About Payment Options
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About Payment Options

Generally, bettors can be roughly divided into those who prefer traditional off-line payment methods (such as bank wires or personal cheques) and those who favor on-line methods (such as credit cards, e-wallets or online banking). The opponents of traditional transactions claim that these are time-consuming (e.g. the 'pending' status of bank transfers), quite expensive and prone to human errors; whereas e-commerce, as it is in the best interest of both consumers and merchants, is progressively, becoming easier, more comfortable and, what is important, more secure.

Payment options for online bookmakers

At present most online bookmakers offer similar wide selection of options. Below, is a very brief description of the ways in which the player can deposit or withdraw their funds.

  
ONLINE PAYMENT METHODS:
 
  • Debit and Credit cards – the most universal option as approximately 80% of all the payment operations on the Internet are conducted using a credit card, and most of them with Visa.
     
    How does it work: in order to make a deposit to your betting account, you have to register your card by entering your personal details, the card number, date of expiration and verification code. Secure servers and encryption technology are used by respectable bookmakers to ensure that credit and debit card transactions are safe.
     
    Deposit: instant (up to 10 min.), fees are bookmaker-specific, e.g. no fees, 1-2% or sometimes more. Withdrawal: it may also be possible to withdraw funds from your account using the card, and only if the same card was earlier used for deposit, transfer time is 1-5 working days.
     
     
  • Online Wallet/ E-Wallet/ Internet Wallet – encrypted storage system holding user's: funds (uploaded to the e-wallet account via e.g. bank transfer, pre-paid card, credit card), and data (including financial and personal information) for the purpose of easy retrieval during online purchases. These Internet “intermediaries” are popular among many players allowing them to quickly and conveniently deposit funds into their betting accounts.
     
    How does it work: In order to create an E-Wallet account you have to register online providing your e-mail address and personal details. Then you can upload money to your E-Wallet account via cheques, credit cards, debit cards, bank wires or prepaid cards.
     
    Deposit: instant (up to 10 minutes). Receiving money: instant. Fees: Running an e-Wallet account is usually free, whereas fees for any operations using the e-Wallet tend to vary from e-purse to e-purse.
     
  • Online Banking (also Online Bank Transfer)the online equivalent of the traditional Bank Transfer. Fees: vary (usually from 1% to 2,5%). Time: 2-3 business days.

        Examples: Sofortuberweisung, EPS, Przelewy24 and more

  • PrePaid Cards ( Vouchers )– cards which funding is limited to the card value and which can be bought at shops/online/via bank without disclosing personal information,. During payment process and their Prepaid Cards are very safe as buying them does not entail disclosing personal information, and the personal details of a customer are not required during the payment process.
     
    Examples:
  1. Paysafecard can be bought at any retailer, e.g. petrol stations, post offices, corner shops, newsagents, chemists, linked to PayPoint. They can have one of the following following values10 EUR/GBP, 25 EUR/GBP, 50 EUR/GBP or 75 EUR/GBP. The card contains a 16-character PIN code which has to be entered at the website where you wish to bet or play. You may buy several Paysafecards if you need to pay larger amounts. Paysafecards are available in more than 280.000 points in more than 20 European countries.
  2. Ukash voucher can also be purchased in locations with the PayPoint sign, but for no more than 750 EUR/500 GBP. It contains 19-digit number which represents an easy and secure access to online transactions. Ukash is available in more than 320,000 physical issuing points, in 26 countries worldwide.
  3. EntroPay, a prepaid Visa card, allows you to make online purchases with the spending limited to the amount of money loaded onto the card. EntroPay works like a normal VISA card, but it is not tied to a bank account. It may be used online wherever VISA is accepted.
 
OFFLINE:
 
  • Bank Wire Transfer (outside of North America also Money TT or Telegraphic Transfer) – very straightforward and safe way of making payments, especially popular in Europe with several million transactions daily.
     
    How does it work: fill out a form at your bank with the details of the recipient (bookmaker's banking information), your bank will send to the recipient's account the amount of cash from your bank account, and usually the recipient will receive the money in 3-5 days, or 2 weeks when you wire the money to a foreign bank (International Bank Wire).
     
    Fees for the service vary from bank to bank. For instance $25 (as of 2010, for sending, Bank of America). it takes about 2-5 business days when you wire the money to a local bank; in order to send a bank wire you need to give your bank the, or alternatively you can use a home banking service
     
  •  Personal Cheque – in simplest words cheque is a document instructing your bank to pay a specific amount of cash from your bank account; thismethod is very infrequently offered by online bookmakers.
     
    How does it work: cheque need to be sent it via regular mail or courier to the bookmaker's mailing address. Fees: free of charge (provided that there are sufficient funds on your account). Time: depends on the delivery method.
  •  Bank Cheque (also Bank Draft, Cashier's Cheque) a cheque which is paid by the bank itself (written by a bank on its own funds). It can be purchased by the customer at the bank (full face value of the check, plus a small service fee), and then send to the recipient (a payee).
 
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