What Makes a Good Online Casino Banking Method?

How to evaluate the efficacy of online casino payment options.

How to Evaluate the Efficacy of Online Casino Payment OptionsIf you’ve visited any online casinos lately, you may have noticed a plethora of banking methods available. It’s not just credit and debit cards anymore. Online payment processors aren’t limited to PayPal and Skrill. In today’s modern age of technology, most gambling websites employ dozens of ways to make a deposit and/or withdraw. 

Most of us see more options as a good thing. When we go to an ice cream parlour and see 30+ flavours on the menu, we get excited. But you may also notice that it takes quite some time to make a decision. When it comes to online banking, however, it’s not excitement that we tend to experience, but rather trepidation. Attempting to choose the tastiest flavour comes with little consequence. Choosing the wrong payment method, however, can have lasting ramifications. 

Evaluating the Efficacy of Online Casino Payment Options 

The first question we must ask ourselves is what constitutes an efficient fund transfer. We want security, obviously, but this feature is inherent in choosing the right online casino; one that exhibits maturity in the market, with reputable licensure and regulation. From this point, it comes down to four key components: 

#1 Expedience 

For most of us, choosing an instant payment option is top priority. We want to know that, the moment we submit a deposit, the funds will be available to use at the online casino. Having to wait hours, if not days, for a transfer to be approved and completed is not just inconvenient, it can be aggravating. 

Most of today’s top online casino banking methods take just moments to process. You should have access to funds within 1-3 minutes, start to finish, including the time it takes to input your payment information. 

#2 Cost Effective 

Transaction fees are often an unfortunate side effect of moving money from one account to another. Most deposit options will not incur a fee, but there are some that do. The opposite is true of withdraws. Some will not incur a fee, but most do.  Transaction fees should always be highlighted by the online casino, or the facilitator of the financial transfer; whichever is charging them. Enough due diligence on your part, and you can usually avoid paying any fees at all. 

#3 Deposit Methods 

The key to employing the most efficient payment method is to find one that suits your needs the best; with regard to rules #1 and #2, of course. Immediately eliminate any methods you don’t have access to, or don’t want to take the time to attain access to. 

Do you already have a credit card or debit card? Do you have any online payment processing accounts, such as PayPal or Skrill? Would you prefer to transact directly through your bank, using EFT, InstaDebit or Interac (all of which are free, I might add)? Consider your most convenient options, then eliminate all others. 

#4 Withdraw Methods 

Last but most definitely not least, see what banking methods are available for withdraws. A lot of online casino players prefer to utilize a single banking method for both. Unfortunately, while the deposit list can be quite extensive, available withdraw options generally are not. 

Compare each list and, if possible, eliminate any online casino payment options that do not accommodate both deposits and withdraws. This should narrow down your choices dramatically. When taking into account speed and cost, you should have no trouble choosing the best banking method for your needs. 

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