For online gamers that need to make money deposits or withdrawals, there are many different payment methods nowadays available to use. Whether you are logging on to play bingo on sites like Jackpotjoy or purchasing credits for in-game use on your console, making or receiving payment is an important part of facilitating the gaming experience.
Game operators now tend to offer their customers a variety of payment methods, this helps the customer as they can choose which one they feel is most secure or offers the most convenient for them.
Each payment method has its pros and cons and you should take a few moments to consider these before you make any transactions. Here we profile some of the most common payment methods used in gaming:
1. Visa or Mastercard Debit/Credit Cards
Credit and debit cards are one of the most typically used payment methods worldwide and Visa or Mastercard are the best-known types. Nearly all online casino sites and other game operators accept this method for making cash deposits and many, but not all, will allow you to withdraw funds to your card.
American Express is becoming more accepted by game companies too.
Fraud protections are in place when using your card and data should be encrypted, however, there is a risk of card details getting into the wrong cards if you are not using a reputable website.
Paysafecard is a closed-loop gift card that allows you to make online payments securely without a bank account. You are given a code for your card and can check on the app or the browser website what your current balance is.
This option may come with some fees depending on the option you choose with Paysafecard, such fees may include currency conversion fees, service fees, refund fees, and an account fee.
Paysafecard is widely accepted, including at games companies like Xbox, PlayStation, Wargaming.net, Steam, and Gamigo Group.
A highly secure option, PayPal is a digital wallet that has been used for digital transactions for a couple of decades now. With Paypal, the wallet securely stores your credit card, debit card, or bank account information for making transactions.
It is generally free to use for personal use but business accounts do incur some fees. When you receive cash, this goes to your PayPal account, you can either spend your PayPal balance or send the cashback to your bank account.
You might already use the PayPal app to send and receive money between friends and family.
PayPal is very widely accepted and Buyer Protection is available to you on eligible purchases. PayPal also offers the chance to spread the cost of purchases on eligible items.
4. Google Pay or Apple Pay
These are both mobile payment services that utilize the EMV Payment Tokenisation Specification, with Google Pay used specifically by Android users and Apple Pay for those with Apple iOS devices. As well as being used on websites and apps, these services can replace contactless-enabled credit and debit cards.
The real benefit of these is speed and ease of use, there is also the convenience of not having to carry around bank cards or type of account details with every use. However, there is not a huge range of sites and gaming providers that accept this payment type at the moment but numbers are growing.
5. E-Wallets – Neteller and Skrill
PayPal, Neteller, and Skrill are e-wallets for making safe and secure transactions online and are popular with gamers. To sign up for either, you will need proof of address and ID, and both charge fees to accounts that are active but not regularly used for transactions.
Skrill is best for bank transfer deposits as it does not charge a fee, it charges for credit card transactions but fees are generally less than Neteller. Skrill however does not offer bank draft withdrawals but Neteller does at an additional cost.
Both are available in a large selection of countries with different currencies and many gaming sites will accept either wallet as a payment method.
6. Bank Transfer
Bank transfers are no longer a widely used option on gaming sites now that there is a great range of choices. They are generally one of the slower methods as they can take 3 – 5 days to process and a fee may be charged.
To do a bank transfer you will need to supply a website with your full details, which can be a safety concern if the gaming site is not fully secure.
7. Prepaid Cards
They have become a popular payment method for many consumers, especially those who are looking for a secure and convenient way to manage their finances. They are versatile and can be used in a variety of ways, including shopping, paying bills, and of course, gaming.
Prepaid cards can be loaded with a specific amount of money and then used as a debit cards for transactions. This makes them an attractive option for those who are concerned about overspending or losing control of their spending. In the world of gaming, prepaid cards are often used as a way to make online purchases, such as buying virtual currency or game items.
Another benefit of prepaid cards is that they can be used by individuals who don’t have access to traditional bank accounts or credit cards. For these individuals, prepaid cards provide a way to participate in the digital economy, including the gaming world.
There are many different prepaid cards available, and they offer different features, such as the ability to reload the card, track spending, or earn rewards. It’s important to consider these features when choosing a prepaid card for gaming, as some may offer more value or be more convenient for your needs.
There really is no ‘best’ payment method to use in gaming, but it is important to consider safety and the risks of identity theft alongside factors like convenience and ease of use. It is often a good sign of reputation when a website offers various payment methods that include third-party providers.