The main reason why rapid deposit processing times each time is important on an iGaming site is to keep people who sign up to these sites happy. Providing fast transaction processing services creates a more positive experience for players.
In other words, near-instant deposits can enhance the UX (user experience) and boost player retention (keep them satisfied enough to make them want to keep on returning to play on that same site in the future).
Here is a closer look at how fast and slow deposit and withdrawal times can be ‘make or break’ for an iGaming operator in the modern digital era.
Why are transaction processing times so important on iGaming sites today?
People who sign up to online casinos and sports betting sites to play their favourite games or place bets on their favourite upcoming sporting events typically avoid sites that are notoriously slow at processing deposits and withdrawals.
These same players who like to deposit money quickly and can’t stand waiting around will often read the expert reviews to find out just how quickly an operator typically processes players’ transactions. They will also head to the cashier/banking section before registering a new account just to see if one or more of their preferred online payment methods are accepted on that site.
Here are some of the main reasons why quick deposits are important on today’s most trusted iGaming websites:
- Customer/player retention – according to statistics, iGaming sites known for processing rapid deposits/withdrawals have a far better retention rate, meaning players are more likely to play on those sites instead of looking elsewhere to play. It has been said that an increase in profitability ranging from 25% to 85% can stem from just a 5% player retention increase
- Customer/player satisfaction – the key to satisfying players so they can deposit, play/bet, and withdraw their winnings is to process rapid transactions (faster than their rivals). Doing so creates a more seamless and memorable experience for them
- Uninterrupted gameplay/betting – ensuring deposits are processed in the blink of an eye allows sports bettors and online casino players to continue gambling without any annoying interruptions. In-game/in-play deposit services have also made uninterrupted betting possible
- Payment method choice – these days, people often use anywhere from three to five or more different online payment methods for various reasons, so having a broader selection of rapid payment methods for players to choose from at the virtual checkout/cashier/banking section means that players can still deposit/withdraw event when their preferred payment method isn’t working or doesn’t have enough funds
Which online payment methods are the quickest and safest for deposits and withdrawals?
Today, almost every trusted online payment gateway brand will process your deposit near-instantly. However, the standard withdrawal time is usually never instant and can take anywhere from five to ten minutes up to two or three hours. With that said, some withdrawals can take up to 48 hours to be processed.
The exact time it takes for your withdrawal to be processed can be determined by the time and day of the week you start the withdrawal process, how busy your casino/sports betting website’s payment processing department is, the amount you are trying to withdraw, and which payment method you are using to withdraw.
Also, if you haven’t yet completed the KYC (Know Your Customer) account/age/ID verification process, withdrawals will take even longer.
For example, digital wallets and cryptocurrencies (also known as APMs – alternative payment methods) are said to be slightly quicker at processing transactions than traditional payment methods, such as credit and debit cards.
However, in the United Kingdom, for example, online casinos and sports betting sites that are fully licensed and regulated by the UK Gambling Commission are not legally permitted to accept cryptocurrency payments or credit cards.
Instead, people living here who sign up to a UK-licensed iGaming site must use another payment method, such as a debit card, prepaid card, bank transfer, or digital wallet. In other parts of the world, there are no laws against using cryptocurrencies or credit cards on iGaming sites.
In late 2024, some of the most popular online payment methods that are commonly used at the virtual cashier are Visa, Mastercard (credit/debit cards), bank transfers, prepaid cards (e.g., Neosurf, AstroPay, and Paysafecard), and digital wallets, aka web wallets, eWallets, mobile wallets or electronic wallets, such as PayPal, Payz, Skrill, Jeton, and Neteller, to name a few.
Final thoughts
Today, players don’t want to waste time at the checkout and will always look to use the cheapest, most convenient, secure, user-friendly, and globally renowned payment processing gateways for topping up their accounts and cashing out their winnings.
If they have a smooth experience and transactions are processed in lightning-quick times, they will more than likely return to that site in the hope of having a similar experience in the future. They will also be more likely to tell their friends/relatives/colleagues who also enjoy gambling how fast their chosen website/payment method is at processing payments.
These same players are also more likely to leave positive reviews/feedback/ratings on sites that process quick deposits and withdrawals and will leave bad reviews/feedback on sites that take forever to process transactions.
