Established in 1998, PayPal is a USA based company which provides a digital payment platform, enabling their registered members to store money in a safe e-wallet environment and transfer it to other PayPal users. At the moment, there are almost 250 million PayPal account holders from over 200 different locations who handle their personal and business transactions via this network. To this day, PayPal remains one of the most popular means of payment for goods and services, allowing the consumers to receive their payments in 100 currencies, make withdrawals in 56 currencies and preserve their funds in 25 currencies.
Creating an account with PayPal is a three-step procedure and pretty much all one needs is an active email address. Once you select the type of an account you would like to set up (for everyday use, “Personal” should be able to meet all of your needs, while “Business” is a more advanced version for service and goods providers), you will be asked to provide your personal information and link the e-wallet to your payment card or bank account. The registration process is free, however, the company will charge a small amount from the linked card or account for authentication purposes and the money will then be returned to you.
Online Casinos & PayPal
Whether or not an online casino accepts PayPal as a payment method can be an indication of its reputability, especially since this particular electronic wallet is known for its elaborate security measures. Now that PayPal is once again available to online casino members (there was a break during their merge with eBay), a number of gaming sites include the platform as one of the accepted payment channels, since it reassures the players and adds to the casino’s respectability. Another advantage is that PayPal can be used for both deposits and withdrawals.
- Increased security level – the system employs 24/7 fraud detection scheme and the user is instantly notified when an irregular activity is spotted;
- Fast transactions – you will not be requested to re-enter any of your payment details. PayPal will play the role of a mediator, allowing you to submit your online payment in no more than a few clicks;
- Earn as you spend – PayPal has a loyalty system which adds points and miles every time you use it as a payment tool;
- Mobile device compatible – you can use PayPal through an app on your Android or iOS device;
- Phone customer support available – apart from sending an email, users can seek phone assistance or even use community chat to speak with PayPal moderators;
- Large coverage – numerous locations and currencies are accepted;
As already mentioned, PayPal is currently operating in over 200 regions, including areas in the Americas, Africa, Europe, and Asia. Some of the accepted currencies are AUD, CAD, USD, NZD, GBP, EUR, RUB, NOK, BRL, SGD, SEK, MXN, JPY… The full list of the main markets is provided on PayPal official site.
Areas of Use
PayPal can be used for any monetary transaction that comes to mind. Buyers can use the service for online and in-store payments without being charged a fee, whereas sellers can offer the method to their consumers for a selling fee of 2.9% with $0.30 per transaction. International sales come with a higher fee. Apart from using the e-wallet to fund your online casino cashier, you can also utilise it to send money to friends or relatives – the only information you will ever need is their email address or their phone numbers. Business owners can add PayPal to their checkouts, use it for business loans, invoicing, etc.
Deposit at Online Casinos
Once you are ready to transfer the funds to your online casino account, a drop-down menu will list all of the available payment methods – all you need to do is select PayPal from the list and a new window will pop up, prompting you to log into your account and select the amount you would like to deposit. The processing time is instant and the casino cashier should immediately display the funds. If your balance currency is not on the list of currencies accepted by the casino, you can make the conversion directly on PayPal.
Can I Make a Withdrawal?
One of the main advantages of PayPal and e-wallets, in general, is that you can also use them to withdraw the winnings. The procedure is similar to submitting the deposit; when you decide to withdraw the winnings from your cashier, simply select PayPal from the list of the offered methods and the casino will do the rest. After verifying and approving your request, the money will be settled on your PayPal account in 24 hours.
Safety & Security
PayPal uses an encryption technology to hide your sensitive data from others and full financial details will not be revealed to the payment recipient. This will not prevent you from receiving your refund or reimbursement since your email is all that a business or an online casino needs to re-direct your money back to you. If you feel that your consumer’s rights are in any way violated or that you are a victim of a fraud, contact PayPal representatives and start a dispute. The funds will be on a hold until the issue is resolved.
- Increased level of discretion and anonymity – the bank statement will not display where your funds have been directed;
- Quick and simple withdrawals and deposits with a significantly lower transaction processing time, especially when compared to other methods such as bank transfers or payments submitted directly from credit or debit cards;
- PayPal reward points and bonuses which you can later cash in are given away for every transaction;