An online casino works with online payments as they have no other way to conduct business apart from the Internet. The option to deposit money or withdraw it instantly makes the process significantly easy for both the casino as well as the gambler.
The deposits and withdrawals in a casino must not only be quick but should also be safe and secure. There should be no leak of financial or personal details to any third-party applications or people. There are a large number of payment methods available at any online casino but most come with their own set of restrictions and limitations on the amount that can be deposited or withdrawn.
Since many licensing agencies, including the United Kingdom Gambling Commission (UKGC), don’t allow the usage of credit cards, it is imperative that punters would look for other alternatives such as PayPal, Skrill, Visa, or PaySafe for favorable gambling payments. While most tier-1 casinos take security measures such as Encryption, SSL, firewalls, authentication process, KYC very seriously, it is the player’s responsibility to indulge in due research before investing funds into the casino.
There is a segment of the gambling population who refrain from using their bank accounts or debit cards while making a transaction on an online casino for the reason that they may run a risk with their bankroll. Thus, they often resort to e-wallet payment systems and net banking for the safest way out. In this article, we shall look at the differences between PayPal and PaySafe and understand how each function in its own way to help gamblers make safe and rapid payments.
PaySafe
PaySafe Group Limited, commonly known as PaySafe, is an online payment company based in London, UK. Their primary product or service is an electronic payment, along with the digital wallet services that they offer. Neteller, Skrill, and PaySafecard – all function under PaySafe.
Overview
PaySafe is a service that allows gamblers to make online payments from their cards or bank accounts to PaySafe online casinos listed at CasinoDeps.co.nz (the most popular NZ gambling portal). Thus, they act as an effective medium and keep the process safe as well. PaySafe offers the Paysafecard that is a payment method working on prepaid conditions. A 16 digit unique code allows users to pay merchants for their online purchases. The mobile app can help users keep track of their transactions. The payment for a PaySafe account is one-time.
Pros
- Online payments are easy with the help of billing automation.
- The procedure has been optimized for mobile phones.
- Merchants can convert currencies. A large variety of currencies are supported as well.
- The payments are secure. The app can detect fraud quite easily.
Cons
- The Paysafecard PIN is a 16 digit number that may not be easy to remember during every transaction.
- The application is not supported on the desktop.
- Less popular when compared to PayPal.
PayPal
PayPal Holdings Inc. or commonly known as PayPal, is a company that is based out of the United States of America. The service helps people make financial transactions electronically without the aid of a pen or paper. One can send or receive money orders, checks, and bank transfers. PayPal has been its own independent company since the year 2015.
Overview
Customers who are interested in PayPal can choose to set up an account for themselves after linking it with their credit card or their bank account. A basic KYC procedure is required to be completed to allow the transactions to occur. After the proof of the KYC documents, users can send or receive payments via PayPal.
The online payments on PayPal are not the end of it. There is a provision for lines of credit, debit cards for making payments, and credit card reading for a merchant. PayPal does have a monthly pricing model for its services.
Pros
- One of the safest ways to conduct online transactions.
- Accepts payments via debit cards, and bank transfers. The acceptable cards include MasterCard, VISA, and American Express.
- PayPal accepts 25 currencies.
- There is a separate payment gateway.
- One can simplify PCI compliance.
Cons
- High transaction fees than debit or credit cards.
- Withdrawals might take 2 days at the most.
- Customer support is not readily available.
Conclusion
It is always a close call when it comes to comparing PayPal and PaySafe. Both the companies provide services that are almost identical except for the fact that PaySafe offers its own prepaid card. However, PayPal tends to be more widely used throughout the world for international transactions. Use both platforms for online payment to choose what suits you the best.
