Funding your Casino Account.Getting money into your casino account can be tricky. Credit cards have all sorts of problems, ranging from banks that don’t process gambling transactions, to others who charge large cash advance fees. Wire transfers and Western Union transfers put a barrier between you and your deposit.
The New Kid on The Block
One viable alternative to using credit cards is PayPal. PayPal is an electronic wallet that is growing in acceptance among online casinos. According to their website, PayPal has more than 9 million members, and claims that their site constitutes more than 10% of all internet traffic in the financial services category. It also has lots of advantages for both players and online casinos.
PayPal for Players
For the player, PayPal can consolidate all of your online gambling purchases in a single place. You can easily get your account records online, at the PayPal site, listing all of your purchases and cash outs. Unlike credit card purchases, when you withdraw money from your casino account to your PayPal account, there is no limit to the amount you can withdraw (up to the amount in your casino account of course!), which means that you’ll spend less time waiting for those overnight express packages with your money.
If you do decide to withdraw money from your PayPal account, PayPal can wire transfer the money directly to your personal account, or you can use the PayPal ATM card to withdraw it from any ATM. Of course you still have to fund your PayPal account, but that can be done through a credit card, or a direct draft from your personal bank account.
One nice hidden feature of PayPal is that many online casinos are now offering additional bonuses for PayPal deposits.
Lastly, PayPal has some other cool features that may make you want to set up an account, including money market interest on deposits, a free PayPal Visa credit card, a signup bonus, and a referral program that can generate a few dollars for you if you refer your friends.
PayPal for Casinos
For Casinos, PayPal is a reliable lower cost alternative to credit card purchases. Since PayPal has a sophisticated addresss, credit card, and bank account authentication mechanism, the rate of fraud is reduced, making PayPal customers potentially better customers.
Sending winnings to a player with a PayPal account is far easier than the tranditional methods online casinos use. There is generally no need to verify a player’s address. There are no lost overnight express envelopes, no foreign cashier’s checks, and few headaches.
Overall, the use of PayPal can help online casinos lower their overhead costs and provide better customer service through better payout tracking.
PayPal for Non Gaming Transactions
As many of you are now aware, the Internet can be used for other purposes besides gambling. There is a growing number of online merchants that accept PayPal for their goods and services. PayPal has become one of the leading mechanisms for online transactions brokered through Ebay – so you have a great way to spend your winnings!
The Future
In the future, the use of PayPal will continue to grow in the online casino market. More and more casino software providers are including support for PayPal in their software. If your favorite casino doesn’t offer it, ask them about it. |
