Published on 4 November 2014 by Rhi
We currently have information pages on all the industry leading payment methods, which are very helpful, however sometimes you just want to know what a payment method is like, from a player perspective. How easy or complicated is it? Are their support helpful? Are here hidden charges? How long do transfers really take? Today I am writing about my experiences with Paypal, as a customer.
Paypal was founded in December 1998 in Palo Alto, California by Elon Musk, Luke Nosek, Ken Howery, Max Levchin and Peter Thiel. In October 2002 it was acquired by eBay however it’s still possible to use Paypal on a number of different online shops- e-commerce web stores, iGaming websites and many more. Paypal allows anyone with an email address to send money either to other people, or to businesses in order to pay for goods or services. PayPal are at the forefront of online payments and lead the way when it comes to security and convenience. They were one of the first payment methods to create a mobile app, which makes managing your money easier than ever.
How Does PayPal Work?
As a customer you have to register an account with PayPal, (unlike Trustly, where you don’t create an account at all). You can then either fund your e-wallet account, or link a credit/debit card or bank account, so when you pay with PayPal, the merchant sees only your PayPal details and PayPal take the money from the linked account.
You can also receive money back this way, for example if you win at a casino, and either leave the funds in your PayPal account for later use (although you will not earn interest as you would if the funds were in a bank) or you can withdraw the money backed to your linked payment method (card, bank account etc).
What are the Charges?
The charges can seem a little complicated and change depending on how you are using PayPal. It also varies depending on country and currency, but we’ll give you a rundown of the instances where you’re likely to be charged:
– When sending money to another PayPal user: You can send funds to anyone with a PayPal account using just their email address. You will be charged for this transfer.
– When receiving money from another PayPal user: When you send funds to another customer, the recipient will also be charged, unless you send the funds as a ‘gift’.
– When depositing money into a casino: It’s possible that the casino themselves will have a charge, but also PayPal will charge you a % of the deposit amount.
I find that PayPal is expensive, you get charged no matter what you do, and these little percentages add up. This method is expensive both for the player and the casino, so quite often there might be a higher than average minimum deposit amount via PayPal, which can be annoying.
Why Use PayPal?
E-wallets can be expensive. They charge whenever you do anything, and although they might say “it’s only 1%, 2%, 5%’ or whatever, these charges add up. They are convenient though. They are instant for deposits and you get your funds back in your ewallet instantly once withdrawals are processed by the casino. You can keep money in the wallet for next time, or withdraw it back to your bank- totally up to you. You can send money to friends and family. But most of all, it’s safe.
You store your details in one place, on one site, and from then on just use your email address to deposit and withdraw, meaning you don’t have personal payment details registered on every casino you use. It’s much quicker, it’s a lot easier, when depositing on a new casino, to remember your email address, than your long card number!
When making a payment or a deposit to a website, the funds will be instant. So if you deposit €20 by PayPal to your favourite casino, the funds will be available immediately.
If you win, and request a withdrawal, once the casino has approved that withdrawal, the funds will instantly be back in your PayPal. You can then use them to shop online or deposit again.
If you want to withdraw the funds from your PayPal account back to your card then there will be extra charges and this will take between 3-5 working days to arrive, but it’s generally quite quick.
PayPal have an internal ticketing system which you can access by logging into your account and they are very good. They respond quickly and really care about the customer. As long as you report a problem within 30 days of the transaction they’re always very helpful- if you don’t get what you paid for then they will arrange a refund, whether the casino or website cooperates or not.
They also have a phone number, which is becoming rarer and rarer with really big companies, who in general seem to be widening the gap between customer and support, so I’m really pleased to see PayPal offering this. Also, if you click ‘Contact’ then ‘Call’ whilst logged into your PayPal account, they’ll provide you with a ‘One Time Passcode’ to identify you, so you don’t have to go through lengthy security checks whilst on the phone, which is a really unique time saving feature!
Overall, they’re friendly, knowledgable and fast.
Some casinos offering PayPal are: Bgo casino, the betting exchange Betfair who recently added a number of Netent games and Whitebet. Check out our PayPal information page for all Netent Casinos offering this quick and secure payment method.