A key component to any operation, whether it is online or land-based, is the way the operator will receive funds from his players as well as how he will deliver funds when his players decide to cash out.
Fortunately for operators, the current advances in technology, especially in the online mobile fields, have made these types of transactions easier on them, due to the wide variety of offerings and the fact most of them cater to several countries internationally as well.
Here we will list some of the most common methods operators can bring in funds, whether it is a simple internet café casino, a single terminal in a hotel lobby, or a fully equipped gambling hall.
Cashiers: A cashier is simply a person who will credit a player who wishes to play the games, and is the most common type of method in land-based operations. All land casinos have one or more cashiers on hand along with ATM’s so players can also withdraw cash. The cashier simply takes the player’s funds and converts them to chips or whatever currency the casino itself uses instead of cash at their tables. Cashiers are a great option, since they can accept funds and pay out players on the spot, immediately. The downside for some operators may be the fact a cashier adds to the staff of the operation, which may mean an increase in overhead costs.
Bill Acceptors: A bill acceptor is a device which can read bank notes and credit funds accordingly to the game. A player simply walks up to the machine and inserts a bill of a certain denomination; the bill acceptor reads the bill and deposits funds into the game account. This is another common device seen in land based operations. Some newer models may be expensive, but the initial cost is all at once, whereas a cashier would have to be paid a salary indefinitely. Also, unlike a cashier, most bill acceptors don’t have the ability to pay players out, in which case the operator would need either a cashier just to pay out, or modify his cabinet to pay out accordingly.
Swipe Cards: In this method, players are given a personal card which they use to swipe and reload their credits. The operator simply reloads or withdraws funds from that card using each card’s proprietary software. This is a very user friendly method, since the player only has to swipe his card at the machine and is ready to play. Since the machine has to have a card reader, this option is only available for land based operations.
E-wallets: An option only available for online casinos, these electronic “wallets” is used worldwide by millions of people for a range of transactions, not excluding gaming. Players simply open a free account with one of the many companies that offer these services, and deposit whatever amount they feel like playing with, then proceed to their website of choice and click on the appropriate method to complete the deposit. This method is almost instant and very safe for players, since they are not inputting any credit card numbers or sensitive data into the site. E-wallets can usually both deposit and withdraw funds for players, making it a very attractive choice for them; however, the companies usually charge a small fee for each transaction, usually making players find the best rates for them.
Bank Transfers: This is used mostly online, or in land-based operations in countries that have lax gaming laws or are completely legal outright. The operator provides a bank account to his players to make deposits and report them, once confirmed the funds are credited to the player account. Some players may do the whole process online, cutting back on time spent, while others may be deterred by the fact of having to go to the bank, waiting in line, and finally getting back to the operator with the details.
These methods are some of the most common ways of getting money in to the business, as well as out to the players. Some options may have to be combined or modified in order to suit the operators’ needs vs. the client’s wants.