What is PayPal?
PayPal is an internet company used for online money transfers between parties worldwide. The service is currently available in more than 200 countries. PayPal is an eWallet that allows users to send or receive money transfers, create invoices to request payment, pay invoices, donate money and receive donations.
The company was founded in 1998 and today they are by far the most popular and common internet payment company in the world (with 210 million users as of 2017). PayPal also has a peer-to-peer money transfer application that allows users to send or request money via multiple messaging platforms (such as text or email). They also offer an integrated credit/debit card reader that can plug into a smartphone, for small businesses to use for payments.
What are the Advantages and Disadvantages?
Since PayPal is a worldwide company, it is convenient for its users to transfer money around the globe. There is no other money transfer company that has as wide a reach (over 200 countries worldwide).
PayPal offers a safe and secure method of making online purchases and money transfers. Instead of providing your banking information to third parties, using this e-wallet protects your personal information and acts as a safe intermediary. This is especially appealing for online gaming sites. You will not be required to provide your banking information to the sites at all, thus keeping your personal information safe and secure. If you sign up for multiple gaming sites, you never have to worry about inputting your personal information multiple times.
PayPal also protects its users against fraud and hackers. Their software is secure and encrypted, which will keep your transactions private between only the intended parties. PayPal guarantees its users 100% protection against unauthorized payments made from your balance.
One disadvantage is that your money is at their discretion. The service can charge any fees that they choose to, and because they are a private company and not a bank, they don’t have to follow any guidelines or restrictions. Their customers can simply stop using them if they don’t agree with their fee schedule or their rules.
Another disadvantage is they won’t process transactions to online casinos in the United States. So for American online gamblers, PayPal isn’t an option, even though it’s the most popular eWallet in the world. The reason for this is that online gaming was made illegal in the United States in 2006 because of the passing of the Unlawful Internet Gambling Enforcement Act (or UIGEA). The exception to this is the states that have made gambling legal again since then, notably Delaware, New Jersey and Nevada.
This is a huge disadvantage for most American online gamblers, as almost everyone has a PayPal account, so it would be most convenient for players to be able to use it for gaming as well as online purchases and transactions. Hopefully with the changes in United States gaming legislation, this will be a thing of the past soon for the other 47 states.
The biggest disadvantage is that they have the authority to freeze the funds in your account at any time. And their policy is that should they detect any unusual behavior, they will freeze your accounts until they can investigate appropriately. Since they are a private company, they can do so without needing to follow any banking legislation or jurisdictional laws. PayPal can hold your funds for an indefinite period of time while they investigate your account, which can leave you without any options to access your funds until their investigation is complete.
How Do I Use This Service?
PayPal is an easy and user-friendly website. Registration is quick and only takes a minute or two. As soon as you sign up, you’ll receive an email to verify your account. This is for your safety, and so that PayPal knows that you actually are who you say you are. That way, you know your account is secure before you link your bank information or credit card to the account. Simply click the link they email you and your account will be activated.
As soon as your account is verified, you can link your credit card, debit card or bank account into your PayPal wallet. You can actually link all three, and then select which one you would like as your primary payment option. You can switch back and forth between payment options at any time.
As soon as you’ve verified your account and added a payment option, you’re ready to go! You can now use the service to make purchases, send or receive money, make a deposit or withdrawal to or from a Paypal online casino, send or receive invoices, or even make charitable donations.
FAQ’s About Paypal Online Casinos
- How much is an account?
- An account is completely free. There is no charge for signing up for an account. You can register for an account for free with just your name, email address, date of birth, address and country of residence.
- Does PayPal allow online gaming transactions?
- The answer for this is yes… and no. This depends on your country of residence. For example, players in the United States aren’t allowed to use PayPal at online casinos (except for residents of Delaware, New Jersey and Nevada), but Canadians and Europeans can. Some countries have restrictions for Paypal casinos, and they have to abide by local laws.
- What are the timelines for deposits and withdrawals?
- When it comes to PayPal and internet casinos, deposits generally appear in your gaming account instantly. Withdrawals can take longer, and depend on the particular gaming sites rules. Some sites take only one day to transfer your funds to your PayPal account, where others can take up to a week or even longer. Be sure to check the deposit and withdrawal time frames with your gaming site prior to making any transactions. These timelines are not controlled by PayPal, so they won’t be able to speed up your transactions.
- Does PayPal charge a fee for online casino gaming?
- There are no fees for depositing or withdrawing funds at PayPal casinos. That being said, if your default currency is different than the currency of the internet casino, then there will be a fee associated with converting the funds to the appropriate currency. The casino site might have deposit or withdrawal fees, so make sure you check with the customer service representatives on the site before making a deposit or withdrawal. It’s always best to have all the information beforehand, and not be surprised with unexpected fees.