The full functioning of the iGaming-sphere cannot be imagined without payment services - integrated solutions that are the financial intermediary between the gaming resource and gamblers. It is with the help of payment methods that users replenish the game balance and withdraw money from bookmaker websites or online casinos (for foreign countries). So what are the characteristics of each of the individual methods and, in fact, how payment systems relate to gambling", says the representative of Gambling Craft.
Given that all payments in the digital gembling are made exclusively in electronic form, the indispensability and importance of such systems cannot be overestimated. At the same time, each of them has its own capabilities: some services are available in certain countries, others accept money only in one currency, while others offer customers a wide range of services but withhold large commissions.
The rapid growth of cashless payments has contributed to the emergence of a multitude of online payment instruments , among which Skrill, Neteller and PayPal are the most actively integrated into gembling projects, as over 20 years of operation these brands have become world leaders and have a high reputation. The first two systems are part of the international online payment company Paysafe Group and PayPal is an independent company. What are the advantages and features of these methods for gembling platforms and directly Filipinos and foreign users is an issue that requires separate consideration.
The Skrill system, which until 2011 was called Moneybookers, allows gamblers to make payments as quickly as possible only via email. To make a deposit on the Skrill gaming website, you can choose between two ways - create a Skrill account on the website or get a card that is valid in many countries.
Withdrawals are made to the card or to a personal bank account. It is possible to link several accounts to an account and use the one available at a bank in your country of residence to reduce the withdrawal fee by about 50% compared to other accounts. Main characteristics of the method:
The Skrill system guarantees a high level of payment security. To make a deposit, you only need to specify the card or account details once. In future, all transactions will be carried out automatically. To do this, you will only need to specify your Skrill email as an identifier and enter your password. The transfer of any data via Skrill is done using encryption technology (SSL), and gamblers are additionally encouraged to use two-level authentication by Google Authenticator. Thus, in order to perform any transaction, in addition to e-mail and password, a one-time code will also have to be entered, which will be sent by text to the phone.
When depositing via credit/debit card, bank transfer or deposit, the payment is processed instantly, so the funds are immediately deposited into the game balance and you can play for money. If the funds are deposited directly from the bank account, the transaction will be processed between 2 and 5 days. Withdrawals are made using the same method as deposits and take a similar amount of time. For example, withdrawals from Skrill will be made instantly from any ATM and from a bank account within 2-5 business days. If VISA is used, the withdrawal period is extended to 7 days.
Most gemblers choose this payment system because of its low fees. Your Skrill account opens for free. When depositing, 1% is withheld and when withdrawing or transferring money, 1.9% of the payment amount is withheld, but not more than 20 euros. If the transaction involves currency conversion, a system fee of 3.99% is added to the exchange rate. If the account is not used for more than 12 months, 3 euros will be deducted from the account balance each month as a service fee.
The system provides for a 4-level VIP programme, which gives access to lower tariffs and limited offers.
Skrill payment system is most actively used by European users as an alternative to PayPal. Gemblers choose this method for its reliability, high speed of money entry and exit, and ease of use. However, there are also some disadvantages, such as the fact that this electronic payment system cannot exchange money with other systems. If the Skrill administration detects such a violation, it reserves the right to block the account. Another disadvantage is that there are relatively few ways to deposit and withdraw money from the system itself.
The Neteller company was incorporated in 1999 on the Isle of Man and has been focused from the outset on transactions in poker rooms and other Neteller gambling sites. Today the service is used in more than 200 countries and is integrated by many casino operators and bookmakers into their websites. The fact is that Neteller is one of the most convenient tools for online payments, it offers more than 60 methods of deposit and five methods of withdrawal, including bank transfers, withdrawal to a bank account and shopping in online shops. For residents of the Russian Federation the situation here is similar to Skrill - only when interacting with legal BCs.
As with Skrill, SSL encryption technology is used to ensure payment security. User data is stored on secure servers, which are accessible only to specialists with special access status. To comply with all security standards, the company operates under the regulations of the Financial Services Authority (FCA) in the UK and is regularly audited by auditors.
Deposits are processed instantly and the current balance is updated within a few hours. As for the withdrawal period, this depends on the deposit method and averages from several hours to 2-3 business days.
Transfers within the electronic system are subject to a minimum fee of 1% and transactions in poker rooms and other gembling projects are free of charge. When withdrawing money from an ATM, the system retains 6 dollars, and by bank transfer or personal cheque it retains 10 dollars. There is a 3.39% conversion fee. For all bank card transactions, 1.75% of the amount will be charged.
The system's special offer is the possibility of ordering a plastic or virtual Net+ card, with which it is easy to withdraw cash from any ATM and pay for purchases at shops accepting MasterCard cards. A separate advantage for gamblers is that funds from the card can be easily transferred to online casinos/BCs and vice versa - winnings from the gaming account are transferred to it. Moreover, there is no commission from Neteller for such transactions. The issue of the first card is free, but each subsequent card will cost 2.6 dollars. After the order, the plastic card will be delivered within 21 days and the cost of transportation and processing will be $10.4. The Net+ card is valid for 3 years.
The system provides for a 5-level loyalty programme, which opens up various privileges for active users and increases limits on monetary transactions.