We’re breaking down why alternative payment methods are beneficial to online casinos.
Alternative payment methods are everywhere, with the one term covering a whole host of payment options including e-wallets, mobile payments, bank transfers, and cryptocurrencies – and online casinos have taken notice. We’re breaking down why alternative payment methods are beneficial to online casinos.
More likely to gain your withdrawals
Added to that is the issue that regular online banking transactions are likely to be rejected. A lot of online banking transactions don’t go through, whereas alternative payment methods reduce that by up to four times. This makes for a better customer experience, raising the profile of the casino.
Faster deposits and withdrawals
Cryptocurrency, in particular, has become loved by iGaming customers due to its lack of red tape. By avoiding the banks as the decentralized nature of cryptocurrency allows, deposits are shown in the account almost instantly, casinos with no deposit bonus offers. Withdrawals also benefit, with them no longer taking 3-5 working days, but are likely to be seen within the day.
Higher security
A lot of alternative payment options, including e-wallets, mobile options, and cryptocurrency, offer enhanced security. This is mainly achieved with end-to-end encryption, which blocks anyone hacking into a network to grab your money or your bank details from accessing the transaction. It also prevents them from coat-tailing the transaction to the consumer or the business and accessing their data.
Plus, transactions are instantly recorded, creating an automatic paper trail of transactions. The combination of face ID, fingerprint recognition software and other security features means that payments are more secure, less likely to be the product of a toddler having got a hold of their mother’s phone.
Simpler processes
E-wallet options are linked to your bank account, which means you no longer need to input the same details everywhere you go, which customers tend to find long winded and tedious. Instead, you can store your bank details in your e-wallet, then simply log in and let them take it from there.
More international customers
As iGaming continues to become more mainstream, governments are reducing their strict laws on online gambling. Users around the world are already using VPNs to access online casinos, so the states and countries that are allowing online gambling might as well gain the great amount of tax revenue that is coming from the industry.
New Jersey, for example, with Atlantic City closed for lockdown, saved the state with online banking and tax revenue that reached $84 million. This might well have prompted more laxing of online gambling laws in states across the US.
Meanwhile, Ontario, Canada is just the latest to relax its laws on online gambling, following a long list of US states, Denmark, African countries like South Africa and Kenya and more over the past two years.
Alternative payment methods means that all these new international customers, that are likely to be visiting your site as they wish, don’t need all the muss and fuss of converting their national currency into online casino chips.
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