PayPal is one of the most respected online payment options in the world. It was founded in 1998. First known as Confinity, it merged with X.com to become PayPal in 2001. PayPal offers a free service for most bank transfers.
This is different than other casino payment options. It does not mean PayPal’s entire service offerings are free. If you own a business and take payments from consumers or are paid from a business for services rendered, you do pay fees. However, transferring money directly to your bank account or from your bank account is free. As long as you do not use a credit card or debit card for the transfer and move money from your bank to a casino and back to the bank, the payment system is free. Some countries do not support PayPal, but if you live in a place with online casinos that allow PayPal, it is worth using.
PayPal has a long history as being an online banking system you can trust. Over 200 million users currently use PayPal for their online needs. Beyond the reason for PayPal as a trusted deposit and withdrawal source, the security, speed, and International reach make it worth using at online casinos.
Security
PayPal is secure. They have a 100% guarantee against fraud to ensure no unauthorized payments are made or if something does occur, you do not have to worry about losing money. For online mobile transactions, they offer authentication numbers where you are given a unique code to use in online casinos. These numbers do not tie to your account or your phone, ensuring there is an increase in security between your transfers.
Speed
PayPal is improving its speed all the time. It used to take 3 to 4 days for a transfer of money from PayPal to a bank account. However, if you request the transfer early in the day, it will process within 24 hours. Depositing money into a casino is instantaneous. The speed ensures you can start playing as soon as you wish rather than having to wait for the money like other methods.
International Reach
PayPal has an international reach, with 190 nations allowing PayPal usage. More than 30 countries including the New Zealand dollar is accepted by PayPal for transfers. You can transfer funds from online casinos or to the casinos in your currency.
Cons of PayPal
There are very few downsides to online casinos and PayPal. The company is committed to ensuring fraud and illegal activity do not occur. PayPal has strict terms and conditions, which if you violate them, your account will be frozen, and your funds held until the matter is cleared up.
Making Deposits with PayPal
Make sure you have money in your PayPal account or transfer it to PayPal from your bank account. For those who have not set up a PayPal account, you will need to set it up with an email, password, and verify your email and bank account information. Once that is done, you go to the “Cashier” in the casino, select the method of deposit, and then you can follow the prompts given, including giving a secondary ID number to keep your personal information anonymous for better security.
Withdrawing with PayPal
You can also withdraw your funds from the online casino using PayPal. To withdraw the funds, go to the casino page, select withdraw, PayPal, and the amount. You will be given prompts to follow to make it possible for you to get your winnings out of the casino.
Conclusions about Using PayPal
PayPal is not like an e-wallet that works like a credit card. PayPal does have a credit card, and it is an electronic payment system. The difference is that you create an account that ties to your bank, and then make a simple transfer versus using a credit card number. PayPal is a leader in the industry that guarantees their services.