Nowadays, we have more and more options for making payments online. Although a lot of people are still choosing to pay with credit or debit cards – it is not always the safest way to do so. With the rapid development of Fintechs and the digital transformation, along with the ever-changing customers’ demands – the need for developing more secure, faster, and easier ways of paying, that are up to an XXI century standard has risen. So what are the alternative payment methods and why PayPal is considered one of the best ones?
How does PayPal work?
So how does making a payment with PayPal work, and why is it safe? PayPal is a company that has been on the market for more than two decades. In the third quarter of 2021 alone via its services, 4 billion payment transactions were made, by 361 million users in more than 210 countries. The numbers are very impressive and are only growing over the years. But how does the whole payment process actually work?
Basically, it works by linking a bank account or a card to the special PayPal account, so it acts as an e-wallet. The first thing a user has to do is to set up an account on their platform – which could be either personal or business-related. After entering the phone number and filling in all the boxes, while the bank is authorizing the connection, the account is almost set up and ready for use. The user can send and receive money through PayPal from their proper bank account.
One of the first industries that like to adopt new technologies is the entertainment industry. So let’s have a closer look at the gambling sector, and how safe PayPal transactions can be used there. The development of online casinos – where you can join them and play along with others from the comfort of your own house using only a laptop or a smartphone, changed how the game is played. So there is no wonder that casinos are now introducing innovative methods of payments.
The most important thing while gambling is security. Of the personal data – for example via SSL encryption, and of the payments. And also it is much more user-friendly than other types of payment methods! The interface and also the whole process is very simple – you don’t have to each time take the card out of your pocket or log into your bank to type up the long bank account number – with only a few clicks, you can easily and securely order payment via PayPal. So try your luck at new PayPal casino sites – you will be pleasantly surprised by the smooth process of payments!
Although the safety of transactions is well taken care of by casinos, the player as well can take care of his or her safety, by using PayPal and its semi-anonymous payments online. So while paying via the app, the data of the user is much safer, and it is much harder for potential financial criminals, because of the semi-anonymity. PayPal does not share information about its users, especially the financial ones, with the other parties – for example, sellers. They also use encrypted security technology on both ends to ensure the security of the transactions.
We already touched upon this topic, but if for the user the speed of transaction is important – PayPal is a good choice. Circling back to the gambling industry – for the players, sometimes the biggest pain point is cashing out while collecting their prizes. So to keep the momentum and the whole digital user experience up to standards, it is key to allow the players a fast cash-out. Like it was mentioned before, PayPal acts as an e-wallet – allowing for making purchases, sending money, and receiving them in almost real-time. It only sometimes takes a few minutes to receive the money, so the players can almost instantly cash out and move on to the next game.
But let’s talk about other options that are available for online payment methods. The first one is to link the payment with a physical card – debit or credit. It comes directly through the bank, and the process can be easy, but the account holder is putting its data out there on the internet. So the risk of taking over the data is a possible threat. The second most common method, after paying with a card, is to pay via bank transfer.
The account holder can directly transfer the money from one account to another. Although these are secure, the process of sending the money can take a few hours or even days, and the user experience is outdated, to say the least. An interesting, but not so popular alternative payment, is to use an electronic check. It is simply a digital version of an old-fashioned paper check that once was widely used, especially in the USA. But it is way less common, and not many institutions are accepting it.