There has been a boom in e-wallets in recent years as the volume of online payments increases at a rapid pace. They are being used by people to move money online for all manner of things and have quickly grown to become one of the leading casino payment methods.
E-wallets add an extra layer of safety and security for online transactions, creating a buffer between your bank account or card and the merchant. With online payment scams and phishing schemes becoming ever more of an issue for customers, e-wallets are seen as a big positive in the fight against fraudsters and criminals.
The boom in people using this way to pay online has been met with a massive increase in the choice of e-wallet providers. This mini-guide will help you to find your way through the overwhelming choice of e-wallets out there right now and help you select the right one for you.
What to look for in a good e-wallet
There are a few basics that any e-wallet should offer you to make it worth using for payments and withdrawals online.
You will want to be able to keep money in your e-wallet account for a significant period of time. The more it can perform in the same way as a bank account would, the better. Just make sure that there are no fees or issues for leaving funds in any e-wallet account.
Any good e-wallet account should also give you the ability to transfer funds in any way you would like to. You should be able to transfer funds back to your credit card or bank account anytime you wish and without much delay.
Speed also need to be taken into account. The quicker you can get the funds to where they need to be the better. Check how any e-wallet plays with other payment providers. They should give details for estimated transaction times on their sites.
Fees are another major consideration for anyone looking to start using an e-wallet for their online payments. It’s generally accepted that there are some significant fees which come with using their services compared to traditional payment methods but these should be minimized where possible.
Trust is another major factor which comes into play when seeking a new e-wallet provider for your online use. Look for a brand which has been established for a few years and has a credible history. If you’re using the service for large amounts of money then you need to know that you won’t lose it all to some five-minute wonder.
What to be aware of for any e-wallet
Although there are many positives to e-wallets, it’s a good idea to be conscious of the downsides or any restrictions they might throw up.
Check if they provide their own apps or accounts. Some e-wallets will work in the background and have no specific account to sign up to. Providers such as Skrill and Paypal do provide you with a downloadable app so it is easier to keep tabs on your transactions.
Global reach is something else to be aware of. If you want to send money to another country is it even possible? If so what fees are involved and how quick will it be using your chosen e-wallet? It’s important to consider such things as the world becomes ever more connected.
How easily can you contact them if you need to? It’s always good to go for an option which has a support team who can get you out of a tight spot if needed.
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