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Advantages Of Alternative Payment Options

By: Adam Baker, Friday February 13th 2009
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Today online casinos offer a large number of alternative payment options, which are also known as e-wallets. They operate in a very simple manner. Online players open an account with them. They fund these accounts using any conventional methods like credit cards or bank transfers. These accounts then serve like e-wallets. Players can use them to transfer funds to any online casino that accepts them as a payment option. Though credit cards remain the most common and trusted form of making payments to online casinos, the alternative payment methods offer significant advantages and are fast catching on.

Online casinos find it easier to process funds received through alternative payment methods and encourage the use of these methods by offering bonuses for their use. In the case of credit cards online casinos need certified statements from players giving details of the credit cards and also photocopies of the credit cards. Someone has to check whether the details on the photocopies tally with those given by the player. The copies have to be stored somewhere. All this costs a packet. Online casinos therefore offer attractive bonuses to players to use alternative payment methods that do not generate any paper work. It is a win-win situation for both the casinos and the players.

For players who wager at multiple online casinos alternative payment options are especially attractive. They are spared the hassle of sending copies of credits cards and statements to each and every casino. What is more important is their credit card details are not stored in a dozen servers. Though the servers are secure and the risk of identity theft is minimal, it is not zero. Therefore it is prudent to give the credit card details to one e-wallet and service all the online casinos using that e-wallet.

If the online casino remits the withdrawals back to the credit card account then there is no problem. But many online casinos do not do that. Hence players are compelled to use a different payment option for withdrawing their funds and most of the time they have to accept withdrawals through bank transfers or paper checks. There is a time delay and cost attached to both these options. On the other hand alternative payment options are good for both deposits and withdrawals, thus leading to quicker and cost effective withdrawals.

Alternative payment methods lead to more responsible gambling. Using credit cards players first wager the funds and then pay for them. Hence there is always a temptation to wager more to either cash in on the good luck or to chase losses. And this is the first step to problem gambling. In the alternative payment options players have to first fund their e-wallets and then transfer those funds to online casinos. They cannot wager on borrowed money. Hence this leads to more responsible gambling.

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Be sure to also check out our online casino banking option guide featuring all the most popular methods here »

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Comment by: Cliff Robertson On: February 15, 2009
Speaking from experience as a U.S. player I must say that alternative banking options are definitely a convenient means of depositing and withdrawing funds at online casinos. Personally I prefer to try all the credit cards in my wallet in a case where I don't have an eWallet / alternative banking option account that the casino supports. Although generally it doesn't take much time to open up new accounts with alternative banking methods sometimes the limits on the accounts are relatively low and if you really enjoy playing at online casinos such as I do sometimes those are just too low.

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