Use Alternative Payment Options

Tip Category: Casino Banking

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Today the online casino player is spoiled for choices as far as payment options are concerned. There are a large number of e-wallets and other electronic payment methods on offer. These are referred to as Alternative Payment Options. There are at least half a dozen such options being added every year. This in itself is an indicator of the merit of these options. If they did not provide a better alternative their tribe would not be proliferating.

There are several advantages alternative payment options offer. The first concerns security. Online casinos take every precaution available to ensure that sensitive personal information like credit card numbers are kept secure during storage and transmission over the Internet. Yet identity theft is a cause of concern. The concern becomes greater if the credit card number is lying in the servers of several online casinos because the risk of theft is greater. In the case of alternative payment methods players need to fund only one account with their credit card and then can use that account to fund as many online casinos as they want. And to be further secure they need not fund their alternative payment method account using a credit card but can fund it through a bank account.

A major advantage of using alternative payment methods is the bonuses that online casinos offer on these methods. Processing of deposits and withdrawals through alternative payment methods is easier for online casinos and their administrative cost is less. In order to encourage more players to use these methods online casinos offer bonus of 10% to 15% on deposits made using alternative payment methods. Different casinos have different caps on these bonuses and wagering requirements have to be met. But these bonuses extend the players’ bankrolls and this is an advantage that players cannot ignore.

Many online casinos are unable to remit funds back to the players’ credit cards. Therefore players who remit funds through credit cards are compelled to receive their withdrawals through bank checks. The checks are posted to the players and this usually takes a week to reach the players. Further delays are caused in the check clearance procedure. During this period the funds are unusable. Most alternative payment methods can be used for both payments and withdrawals. Since withdrawals are effected electronically the funds are in the player’s e-wallet within 24 hours and can be used by the player immediately because no clearance formalities are involved.

Because of the UIGEA in the United States and similar laws in some other countries the instance of credit card rejection has increased because banks are being compelled to block transfer of funds to online casinos. This problem is overcome by using alternative payment methods. E-wallets are not classified as online casinos and there is no problem in funding those using credit cards or bank transfers. And then funding online casino accounts is just a few clicks away.

There are several alternative payments available. All of them are simple to operate. The most common options are NETeller, Moneybookers, Click2Pay and FirePay. Players should check out several alternative payment options, especially those offered by the online casinos they frequently use, and choose the one that works best for them.