E-wallets have become a popular way of making online purchases for numerous reasons with one of the most important being the safety and security users experience without having to enter personal bank card or account details online.
E-wallets have become a popular way of making online purchases for numerous reasons with one of the most important being the safety and security users experience without having to enter personal bank card or account details online. With all the PCI compliant merchants today, these concerns have become less and less with care taken to protect sensitive data. Beyond standard purchases e-wallet users are making the most of virtual payment services from industry leaders Neteller and Skrill for online gambling purposes.
A top priority in terms of online gambling is fast payouts and the majority of online operators credit e-wallets immediately once withdrawal requests have been approved. Wire transfers or even payments to credit/debit cards can take several days, which is naturally less appealing to casino players. There are fees involved in certain transactions, depending on how you choose to fund your account, but the convenience factor seems to outweigh the cost for many e-wallet customers. What’s more is that online punters will often find special bonus promotions when they deposit into their casino accounts using certain e-wallets.
With acquisitions and mergers frequently occurring, especially in the financial industry, it’s necessary to provide a bit of history regarding the company behind Neteller and Skrill. Optimal Payments Limited (Mkt cap of 1.661B) has been in recent news with its rebrand to PaySafe this month.
According to a company press release, Joel Leonoff, President and Chief Executive Officer of Paysafe, had this to say of the rebranding: “At the heart of today’s online business requirements is the need for a robust payment strategy that is both seamless and secure for merchants and customers alike. Merchants face a variety of challenges including the constant evolution of technologies, changing consumer behaviours and a wide variety of currencies.
“Paysafe is the meeting point between businesses and consumers. Through our rebrand, we aim to redefine the role of the payments provider. This is the very definition of Paysafe; to be relevant at the point of every payment.”
Optimal Payments, now known as PaySafe, is the operator of both Neteller and Skrill plus it provides a prepaid card service known as PaySafe Card. PaySafe acquired Skrill earlier this year joining the largest payment services providers in the market today. The award winning company reaches customers in hundreds of countries with its portfolio of payment services.
Neteller launched in 1999 with offices in Canada, UK, USA and Isle of Man. Some regions have full service while others have limited services, no services or are completely banned from opening an account.
It is free to register an account, which you can use as a payment method with any of its partners at check out. All money transfers are processed in real time making Neteller an attractive option for online gamblers with over 600 online casinos supporting Neteller.
Fees are a part of being a Neteller account holder but the majority of the fees are fairly low. The fees are broken down into funding and withdrawal methods and fortunately, most of the common uses are free. Funding your account with a bank transfer or a credit from a merchant site like an online casino is free. There are a few additional funding methods that are also available at no charge but the remaining options involve fees ranging from 1% up to 9% depending on which you select. It’s also worth noting that customers can conduct Bitcoin transactions using their Neteller account. Bitcoins are the latest virtual currency to take the payment and gambling industries by storm with values rising and dropping regularly.
In terms of payments to merchants, transactions are free of charge; however account holders are charged an international processing fee of 2.95% when foreign currency is involved. Fees are also assessed when cash is withdrawn from a cash machine using the Net+ Card.
Speaking of the Net+ Card, this MasterCard branded product is available in certain regions in both physical and a virtual versions giving cardholders quick access to cash. If you’re considering a Neteller account please be sure to consider the withdrawal limitations.
Once known as Moneybookers, the company launched its payment services in 2002 and later rebranded to Skrill. The Skrill product is similar to its Neteller sister but supports a lot less funding options. With that said, the basics are there with bank transfers and Maestro funding transactions available at no charge. Skrill offers its own prepaid MasterCard with free services including payments to partner merchants in shops or online and receiving cash. While receiving cash is free you are assessed a fee for sending money using the transfer service. Also note the daily/weekly withdrawal limits.
Online Gamblers Prefer Neteller and Skrill
Both e-wallets are widely used by online punters due to the speed in which they receive their winnings. The majority of online gambling operators have the capability to transfer funds instantly making both products preferred payment methods for players.
Both brands also promote the use of their payments services for gambling purposes as affiliates of several online bingo, casino, poker and sportsbook brands. For example, Skrill has its very own promotions page dedicated to gambling related offers for its customers. Its November 2015 partner of the month is bet365 with promotions for new and existing players. Additional partners include William Hill, GoWild, Europa Casino, TitanBet and many more. All promotions relate to casino bonuses, which Skrill members can benefit from when signing up via their affiliate links.
Neteller and Skrill secure partnerships with these gambling operators and make money from marketing them and directing traffic to the site, which leads to players depositing money with the operator. While Skrill’s promotions page is up and running, Neteller’s is a work in progress and expected to launch soon with attractive offers.
Just as these e-wallets work out exclusive bonus offers with casinos, the casinos reward players that use these methods as funding options. A new player may be looking for a deposit bonus following registration with a casino and find that they can earn a deposit match bonus for using Neteller, for example.
There are pros and cons even with e-wallets so do a bit of research and find the one that best suits your gambling on non-gambling related needs.
Author is a digital marketing consultant and editor of Smartechtoday & Vierpoker – an online news website.