Selecting a good funding method for your online casino account is vital to ensure a good online gambling experience, you can’t leave aside the fact that in online casinos is all about money so selecting the right channel for making deposits and withdrawals from your casino account becomes a very important decision.
In this article we’ll analyze on of the most popular and fast growing companies that offer online payments and that is usually accepted at the vast majority of online casinos: Paysafecard. We’ll give you a brief introduction to the company, their services and added values and we’ll examine their advantages and disadvantages as a payment method at online casinos.
Some background on Paysafecard
The company; Paysafe Holdings UK Limited started operations in 2000 based in Austria, after only one year the company started offering its prepaid cards also in Germany and started its expansion that hasn’t stopped until today when after 18 years in the market it has presence in 46 countries around the globe and offer safe transactions in 26 different currencies. The growth of the company wasn’t only notorious at their geographic expansion, through their development they have been awarded several times by different institution as one of the most valuable online payment service provider.
Another important reference in their expansion has been the acquisition of other online payment companies. In 2011 they acquired the company Wallie a payment provider company based in Netherlands and in 2015 the company took another big step by acquiring the British online payment provider Ukash.
A final detail that you can’t miss about Paysafecard is the fact that the company was acquired in 2013 by Skrill Group, which is owned by Optimal Payments; the online payment consortium that now at days has in its portfolio other big payment providers such as: Neteller and Payolution. So, you can be sure that when opting for using Paysafecard to fund your online casino account, you’ll be selecting a serious company with a well stablished background on online payment services.
Paysafecard Updates 2021
According to a sports betting consumer report published by Paysafe in 2019, 55% of U.S. players would rather pay using eChash with methods like Paysafecard, to keep their personal information from being stored in online bookmakers.
Paysafe company has completed a $9 billion dollar merger with Bill Foley´s Trasimene Acquisition Corp II, making it a public stock exchange company.
In May 2021, Paysafecard published a list of 6 very popular sports events for bettors to look forward to, these include; the Superbowl, the UEFA championship, Boxing, the NBA finals, Formula 1 and the Wimbledon championship.
Paysafe´s CEO Philip McHugh stated that Paysafe is used and accepted by approximately 75% of all online gambling operators, this figure considers the use of Paysafecards, digital wallets, and instant ACH transfers.
Paysafecard and premier eSports organization “G2 eSports” have announced a continuing partnership for the 2021 season, making it the 5th year in a row celebrating this fruitful collaboration.
Addressing such a dynamic market as online payment industry is, Paysafecard knew they needed to keep evolving to present different products that will satisfy the different needs of online users. Below a detailed description of their three main services and their specifications:
Paysafecard: This is their flagship product, these prepaid cards can be acquired on any of their multiple sales outlets for a stablished amount of money, which you will have as funds in the card. Each card has a PIN of 16 digits as any other debit or credit card and for using it at online platforms you only have to provide your card’s PIN and the funds will be deducted from your card balance.
My Paysafecard: This service is basically an online portal where you can manage your prepaid cards to have better control of your balances and to accelerate your online payments. It’s important to remark that this is an optional service and that you still have all the advantages of using single paysafecards plus the benefits of their fidelity program MyPLUS.
Paysafecard Mastercard: Mixing online and physical payment solutions is not simple, however it represents one of the most valuable advantages for users. Having a payment solution that not only provides secure transfers for online purchases but also allows customers to use their funds to purchase products at brick and mortar establishments is a great added value and Paysafecard partnered with one of the most important global payment processing solution: Mastercard for doing so. With the Paysafecard Mastercard you keep all the advantages of using a traditional Paysafecard, meaning your account isn’t bounded to any bank account, and you can also use it to make purchases at any establishment where Mastercard is accepted.
Advantages of using Paysafecard at online casinos
In this section we’ll explain each one of the advantages of opting for Paysafecard when selecting a funding method at your online casino account:
Easy to find: Paysafecard network is really extensive, making it easy to find a sales outlet where you can find and buy these cards, they have more than 600,000 sales outlets worldwide and through their app and website they offer a supplier locator, so you can find the one closest to you.
Security: There’s a reason why the name of the company is Paysafecard, when option to use this funding method at online casinos you can be sure that your transactions will meet the best security guidelines. However, safe transfer isn’t the only added value offered by Paysafecard, in terms of information security you’ll find another plus; when using this transfer method, you won’t be required to provide any financial or even personal information by which your gambling hobby won’t be linked to any of your bank accounts.
Easy to use: The procedure of using Paysafecard for funding online casino accounts, or making any other online purchase, is very straightforward. You just have to visit a sales outlet and buy Paysafecard to transfer your cash to an electronic payment account, you’ll receive a card or a ticket with a 16 digit PIN that you’ll use to transfer those funds online.
Variety of usage: A big concern of online users about prepaid cards is the fact of having cash “trapped” on their cards and limited options to use them. Firstly, it’s important to mention that as the popularity of Paysafecard keeps expanding, there are everyday more online casinos that include them in their listings of payment options available to fund your gambling account. Another important fact to consider is that there are other several industries where paysafecard is being used, including both online and physical establishments, this way it’s easy to use the funds on your card, as mentioned before their partnership with Mastercard offer you the opportunity of spending the funds of your prepaid card in any establishment that accepts Mastercard.
Disadvantages of using Paysafecard at online casinos
This revolutionary and convenient payment method also present some features that represent disadvantages for some online casino users, below the description of the most important drawbacks of using Paysafecard for funding your online casino account:
Not all online casinos accept it: The first and most critical issue about Paysafecard at online casinos is the fact that not all online gambling platforms accept it as a payment method, it would be necessary to first make your online casino selection and then analyze if Paysafecard is available on their payment method listings.
Transfer timescales: One of the worst frustrations of online gamblers is the waiting time for profiting of their winnings, online casinos are well aware of this and they all try to become fast cashing-out casinos, however the time you have to wait for receiving your funds will depend on the payment method you selected and even when Paysafecard offer instant transfers when making deposits to your online casino account, when withdrawing your funds this is one of the payment methods with the longest timescales on the market, in general you’ll have to wait between 5 and 10 working days for receiving your online casino earnings on your Paysafecard.
Fees: Beside the cost of buying a Paysafecard, there are some fees you must take in consideration. Having a card without use for more than 12 moths will incur in a maintenance fee that will be deducted from your remaining funds, receiving refunds will also have a cost for you, and there’s also a conversion fee if you buy your Paysafecard in certain currency and you want to make payments in another one. Finally, there’s another fee for using your Paysafecard for topping-up your digital wallets, you can use your funds at Paysafecard to top-up your accounts of Neteller and Skrill however you must take in consideration that the transaction will incur in a fee of 7.5% of the amount transferred.
Minor protection: There is one big concern regarding the use of Paysafecard for online gambling; we are talking about minor protection. For many years, Paysafecard has gained popularity among gamers, they have partnered for several years with ESL, the world largest esports network which helped the brand to gain a good position among gamers and for this market segment Paysafecard present a great added value; you don’t have to be an adult to buy a Paysafecard, minors don’t have access to bank accounts but they can acquire these prepaid cards to subscribe to stream channels, make donations, participate in tournaments or buy game items, the big problem is they can also use them to play illegally at online casinos. As always, it is responsibility of users to know and follow their local laws about online gambling, and also let’s remember all online casinos require you to confirm your age when creating an account on their platforms, so if minors are betting at online casinos it’s only because they lied about their age.
Alternatives to Paysafecard for funding your online casino account
We’ve presented all the pros and cons of selecting Paysafecard for making deposits and withdrawals from online casinos, however, before you select it as your default payment method we highly suggest you compare it with other options, below we describe the most innovative and popular payment methods for your analysis, don’t forget you can find more payment methods analysis at our funding method section:
- Phone Bill: One of the most convenient payment methods for making deposits at online casinos, you don’t need to link your bank account to the online casino or drive to a sales outlet to buy a prepaid card, with this funding method you get the charge directly on your phone bill. Even when this is one of the most advantageous payment methods at online gambling platforms it also has some disadvantages as it can’t be used as for withdrawals and it isn’t available for everyone, in fact, it’s quite restrained to some European countries.
- Ethereum: Cryptocurrencies are revolutionizing the world of online payments, and online casinos have seen in these cryptocurrencies a great way to innovate and attract more tech savvy users. In recent years there has been an explosion of new cryptocurrencies appearing in the market, even when Bitcoin remains the king of the blockchain, Ethereum has been rising in popularity and has consolidated an important base of users, reason why online casinos have started to accept Ethereum as a payment method at their platforms. It’s important to remark that in order to profit all the major advantages of Ethereum you should select online casinos that only work with cryptocurrencies.
- Debit cards: Keep it simple! This is the default payment method you’ll find at the vast majority of online gambling platforms. If you already have a debit card you just have to associate it to your online casino account and you’ll be able to make deposits and withdrawals easily. A great advantage of this payment method is that it’s one of the fastest transfer methods at online casinos for both entering funds to your casino account and for withdrawing your gambling earnings.
- Entropay: If you like the idea of using prepaid and virtual cards for funding your online casino account, you might want to review other prepaid cards suppliers such as Entropay. Using Entropay at online casinos work mostly in the same way as doing it with Paysafecard, one of the main differences is that Entropay partnered with Visa while Paysafecard partnered with Mastercard, also, Entropay platform is more focused to canalize funds from bank and e-wallet accounts to your virtual card minimizing the use of sales outlets.
Now that you have reviewed Paysafecard features and compared it with other funding methods, you can decide if it’s the right payment method for your online casino account. Bear in mind you can select two or more funding methods since some will offer great advantages for making deposits and others will offer great advantages for withdrawing your gambling earnings, specially when talking about withdrawals timescales.
|Author: Tim Bolding
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Selecting the best banking option is crucial for your online casino journey, we invite you to check our exhaustive section of Payment Methods so you can compare different providers and select the one that works the best for you.