PayPal is widely accepted by many of the top online casinos to deposit funds. Most Canadian players will receive higher deposits and free rates for their credit card payments. It is important that you are aware of the risks associated with the use of PayPal when playing online.
First, the risks of using a payment method that does not charge interest are significant. PayPal does charge a fee when you make a purchase, but it is usually much lower than other credit card methods. The amount charged for this transaction can vary from one casino to another, but it is generally well within the casino’s acceptable range of fees. However, because the payment is usually processed through the casino’s website, you may encounter an added surcharge if you have to pay this way.
As with any other type of credit card, PayPal may be subject to identity theft. This happens when someone with access to your financial information uses it to make purchases. If you use a company credit card when playing on the Internet, you have a significantly reduced risk of being the victim of identity theft. However, if you do not have a company credit card, there is no way to protect against identity theft.
Another potential problem associated with the use of a credit card while playing on the Internet is that most people don’t have the time or patience to keep track of their own financial records. PayPal casinos provide an easy, streamlined way to keep track of your account balances and cash transfers. It is a great convenience for those who spend a lot of time playing poker, blackjack, roulette, baccarat, video poker, slots or other games.
One of the biggest dangers of using PayPal is that you are responsible for paying the fees associated with your account. Many people mistakenly think that their balance stays in their PayPal account, while the money in their bank account is going out into another account. Because of the high cost of using PayPal, many players choose to withdraw their bank card balances before using PayPal to pay for their transactions.
If you do not trust your ability to monitor your account, the only way to guarantee that your credit card is safe is to always use a card that requires an active, verified check in your name to make the payment. This is especially important when depositing large amounts of money from overseas, as a check cannot be guaranteed to show up in your account. If you play responsibly, using PayPal is a smart way to enjoy the benefits of playing online casino games without the risks associated with using a traditional method of payment.