As gambling has moved largely to the hundreds of online casinos, payments are also handled electronically, as opposed to the coins laid on a brick and mortar casinos’ tables. Not having to carry cash is a big advantage, but one may wonder about the security of payments that occur electronically online.
Most online casinos will grant the player a welcome bonus after registering with the casino. This is a so-called free bonus and can be wagered normally. However, if the player wishes to remain active with the casino, spending more time with different games and placing larger bets, at some point, he will need to make a deposit. A deposit is a payment that goes into the player’s casino account, and it will need to be wagered before it can be withdrawn.
Making a deposit online is easy and fast: one must choose the amount to be deposited and the payment method to be used. All reputable online casinos offer credit card, bank transfer, Paysafe card and e-wallets as payment method options. Online casinos have a separate payment department, ensuring the payments are allocated to the right user account and processed securely and confidentially. In case of any delays or issues with the money transfers, once provided with the proof of payment, the casino’s payment department can liaise directly with the service provider, for instance, the bank. All actions are recorded in the player account, which means no deposit can get lost. Should there be an issue, for instance, a maintenance break, at the payment processor’s end, the funds will return to the player’s bank account?
Winning money is most players’ aim when starting to play casino games online. When a win strikes, one wishes to receive the cash as fast as possible. Even though physical coins and bills cannot be handed to the player on the table, like in land-based casinos, withdrawals can be processed very fast electronically. It is not unusual that the first withdrawal takes a little extra time, as the casino wants to verify the player’s identity and the payment method. This is to prevent money laundering and to also protect the player by ensuring nobody else is using their player account, identity or payment details. Once the player’s identity has been verified and the payment method, for instance, the bank account details, registered in the system, all future withdrawals happen fast. There are also casinos doing instant withdrawals, meaning the winning money hits the player’s account within minutes.
Security of Online Payments
One should only play in online casinos that have been fully licensed. A logo of this will be very clearly displayed on the casino’s front page. When a casino is licensed and monitored by a body like eCOGRA, the player can rest assured that the casino promotes fair play and simply cannot run away with the customer’s money. All transactions and all payment steps that are taking place on the Internet will be traced, all the way from the player’s bank account until it hits the player’s online casino account. All reputable and licensed casinos also have a customer service team that is available 24/7, and hence the player can always contact somebody if he feels insecure about something, or should he wish to receive an update on a pending withdrawal request.