PayPal Online casinos
Established in 1998, PayPal is a global online payment system that is used for electronic transfer of money as opposed to the traditional money orders and checks. It can also be used to deposit money into accounts like online casinos and paying for goods and services like on Amazon. It can also be used for withdrawing your money from virtually any account, including your winnings from an online casino. Since PayPal is a payment system that is accepted all over across the globe, most of the top and even local online casinos accept it as a payment and withdrawal method.
Considered as the world's largest and most famous online payment system with operations in over 200 countries, PayPal was started in 1998 as Confinity Inc. The founders Luke Nosek, Ken Howery, Max Levchin, and Peter Thie, came together to solve a long-standing problem of a secure money transfer on simple devices like Mobile Phones and computers. It was officially launched in October of 2000, where there were promotions like referral fees, sign up bonuses, and little to no cost for transactions. Between 2000 and 2002, PayPal had grown so fast, with up to 5 million customers and millions of transactions. It even featured on NASDAQ when its shares rose to up to 55%.
PayPal was later in 2002 acquired by e-Bay, which brought on board up to 50 million customers across the globe. With millions of transactions weekly, it became inevitable that it should be used as a payment method on almost all the online casino platforms. PayPal has acquired other payment options like the Venmo payment app, Xoom money transfer, Modest, and even Paydiant. It has also signed contracts with other payment options like MasterCard, enabling them to co-pay, withdraw, and transfer money. The fact that it trades and transfers money in more than 55 currencies all across the globe makes it a must-have payment option for almost all, if not all, online casinos.
PayPal charges a fixed rate of between 2.9% to 4.4 % depending on the country and the amount of transaction. Domestic payment rates may also apply depending on the local Bank or financial institution. The transaction speed may range within 24 hours to 5 business days, depending on the transaction. If you do not receive your money within the required time, you can immediately launch a problem-solving request with the PayPal resolution center. It is also worth noting that PayPal offers you currency conversion choices with more than 56 currencies.
PayPal also offers users options where they can link their PayPal accounts with their local Bank, credit, and debit cards like Visa and other local financial institutions. It also provides you with inbuilt invoicing and payment for goods features.
PayPal Deposits and withdrawals
How to Deposit to casino using PayPal
Depositing money into your online casino account using PayPal is quite simple and not as hard as many people portray it to be. PayPal has three ways you can deposit into an online casino wallet directly from your PayPal online Wallet and also from a bank account connected to your PayPal account. The other way is from a debit card or credit card or any other local payment option connected to your PayPal account. Below is a step by step guide on how to deposit your money into an online casino.
- ?First, if you want to deposit your money into an online casino means that you are registered with it, and you have confirmed that it accepts PayPal as a payment option.
- ?Check if you have the necessary amount for a transaction in your PayPal wallet or bank account or credit card connected to your account. Keep in mind the charges and transfer fees.
- ?Log in to your online casino account, go to the payments or banking options page, and choose PayPal as your payment option.
- ?Enter the amount you wish to deposit and confirm the transaction through a text message prompt. Your transaction should reflect in your online casino account within 48 hours.
Withdrawal from your online account using PayPal is even much simpler. Depending on your online casino, the process and transaction processing time may vary.
- ?Make sure the amount has reached the minimum amount to withdraw. Most online casinos will need identification or any proof that it is you before you withdraw.
- ?Go to the banking or payments page of your online casino account.
- ?Choose PayPal as your withdrawal option and confirm the transaction.
Transaction times may vary, but if you are withdrawing to a Debit or credit card, it should reflect within minutes, and if you are withdrawing to a bank account, it should take less than 24 hours. MasterCard, Visa, and Maestro usually take longer than the other financial institutions like mobile money and bank transfer. Other factors that might affect the transaction speed and time include the type of online casino and even the local payment option. It is also worth noting that MasterCard does not accept withdrawals from online casinos.
Pros and cons of PayPal
- ?PayPal, compared to other payment options, is easy and fast to use.
- ?With global coverage of up to 202 countries and over 56 currencies, you can virtually send money and receive it from anywhere.
- ?With the high-end encryption and security features, your transactions are safe. PayPal also has a 180-day dispute resolution window.
- ?It can be used on almost any device, and also sending money to family and friends is free.
- ?It records every transaction you make and invoices.
- ?The charges for business accounts are somewhat high to up to 5% of the transaction.
- ?PayPal also freezes your account without any warning or explanation.
- ?There are additional fees from banks and other transactional partners.
- ?It is a hotbed of scams and phishing.
PayPal Casinos FAQ?
Is it safe to play at PayPal casinos?
Since PayPal is safe, secure, and a tried and tested payment option, it is perfectly safe to play on PayPal online casinos. In addition to the online casino security measures, PayPal also have their security and identification details measure that you have to pass before a transaction is accepted.
Do every casino accept the PayPal payment method?
Most of the top casinos across the globe accept PayPal as a payment option. Only a handful of casinos do not accept PayPal as a payment option.
Are PayPal casinos legit?
Yes, all the online casinos using the PayPal option are vetted before PayPal accepts to partner with them. If PayPal feels that an online casino is going contrary to the rules, it immediately ceases its partnership.