Mobile casino payment methods have transformed dramatically over the last decade. In the early days, credit and debit cards were the norm. Then a legal shift sent the majority of iGamers to online payment processors, but some brands came and went so suddenly, trust became a dominant factor. Now, the number of deposit options are growing once more.
We’ll take a closer look at several categorical options for processing mobile casino payments, and why they tend to appeal to different types of players.
Mobile Casino Payments – Credit/Debit Card
Credit and debit cards are still among some of the most popular ways to move money into an online casino account, via desktop or mobile. The reason behind their popularity is simple enough. Everyone old enough to gamble over the internet has at least one credit and/or debit card in their possession.
It’s not only a convenient option. These deposits are free, instant, and wholly secure, using the same technology as government banks (since most of them are issued by government banks anyway).
The biggest drawback here is that, in many jurisdictions, some card companies are restricting the use of their cards for gambling purposes. When a player attempts to make a mobile casino payment with a credit or debit card, they may find the deposit rejected. In this case, they’ll have to turn to another method.
Credit cards also become a problem when players are ready to cash out. Only the amount originally deposited can usually be returned to a credit card. Again, another method may be necessary for withdrawals.
Mobile Casino Payments – eWallets
Online payment processors – or eWallets, as they are commonly known – are a great option for mobile casino payments. Companies like Neteller, Skrill, EcoCard and others allow users to move money directly from their bank account into iGaming websites.
Payment processors work best for withdrawing money, too. The funds are quickly paid into the eWallet account, and can be transferred back to the player’s bank account from there.
Those withdrawals aren’t free though, and will generally cost a very small percentage (average 1-3%) of the amount being cashed out. The cost-vs-convenience factor is worth it for most.
Mobile Casino Payments – Prepaid Cards
In terms of security, there’s nothing more preferred than prepaid cards. They offer a level of financial security that is unsurpassed in mobile casino payment methods.
When using a prepaid voucher or gift card, there’s no need for the user to share their personal financial details over the web. Only the information from the card is entered.
Furthermore, experienced gamers who choose this method will only purchase prepaid amounts equal to what they wish to deposit at that time. This way, if the card’s details are somehow compromised, there’s no identity attached to it, and no value left to be stolen.
The downside to this mobile casino payment methods is – again – that they cannot be used for withdrawals.
Mobile Casino Payments – Bank Transfer
There are more and more eCheck casinos than ever these days. An eCheck, aka ACH, or bank transfer payment, is a direct transfer from the user’s bank to the gaming website. They are usually available for withdrawals, as well.
Using an eCheck (short for electronic check) is just like writing a paper check, except that it’s done electronically over the internet. And like credit/debit cards, the security factor is high as the transfer is being performed by a trusted financial institution.
Like most mobile casino payment methods, there is a draw back here. While the deposits are nearly instant, taking at most a minute or two to approve, the withdrawal times can be longer, and may incur a fee and/or minimum withdrawal amount.