Casino PayPal payment
PayPal is the most popular payment method used by online casino players to fund their accounts in order to enjoy their favourite gambling games from the comfort of their own homes. Make sure to check out some of the useful information below so you know how and where to use your online wallet safely and correctly. Here are some online casinos in the UK that accept the PayPal method.
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When choosing an online casino that accepts the PayPal payment method, there are some things you need to take into consideration. First of all, whilst most online casino operators charge no fees for deposits, there are a few that do. The reason behind it? They may be allowing for a lower minimum deposit, but will charge the customers for using the PayPal payment service. On the other hand, there are those who will not charge any payment fee and still offer a very low minimum deposit.
Secondly, another aspect to be taken into consideration is the time-related difference between deposits and withdrawals when using PayPal, or any other method that is. While deposits are almost instant, withdrawals automatically take more time due to the check-ups implied: online casino operators need to make sure that the terms and conditions regarding the accumulated sums and bonuses are observed and they also must verify is the identity data of the user checks out.
Security with PayPal
PayPal is one of the safest methods of online payment on the market, having achieved and maintaining its top position due to its proactive approach in closely and professionally monitoring all transactions and always searching gor ways of improvement, when possible.
To begin with, PayPal users are not required to disclose personal information when making an online payment, and this also applies to online casinos, when first and further deposits are made to fund online accounts. All you need to make a deposit with PayPal is your name and password, thus saving time and effort. Related to the PayPal password, the operators advise you to create a strong one, meaning that you should use at least 10 characters, including capital letters, special characters and numbers. Moreover, you should create it as a new password, and not use it for any other accounts you may own. And try to remember it without having to write it down.
Privacy of the data used with your PayPal account is also highly secured through the use of the latest encryption technology, so that your transactions cannot be hacked. The online casino deposit process is a simple one and should be recognized as follows: When you make a deposit, a security window will pop up, taking you to the official website of the company. After filling in the necessary fields with your name and password, you will proceed with your transaction.
Other key elements to look for before making a transaction are the SSL certificate (usually present at the beginning of the address bar in your browser, represented by a small green padlock symbol, and the website URL which must have “https://” at the start.
On the official PayPal website you can find out anything you need to know to avoid scamming and phishing emails. To just give you an example, the PayPal officials will never send you an email addressed to “Dear User”, instead always using your name and always advise you to forward any sketchy email that you receive, to make sure it is not a fraudulent threat to you.
When buying a product or in this case, you pay for a gambling service online, you are ensured through PayPal’s Buyer Protection Policy. This service guarantees that what you pay for matches its description. If not, you get your money back. On the other side, PayPal also provides a Seller Protection Policy which ensures safety for merchants against fraudulent or unauthorized payments.
Moreover, PayPal is very well-known for working only with licensed online casinos. So, in order to be sure that such a online gambling organization is legit, all you need to check if it has a PayPal payment method. This is mainly due to the Unlawful Internet Gambling Enforcement Act (UIGEA) that entered into force in 2006. This doesn’t mean, however, that the online casinos who do not provide a PayPal payment method are unsafe or unlawful. This is just a rule of PayPal to reassure users that the casinos are 100% legally licensed and law abiding.
Why do some online casinos refuse to use PayPal?
Simply put, because of the fees involved. As we have stated earlier, each online casino company must pay fees to provide their customers with the PayPal payment method. Most of them absorb these costs, so customers do not have to make payments for deposits or withdrawals, but there are a few that let the customers get charged with these fees. So, instead of risking to lose their customers because the online casino cannot or doesn’t want to lose the fee percentage, they simply refuse to have the PayPal payment option, using other types of payments or e-wallets.
See in the chart below the fees charged by PayPal, compared to two other e-wallets when customers make a deposit or withdrawal and what services come for free.
|Fees for Sending Money||Free or 3.4% + 20p when using a credit card||1% up to R10 max||free|
|Fees for Receiving Money||3.4% + 20p||free||free|
|Charge your Account via Credit Card||3.4% + 20p||1,90%||1.9% – 4.95%|
|Charge your Account via Bank Transfer||free||free||free|
|Charge your Account via Other Methods||free||1.9% – 5.5%||0% – 9.9%|
|Fees for the Debit Card||not available||R6.96 per year||Free, R2 for extra cards|
|Fees for ATM Withdrawals||not available||R1.25||R3|
|Fees for Currency Exchange||3 – 4%||2.99% – 4.99%%||2,95%|
|Inactivity Fees||no fees, account closed after 3 years inactivity||R1 (or equivalent) per month after 12 months inactivity||Up to R30 per year after 14 months inactivity|
A bit about PayPal
PayPal Holding Inc. was founded in December 1998, with the launching of Confinity.com. With a primary activity consisting in security software development, the company turned to money transfer services in 2000, when it merged with X.com, an online banking company founded by Elon Musk. It got it’s current name only in 2001 and just one year later became a public company, with a strong presence on the stock market.
In 2002, PayPal became an official eBay subsidiary, being used as a payment method by most eBay users. It started to compete with the other eBay subsidiary, Billpoint, which closed in the following years.
In 2005, PayPal acquired VeriSign payment method and was able to provide more security support.
In 2007, PayPal began a partnership with MasterCard, which resulted in the PayPal Secure Card service, developing a single-use MasterCard number for each checkout and thus allowing its customers to also make payments on websites that did not accept PayPal as a payment method.
The same year, PayPal obtained a Luxembourg banking license, becoming thus regulated by the Commission de Surveillance du Secteur Financier, the authority supervising all Luxembourg banking activity.
In 2008, PayPal enhanced its proprietary fraud management systems by acquiring Fraud Services, an Israeli company focused on online risk tools.
In 2011, PayPal took its business offline, so that customers could use their services in brick-and-mortar stores too.
In 2012 the company began its partnership with Discover Card, allowing for PayPal payments to extend to that network as well.
In 2013, PayPal further developed its services by gaining access to engagement software (after acquiring IronPearl company) and to product development and mobile services (acquiring Braintree’s payment gateway).
In 2104, PayPal announced its separation from eBay, with its completion in 2015. when Dan Schulman took the CEO position.
PayPal has thus gained a top position among the online payment companies in the world, actively operating in over 200 markets and with 26 currencies, having approx. 170 million users and billions of payments.
In conclusion, it is safe to say that PayPal is one of the most popular online payment methods used by online casinos, and still, customers who have certain preferences can still choose from among the other e-wallet options available. Make sure to check each online casino’s online payment plan and see what best suits you in terms of fees, options and security.