PayPal has long been a popular eWallet option for various transactions. As one of the early eWallets, it was easy to use. It also made online, secure payments a breeze. Of course, there are now a variety of other payment methods out there too, but PayPal has still retained a top position as the payment method to beat. Not only is it still a common, clickable option at online store checkouts, but it’s also popularly available at online casinos. So why has this become the case? Let’s take a look and see.
What is PayPal?
As mentioned, PayPal is an online eWallet payment system. It was founded in 1998 and has only grown and expanded since then. The platform is available both in browser and mobile app form. Its main goal is to facilitate online money transfers. This means that users need to make an account and connect it to a bank account and a card. Identification must be provided by the user and once this has been confirmed, then the PayPal account is set up. At this point, users can send and receive money between PayPal accounts, send and receive money from bank accounts, or simply use PayPal to make a purchase directly at an online platform. Direct purchases can use funds stored in the PayPal account, or funds funnelled through PayPal direct from the bank account as a go-between or middleman. It’s also possible to get a PayPal credit or debit card as well.
The benefits of using PayPal online
As with all financial transactions, the onus of any payment method is to be safe and secure. With this in mind and numerous other factors, PayPal represents a solid option for casino players. Let’s take a look at some of the top benefits for players using this method.
In terms of safety and security, PayPal is a good option. It’s got advanced security protocols in place to protect player information. As such, it reduces the chance for scams or even identity theft. On top of that, PayPal has privacy security, which means that there is great protection between the player and the casino. It means that sensitive banking information is never shared with the casino itself. This way, even if the casino doesn’t have the highest encryption protocols in place, it’s impossible for someone to get financial information as it’s never provided to the casino. Not only this, but PayPal also has specific customer security, which means that it’s possible to get help from PayPal should there be an unauthorised transaction, or a non-delivery of services. With buyer protection in place, players can easily enjoy secure options.
Another really great thing about PayPal is that it is very accessible. These days, it’s found in more than 70 countries around the world, which means that players the world over can choose to use this payment method. Additionally, many UK online casinos accept it as a payment method, which makes it very easy to find a casino offering PayPal as an option. If this wasn’t enough, then the actual processing time of transactions is also excellent. PayPal can provide instant deposits to online casinos, so that players can get up and running right away with our delays. Additionally, this comes with relatively fast withdrawal times, which means that there are lower wait times when it comes to claiming a win.
Downsides to PayPal
While there is a lot to like about this payment method, it’s not for everyone. There are some downsides, too. For instance, while it is accessible at many online casinos, it’s not always provided in some jurisdictions. Players in the UK are lucky though, as most casinos offer it. That being said, if you’re wondering where to find a PayPal casino site, there are plenty of options out there, as well as a specific website dedicated to listing the top PayPal casinos in the UK to make this process super easy.
Another downside to consider is that there are fees associated with PayPal. While transferring or withdrawing funds to and from a casino are usually free, there are always fees for transferring money out of a PayPal account. The size of the fee depends on the transaction type and whether currency conversion fees are also in place. It’s essential to check all the purchase costs that might be associated with any PayPal transactions as these can be higher than planned. Often, the fees will differ in different countries too.
Another downside to using PayPal at an online casino is the restriction when it comes to bonuses. At many online casinos, payments and deposits using eWallets such as PayPal, Skrill or Neteller, are often excluded from claiming a bonus. This means that, while the deposit is swift, there is no way to boost the bankroll. If bonuses are an important part of playing casino games to boost the bankroll, then this is not the best option.
Finally, PayPal, as part of its stringent security protocols, this does require that account verification must be performed. This means that there are extra steps users have to go through in order to validate their account and begin to use it. Users need to link a bank account or card to their PayPal account, as well as to supply identifying documents. This can be time-consuming in some cases, and some players don’t like having to provide this type of information if it can be avoided.
Despite some of the downsides, PayPal still remains one of the most popular eWallets out there, for both online casinos and shopping. There are numerous benefits, not least the speed and ease of transactions. It offers great security for those anxious to avoid providing online casinos with pertinent financial information. However, the fact that there can be fees, and the limitation on bonuses is a downer. With this in mind, players need to carefully consider the pros and cons before deciding to use PayPal at their chosen online casino.
