Discover popular casinos and payment methods
Payment Methods
Author:
Liam B.
When it comes to the online gambling industry, there are a few aspects that play the most important roles. Safety, casino game library, fairness, 3rd party testing, and bonuses are the key ones. But one of the most overlooked aspects is the online payment methods. Most rookie players don’t even think about how good the offered methods are until it’s too late. That’s exactly why we’re here with the best payment methods you can use in the iGaming industry for your real money gambling.
Best Payment Methods
Pretty much all types of payment methods are now suitable for the iGaming industry. It was not like this during the late 1990s and early 2000s. Payment providers were skeptical about the industry and didn’t want to get in trouble with lawmakers by sanctioning gambling payments. Thanks to the evolving regulations, that’s not the case anymore.
So, here goes the most commonly used payment methods in the iGaming industry.
What are Online Payment Methods?
We know this header looks very cliché. Who doesn’t know what it is, right? But you’d be amazed to know how many people actually don’t know the intricates of the online payment paradigm!
An online payment method is exactly what it sounds like. It allows you to pay someone or some business online. Moreover, you can send money, receive money, and even store money using the same methods to streamline your financials.
There are 2 major types of online payment methods. Credit-based ones and debit-based ones. If you’re familiar with how credit cards and debit cards work, the concept is more or less the same.
A credit-based online payment method doesn’t require you to have money in hand. You can technically “borrow” the money for a real money deposit. A credit card is the most prominent example of such a method. Also, pay by phone casinos follow the same modality.
Debit-based methods, on the other hand, require you to have the money at your disposal. Your bank account, debit cards, e-wallets, and cryptocurrencies follow this modality.
Both credit and debit payment methods are suitable for use in Canada. Now, let’s go over why it is important to have access to the best payment methods in the first place.
Best Casinos for Each Payment Method
Necessity of Payment Methods in Casinos
From the very beginning, we’ve been saying that having access to good payment methods is crucial and their availability must be taken into account when evaluating a casino. But why is that? What would happen if you didn’t have good options for deposits and withdrawals?
Well, let’s start with the safety of your payments. The better and more reputed the method, the more likely it is to have top-notch security protocols in place. Aspects like deposit delays, fraudulent transactions, and money laundering possibilities go down significantly. That is also why you see the best online casinos having the best payment methods.
Then comes the security of your details. You don’t know how well encryption is for a method that’s only been around for a very short time. You don’t know whether it’s selling your online activity log for a high profit to 3rd parties.
Last but not least comes the seamlessness of the payment. Would you be interested in waiting for 5 days or even more to receive your withdrawals? No, right?
The best payment methods can axe down on all of these challenges players face all the time in the iGaming industry. A good method will ensure that your deposit goes through immediately while giving back the money in the shortest time possible.
Moreover, they know how to protect gambling payments better than mediocre methods. Due to the nature of the gambling industry, these payments are very much at risk from scammers and hackers. A reputed method has the resources to protect you against it.
Now that you have a good idea of why the best payment methods are necessary for Canada, let’s move on to our next section where we’re going to learn about the different methods.
How to Deposit and Withdraw Using the Best Payment Methods?
Both the deposit and withdrawal processes are identical. You can think of one as the opposite of the other because it’s exactly that. Here are the steps you need to follow to complete a successful deposit/withdrawal.
Log into your casino account.
Visit the deposit/withdrawal page. Enter the amount of money you want to deposit or withdraw into the appropriate field. Click the submit button to complete the transaction. If you have any questions, please don't hesitate to ask a teller for assistance. They will be more than happy to help you out.
Choose the method you want to use.
Enter the amount you want to deposit/withdraw. If you are depositing money, you can choose to do so via check, cash, or credit card. If you are withdrawing money, you can choose to do so via check, cash, or debit card.
Enter the credentials required.
You will need to provide your name, address, and date of birth. You will also need to provide your Social Security number or your driver's license number. The Social Security number is a nine-digit number that is assigned to you at birth. The driver's license number is a unique number that is assigned to you when you get your driver's license.
Deposits are instant.
Let the casino process your withdrawal. Withdrawals usually take a few days to process, depending on the casino. You should always be weary of anyone who asks for your personal information or banking information.
Withdrawal Time of The Most Popular Payment Methods for iGaming
The withdrawal time is a major factor to determine whether you should use the payment method or not. Let’s take a quick look at how long each type of method takes to pay out.
Credit/Debit Cards
Whenever online payments are concerned, you can’t skip on the credit cards and the debit cards. The OG method of paying merchants is still going stronger than ever and we don’t see the paradigm changing anytime soon.
Credit cards or debit cards, whatever you may want to use, you must go through a financial institution to get them. It might be your local bank or a credit union that offers cards to the customers.
These organizations initially need a few days to provide you with the card and charges annually, directly from your account. They’re one of the most economical payment methods you can use right now.
There are plenty of networks for credit and debit cards worldwide as well as in Canada. But a few of them have been dominating the rest and they also happen to be the most commonly accepted ones at online casinos. Here are a few examples.
Top 4 Casinos That Accept Credit/Debit Cards
E-Wallets
At the time of writing, e-wallets are the most convenient online payment method, no questions asked. These wallets work very similarly to a bank but these are not banks. Rather, these are virtual wallets that can do everything your bank account can, minus the frustrating waiting times.
Since the early 2000s, we’ve seen many e-wallets coming into circulation. Some of them even launched with the sole purpose of processing gambling transactions. So, let’s go over the best payment methods that belong to the e-wallet category in Canada.
E-wallets are certainly amazing if playing games at online casinos is one of your priorities. However, there’s a problem with all of them. The fees. For each account top-up and withdrawal to bank accounts, you need to pay either a fixed fee or a percentage of the deposit/withdrawal amount. If you’re okay with it, the e-wallets are the best payment method for you.
Top 5 Casinos That Accept The Most Popular E-Wallets
Bank Transfer Methods
Online bank transfers have gradually become an integral part of our day-to-day lives. From getting our salaries to sending money to friends and family, bank transfers are the most economical and secure way to go.
However, bank transfers at online casinos are not as simple as sending money to another account. Banks do not partner up with casino operators so you need an intermediary. That’s where the bank transfer methods we’re discussing come into play.
Top 3 Casinos That Accept Bank Transfers
Facts and Statistics of the Most Accepted Payment Methods by Casinos
- Credit cards are the most popular payment method for gambling, with 67% of gamblers using them.
- Debit cards are the second most popular payment method for gambling, with 32% of gamblers using them.
- PayPal is the third most popular payment method for gambling, with 22% of gamblers using it.
- Skrill is the fourth most popular payment method for gambling, with 11% of gamblers using it.
- Neteller is the fifth most popular payment method for gambling, with 8% of gamblers using it.
- Paysafecard is the sixth most popular payment method for gambling, with 5% of gamblers using it.
- Bank transfers are the seventh most popular payment method for gambling, with 4% of gamblers using it.
- Bitcoin is the eighth most popular payment method for gambling, with 3% of gamblers using it.
References
The casinoforcanada.com team aims to provide high quality information. To ensure this, reliable and high-quality information sources are always used. The following sources are used in this article:
The article complies with all the editorial principles of casinoforcanada.com. In case of inaccuracies, contact the casinoforcanada.com team using the contact form at the bottom of the page. We will be glad to hear from you!
Useful Pages
Frequently Asked Questions
You can pay at an online casino with any of the offered payment methods. Most modern online casinos offer more than one type of payment method and you’re free to choose whichever works best for you. Also, consider the fees.
Yes, plenty of online casinos use PayPal in Canada. PayPal is one of the most popular online payment methods all over the world and Canadians trust PayPal more than any other wallet. You can find a dedicated page on PayPal casinos on this very website.
Log into your account and go to the withdrawal page. Read the withdrawal policy beforehand to know about the limits, potential fees, and timeframe. Then, choose a payment method you’re most comfortable with and enter the withdrawal amount. It might take 24 to 48 hours for the casino to process.
Banks don’t directly allow gambling transactions. That’s the primary reason you need to use online payment methods and bank transfer methods. You can fund your cards and wallets with your bank account and then use the funds to deposit at online casinos.
The most common payment methods for gambling include: Credit/Debit Cards, e-wallets and bank transfer.
For credit cards, the processing time is usually within one to two business days. This is because the payment processor verifies the credit card information and then sends the payment to the merchant.
For debit cards, the processing time is usually within one to two business days. This is because the payment processor verifies the debit card information and then sends the payment to the merchant.
Yes, there are restrictions on which payment methods can be used for gambling. Depending on the jurisdiction, these restrictions may vary. Generally, payment methods that are accepted for gambling include credit cards, debit cards, e-wallets, prepaid cards, and bank transfers.
The consequences for using an unauthorized payment method for gambling can be severe. Depending on the jurisdiction, it can result in criminal charges, fines, and even jail time.
If you have a problem with a gambling transaction, the first thing you should do is contact the gambling site or provider you used to make the transaction. Explain the problem to them and provide any relevant details, such as the date and time of the transaction, the amount of money involved, and any other information that may be relevant.
If the gambling site or provider is unable to resolve the problem, you should contact your bank or credit card provider.
Choosing the best payment method for gambling can be a tricky decision. There are a number of factors to consider when making this decision, such as the security of the payment method, the fees associated with the payment method, the speed of the payment method, and the convenience of the payment method.
Security is an important factor to consider when choosing a payment method for gambling.
Liam started his first years as a sportsbook reviewer. Working in this area led him to write about online casinos, which he’s been doing for the last eight years. Nowadays, he works at Casinoforcanada.com, reviewing the best casinos available in Canada, giving special priority to the security of each casino.
About Liam Bergeron
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