With the current advancements in technology, an increasing number of gamblers are shifting from brick and mortar casinos to online casinos. The reasons being, these casinos offer remote access, flexibility, and convenience.
However, as time went by, casino operators saw the need to improve the gaming experience. With that in mind, Trustly, came up with Pay N Play casinos, an evolution of the conventional online casinos. In Pay N Play casinos, deposits and withdrawals are processed instantly.
In this article, we’re going to break down how deposits and cashouts work in both Pay N Play casinos, as well as conventional online casinos.
Faster withdrawals with Pay N Play casinos
If you are a gaming enthusiast, then you’ve probably heard of Pay N Play casinos. If not, here is a brief explanation of why they’re fast gaining popularity.
Concocted in 2017 by Trustly, Pay N Play is one of the fastest casino payment methods in the gaming industry. Its platform allows players to sign up to a casino without registration and make direct deposits from their bank accounts to the operators.
Meaning, a gambler gains access to all casino games without the need to undergo the tedious registration process. The way Pay N Play works is that Trustly collects relevant information from a player’s bank account and forwards it directly to the online casino operator. And the player’s account is created automatically for them.
The reason why this payment method is taking the world by storm is that it does not involve the player inputting data that may be intercepted by hackers and other fraudsters. The data is obtained directly from the bank via an encrypted channel so that no third-parties gain access to the sensitive information.
What’s more, it allows for the casino operator to stay KYC compliant without necessarily asking for the gamer’s personal information, as this sometimes invasive check is automatic.
Online casinos that make use of other payment methodologies must verify withdrawals before cashing out. In most cases, a player might need to provide identification as well as proof of residency. It is one of the reasons why making withdrawals takes longer.
However, with Pay N Play casinos, winnings are processed faster because players are already verified and passed the relevant KYC checks during the signup phase.
Making deposits and withdrawal in conventional online casinos
Processing deposits in online casinos is also secure. The only thing you need is to decide on the most appropriate payment method. But not all payment methods allow cashouts. Paysafecard and debit cards, for example, are unable to receive money transfers from the casino.
But, the good news is that reputable online casino operators have an array of payment methods. These payment methods include card payments, e-wallets, mobile payments, bank transfers, and vouchers. All of these payment methods have their advantages. So, it is up to the player to decide the best payment option for him.
Why the long withdrawal?
Visit any online casino forum, and you’ll hear players complaining about how long the process is when they want to withdraw funds. This is why ‘cashout times’ are one of the most asked questions by players looking for a new online casino site.
In physical casinos, making withdrawals is immediate. All a player needs to do is visit the cashier desk and exchange the chips they have won for cash. However, the same does not apply to online casinos.
The withdrawal process in online casinos takes some time, and for a good reason. Online casino operators need to verify the player’s information to make sure the winnings are legit, and they are cashing out the money to the right player.
Process: First and foremost, players need to initiate a withdrawal request and wait for it to be verified by the casino operator. If the verification process is successful, the money is transferred to the player’s bank account.
Deposit and withdrawal restrictions
It’s not unheard of for casinos to limit how much players can deposit. Partly it’s to combat fraud, money-laundering, and help people gamble responsibly.
But many online sites restrict the amount you cash out on a daily, weekly, or monthly basis.
Usually, VIP players have higher limits, but sometimes it’s because a casino payment provider is unable to handle too many large transactions at once.
The bottom line? Always check an online casino’s cashout times and withdrawal limits.