In the betting industry, methods of payment are extremely important in the success or failure of a betting site. With so many choices on the market currently, picking one over the other might be a daunting task. That is why in this article, we shall be highlighting some of the most common methods of payment while taking into account a mix of factors like the target audience and user experience; in a bid to know what makes them so popular.
1. Cryptocurrencies
When talking about cryptocurrency as a payment method, the first that pops up in the mind of many is Bitcoin. Bitcoin has gained unparalleled popularity in the betting scene over the past couple of years, mainly due to its availability. As a matter of fact, it is almost impossible to find online casinos with crypto that do not accept Bitcoin.
In addition to that, Bitcoin offers anonymity and security benefits that are second to none, which makes it a great option when you have some spare Bitcoin in your bank. Inherently, Bitcoin might have some complexities for starters as you try to work your way through this relatively new payment method, but this should not discourage you as this is the future of gambling.
2. Debit cards
In this technologically advanced world, debit cards have also enjoyed their fair share of popularity, specifically by those who have either bought or paid for something online. They are quite easy to use as all you have to do is enter some details on your card, specify how much you would like to deposit, and confirm it.
All you have to take care of while at this is to make sure you stay within the deposit and withdrawal limits. For most deposits, the starting limit is usually at £5 for a majority of the companies, while the maximum withdrawal limit is usually capped at a couple of a hundred thousand pounds.
Another factor that makes debit cards so common in this industry is their availability in most gambling sites, with only a few exceptions of those that deal exclusively with cryptocurrency. However, with no fees and their ability to be used as a qualifying deposit for most promotions, is what makes this quite a popular payment method.
3. PayPal
Arguably the most sought-after e-wallet currently, PayPal, which rose to popularity primarily because of eBay, can now be found not only just in the betting industry but almost everywhere. PayPal offers the first leap away from other commonly used payment methods such as debit cards and is widely used as an alternative method of payment.
One of the biggest benefits that PayPal has offered to the industry is faster withdrawal times. Unlike bank transfers, cheques, and debit cards that can take up to 24 hours to be processed, PayPal transfers can be completed in under 2 hours. Additionally, this method is not only extremely easy to set up and use but also offers excellent security.
4. Google Pay
Formally known as Android Pay, Google Pay is a relatively new innovation from the mobile giant Google that seeks to offer more portable solutions. To begin with, Google pay allows for an easy method of depositing money while using advanced security features such as retina scans and fingerprints to ensure that your funds are safe at all times. What’s even better is that Google pay users do not incur additional fees from using the app. All you have to do is download the app and link it to your preferred debit card.
5. Trustly
Trustly is a Swedish financial powerhouse that has connections to over 210 banks in over 26 counties around the world, making it a preferred option to many. Starting off, Trustly has managed to keep its costs pretty low by offering no withdrawal or deposit fees. What this does is essentially allow its customers to complete bank transfers instantly without any additional costs. This alone gives them a huge advantage over other payment methods.
If that’s not all, Trustly facilitates the transfer of funds across a whole host of different currencies. Finally, this method offers peace of mind to all its users as it is licensed under the European Payment Services Providers licence and is supervised by the Swedish Financial Supervisor Authority.
6. Bank Transfer
With all these new and innovative ways to complete payments, bank transfers still remain quite popular, especially by people who have been betting for quite some time. For starters, bank transfers are quite easy to use and are quite reliable. All you have to do is key in some details, and your request goes directly to your preferred bank.
For bank transfers, deposits are normally free of charge and can facilitate transfer of large amounts of money. When it comes to withdrawals, on the other hand, they can vary depending on your actual bank. The only downside to this method is slightly longer waiting times which range between 2 to 10 days.
Conclusion
With so many payment options in the market currently, the above article will go a long way in helping you understand the pros and cons of each method and what makes them so popular.