The method and processing of payments represent a major aspect to consider when choosing a bingo site to play on. What payment methods are available for deposit and withdrawal? How easy is it to open an account with one of them? How safe is it to use them on the bingo site of your choice? These are just some of the questions that you should be considering when looking into the pros and cons of playing bingo online.
What is a payment solution for online bingo?
Known as payment gateways, these solutions represent a software application that facilitates the information transfer between a portal (an online bingo site, in our case) and payment processor. Payment gateways make it possible to use our credit cards or e-wallets in order to deposit or withdraw money to and from our onsite accounts in a secure manner.
Main types of credit cards – Pros and Cons
The main types of credit cards accepted as payment methods on bingo sites are Visa, Maestro, MasterCard and American Express. Accepted in over 200 countries and more than 30 million online and offline merchants, Visa and MasterCard are by far the most popular types of credit cards accepted on bingo sites. The trademark of MasterCard for PIN-based debit cards, Maestro is the equivalent of Visa Electron and might have certain limitations for online use. American Express might not be accepted on bingo sites based outside the US.
Transactions using a credit card are generally hassle-free and secure. One thing you should check before using your credit card on a bingo site (or any other kind of website for that matter) is that the respective portal uses acceptable encryption technology. The most commonly used method of encryption is SSL (Secure Sockets Layer). If you want to know that your data is safe, make sure the site has a valid SSL certificate issued by a reliable certification authority such as VeriSign, GeoTrust, Comodo, DigiCert, Thawte, Go Daddy or Network Solutions.
Main Types Of E-Wallets – Pros and Cons
An e-wallet is a payment gateway that allows you to connect a number of credit cards and bank account numbers into one online account. You have the option of topping up your e-wallet account by transferring money from your bank account or credit card, but you can also use the e-wallet account as an intermediary interface and charge your credit card through it instead of using it directly on the internet.
PayPal is the world’s leading e-wallet, and can be used worldwide. Its greatest advantage lies in the fact that there are no charges for users making an online payment for goods or services. However, its availability on bingo sites is limited.
You can find out our recommended bingo sites that accept PayPal right here.
This e-wallet is a good option to use for online bingo players as it’s secure and is widely accepted on bingo sites. Moreover, using your Skrill wallet online is free of charge. The same goes for withdrawing money to your Skrill account.
This is another good option as it is accepted on most bingo sites. Free to use on merchant sites, Netteller has flat fees for withdrawal.
This option is less popular than all the above-mentioned e-wallets. Fees for online transactions depend on the account’s currency and country of residence.
Withdrawing your Bingo Winnings
When talking about bingo payment methods, most people think solely about deposits. However, withdrawing your bingo winnings is equally important.
Before you choose a bingo site to play on, make sure you read the terms and conditions so that you’re fully aware of minimum withdrawal amounts, minimum deposit, and any wagering requirements before you can withdraw your money. Be aware you might be required to verify your identity before your withdrawal request is processed.