PayPal is one of the biggest electronic funds transfer companies in the world. The company really caught on when they calibrated with eBay, who later bought out PayPal. Since then they have been a little slow to really break into the gambling industry, but these days are much more acknowledged worldwide as a legitimate banking option for most high profile gaming sites.
Over the years, PayPal has won many awards for its contributions to online payment solutions and also their security. They are widely regarded as the biggest e-wallet in the business by most and are fast becoming the stalwart of the gambling industry as well.
What is PayPal and how does it work with online gambling?
PayPal is an e-wallet that allows you to transfer funds to and from your bank account into gambling sites. It eliminates the need to have bank details on countless betting sites and instead, just have the one PayPal account linked up to all of them.
The process for banking with PayPal on gambling sites is actually very easy. The first step will require you to deposit funds into your PayPal account via your bank. Once you have done this, the gambling site will often ask you to confirm the amount you want to deposit and then log into your PayPal account to verify the process.
One of the best things about PayPal is that in the majority of cases, it’s completely free to deposit funds and an instant process.
What are the benefits of using PayPal?
The biggest benefit of using an e-wallet such as PayPal is their fees. They are much lower than pretty much all of the competition out there. Depositing funds from your bank and into your gambling site will be completely free. The charges come in the form of withdrawing back to your PayPal account. You will typically be charged 4% on all transactions that come in, unless the funds have been sent as a gift, where the charges will be removed.
Processing times is also another major reason why so many people choose PayPal over the competition. Instead of it taking days to get money back to your bank from the gambling site, most transactions are processed within minutes or just hours of you submitting your request. This is down to the security features that are in place for PayPal, making the process much less strenuous than that of your typical bank.
We mentioned earlier that you need to deposit funds into your PayPal account to make transactions. Well, this isn’t 100% true! You can set your bank account up to be a direct debit into PayPal. This means that you don’t need to keep PayPal funded and when you require funds to come out of your PayPal account into your betting account, PayPal will direct debit your bank account to make the funds instantly available.
PayPal also include a pre paid card for their users in the form of a MasterCard. It means you can access your funds from any ATM or point of sale, provided that you have a funded account. Note, this will not work using direct debit method, as mentioned above.