methods of this category are SEPA and SWIFT payments, as well as direct transfers. 

One of the advantages of a bank transfer is that most people are well-accustomed to transferring money: it just takes opening your banking app and filling out the beneficiary’s details. 

Note that processing times for accepting payment can vary depending on the transfer type, bank, and location.

As for other benefits:

• Bank transfers offer increased limits for casino withdrawals and deposits;
• All in all, it is a reliable and longtime payment method that is provided by most financial institutions and is widely accepted across the globe.

Still, as is the case with all online casino payment methods, there are bound to be some cons:

• For one, you might face longer processing times (up to 5 business days);
• Clients can also incur higher fees compared to other methods, making them consider other payment options.

Similarly to credit and debit cards, banks use stringent verification processes, such as multi-factor authentication, encryption, and secure socket layer (SSL) protocols, to protect bank transfers. 

Additionally, financial institutions use anti-fraud monitoring systems to detect and block suspicious activities in real time. 

Speaking of security, if you’re looking for a provider that can provide a safe and fast payment experience, along with other business financial services, we recommend Genome! With us, you can access SEPA payouts and pay-ins for your iGaming company. 

Moreover, you can use the batch transfer feature to send up to 3000 payments at once! Our business wallet clients also get access to international payments to transfer money to over 40 countries, as well as multi-currency accounts (EUR, USD, and GDP).

In addition, you can order virtual and physical Visa cards for all your corporate expenses. Issue as many cards as you need, and use our debit card to pay contractors for subscriptions or media buying! 

Cryptocurrencies

Cryptocurrency is a payment method that offers something most others don’t – anonymity. It is one of the casino deposit methods with enhanced privacy, and it does not require personal or banking information. 

At the same time, payments are processed quickly with minimal fees and are secured through blockchain technology. However, their volatility and varying acceptance can be a drawback. Some of the popular options include Bitcoin, Ethereum, and Litecoin. 

To use a cryptocurrency of their choice, a person first needs to start a crypto wallet. Once done, a player can transfer the desired amount from the wallet to the online casino’s wallet.

Let’s take a look at the main benefits of this payment method:

• For one, some players prefer the privacy and anonymity cryptocurrencies provide. They might even have separate crypto wallets to separate funds for online casinos from their funds;
• Cryptocurrencies are also good for fast transactions, especially when it comes to withdrawals.

Still, cryptocurrencies aren’t the be-all and end-all of the online casino payments:

• They are far from being accepted everywhere; it significantly depends on a particular cryptocurrency and whether the online payment system has the necessary integrations in place;
• The price volatility of cryptocurrencies will certainly affect the value of the client’s online casino deposit. Thus, not all players would want to use them for their gaming accounts.

In terms of security, this payment method is known for its privacy, as it does not require users to share personal or banking information. Blockchain technology, the backbone of cryptocurrencies, ensures security and transparency by recording transactions in an immutable and tamper-proof decentralized ledger. Each transaction is verified by a network of nodes, making fraud nearly impossible.

Prepaid cards

Prepaid cards are a good option for those players who don’t want to accidentally overspend funds. After all, a prepaid card comes with a fixed amount, and there is no need to link it to a bank account or share personal details. Some of the known prepaid card providers include Paysafecard and Neosurf. 

To use a prepaid card, a player needs to purchase it from a retailer and use the code to fund their online casino accounts. These cards are for deposits only, so a casino withdrawal will need to be handled through another method.

Some of the advantages of prepaid cards include:

• The uniqueness of the method in terms of the niche: these cards are perfect for people who want to keep their spending in check;
• People also don’t have to have a bank account to use it, as the card comes with a fixed amount of funds pre-loaded onto it.

There are also a couple of drawbacks:

• The withdrawal limit: usually, prepaid cards cannot be used for withdrawals. Thus, players need additional options if they need to withdraw funds;
• The casino deposit limits are typically low.

Prepaid cards do not require users to share personal or financial information when making transactions. Since they aren’t linked to a bank account, there is no risk of sensitive data being exposed.

Mobile payment solutions

Last but not least, the online casino payment methods that use smartphones to make payments. It is by far one of the most convenient options, as people use apps like Google Pay and Apple Pay for transactions, allowing for casual personal use and quick access to casino games. 

To pay at an online casino, a player can just deposit money through the mobile phone bill or use a mobile wallet linked to the bank account.

This online casino payment method can be very beneficial:

• First and foremost, many players will find the idea of paying via a smartphone very convenient;
• This option for online casino transactions is also secure, as no bank details need to be shared during online casino deposits. 

Still, disadvantages of paying with the phone also exist:

• Unfortunately, mobile payment solutions are limited to deposits only, no withdrawals;
• The deposits are usually relatively small, as people can use their phone bills to pay. 

These casino payments are usually secure: just as in the case of cards, mobile payment solutions use multi-factor authentication, ensuring that only the account holder can access the funds. This payment method is also protected by biometric authentication. 

Factors to consider when choosing a payment method

As you already saw, there is no best or worst payment method from the client’s perspective. Still, online casino owners should keep in mind the following important aspects.

Transaction fees

Some online casino payment methods, like bank transfers or credit cards, have higher fees than others. Consider that and review the financial provider’s pricing thoroughly before partnering with it. 

Processing times

While e-Wallets and cryptocurrencies offer instant deposits, bank transfers and card withdrawals can take several days. You want a payment provider that will be able to accept payments from all over the world or at least as many countries as possible. 

Security and privacy

SSL encryption and two-factor authentication are the key to keeping your transactions secure. However, more is needed. Invest in anti-fraud solutions that will help better protect your clients’ money and your reputation. Abode by the regulations and perform frequent security audits. 

Deposit and withdrawal limits

Different methods come with varying limits. Direct banking transfers or e-Wallets may offer higher limits. Prepaid cards are more about “humble” deposits. Cryptocurrencies, on the other hand, effectively have no limits, but not all providers work with those. 

Availability and accessibility

You need to do research on countries and regions where your online casino operates. Choose the available payment methods that are accepted in your region. It is also essential to be aware of all government policies and restrictions for iGaming. 

Common challenges and solutions

Despite the variety of payment methods, many online casinos may encounter issues with player payments. Here’s how to address them:

Declines of transactions for some of the payment methods. To avoid the issue, advise players to contact their bank or financial institution to resolve restrictions on iGaming payments or suggest alternative payment methods.

Slow processing times. Not all payment methods allow quick payments, with processing times reaching days. To counter the situation, promote faster payment options like e-Wallets or cryptocurrencies to your clients.

High transaction fees. To minimize expenses, online casinos can offer different payment methods with low or no fees, such as prepaid cards.

Security concerns. If you have doubts about any of the payment methods, it is better not to provide them on your online casino website at all. Additionally, you need to encourage the use of secure payment methods with two-factor authentication and request additional payment security tools from your bank/financial provider. 

Conclusion

Selecting the right payment method for your online casinos depends on your priorities — speed, security, convenience, or customer-specific demands. It all comes down to the financial provider you will eventually choose.

Consider this and find a middle ground, keeping in mind all the pros, cons, and security measures of each option. 

FAQs

What is the fastest payment method for online casinos?

It may depend on the financial provider, but e-Wallets are typically one of the fastest casino payment methods for online casinos. Transactions are processed instantly, allowing immediate access to your funds without the delays seen with a bank transfer or debit/credit cards.

Are there any fees for using e-Wallets?

Yes, there are. These casino deposit methods may charge fees for transactions, withdrawals, or, especially, currency conversions. However, it depends on your financial institution and the rules of online casino sites. 

Is it safe to use cryptocurrencies for casino payments?

Yes, using the most popular cryptocurrencies like Bitcoin or Ethereum to pay at online casinos is generally safe, thanks to blockchain’s security features. 

Can I use my mobile phone to make deposits?

Yes, most modern online casinos allow you to make casino deposits using mobile devices. E-Wallets and financial apps are the deposit methods that are well-optimized for mobile banking. 

What should I do if my payment is declined?

If your casino deposit is declined, first verify your payment details and ensure you have sufficient funds. Then, contact your payment provider or the casino’s support team to resolve the issue. In most cases, there are some transfer limits that the client is unaware of and that are simple to fix.