Traditional vs Alternative Payment Methods at Online Casinos

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  • Written by Anette
  • Posted on October 28, 2020
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Home News & Articles Traditional vs Alternative Payment Methods at Online Casinos

Online gambling was quickly transformed with the launch of digital payment methods, which have quickly become the preferred option for many punters.

These alternative methods have managed to put traditional ones in the second plan. Today, the vast majority of the online gambling community is primarily focused on modern payment methods, as they make the whole experience much more comfortable. In today’s article, we’re going to discuss both traditional and alternative payment methods at online casinos, compare their characteristics and see what they have to offer to a demanding modern gambler.

Traditional Payment Methods

As their name suggests, these payment options have been present since the early days of online gambling. Back then, players had three options to choose from: bank transfers, Western Union, and eChecks.

Bank transfers were probably the most widely used payment method at online casinos, as thy allowed punters to send money from one place to another in a trustworthy and reliable manner. This method offers a very high level of safety, while its biggest downfall was the additional fees imposed by the bank, which is something you won’t encounter with modern payment options.

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We compare traditional and innovative payment methods.

Apart from this, bank transfers weren’t a very swift option, as they could take up to an entire week to be completed.

Using Western Union will require you to go down to the centre and fill out a payment form, but this option is straightforward, even when comparing to some modern methods. As their name indicates, eChecks are very similar to regular checks, albeit with specific differences.

When using traditional methods, be aware they come with a long waiting time. In practice, this means players will sometimes spend days and weeks waiting to receive their funds. The plus side is that all three options mentioned are very safe.

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Alternative Payment Methods

One of the widely used alternative payment methods is credit cards, such as Visa, MasterCard, Maestro, and American Express.

Visa is preferred by the vast majority of gamblers around the world. This is one of the largest networks used by the online gambling industry, allowing you to manage your funds quickly. Players use Visa for both deposits and withdrawals.

MasterCard and Maestro are also widely used, almost as much as Visa. They’re accepted at every major online casino, so you won’t encounter any problems when placing a deposit. American Express is not as popular as the others and can be utilized at a limited number of online venues.

Credit cards are equally safe and much faster than traditional payment methods.

However, when it comes to speed, eWallet payments are the best option, as they provide same-day withdrawal. The most popular forms of eWallets are PayPayl, Neteller, Skrill, and EcoPayz.

Paypal

PayPal is the most famous eWallet payment method and the first one to appear in the market. It’s mainly used by customers from the US and can be utilized for all kinds of transactions, from business to gaming purposes. Placing deposits and cashing out is done instantly, allowing players to concentrate on their game.

Neteller is also one of the prevalent means of paying online, widely accepted, and available in different currencies. Founded in the UK, Skrill has been in the business since 2001, and today is used by a large number of players worldwide. Payments are instant, although its fees can vary.

All eWallets payment methods have their advantages when used for depositing and withdrawing funds, with the most important one being their speed. This factor helped them position much better than the traditional methods.

In the end, it all comes down to your personal preferences. Since both traditional and alternative payment methods are safe, it’s most likely the speed that will draw you to a specific one. Just make sure it doesn’t interfere with your playing experience. Claiming your winnings is easy, the hard part is winning.

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