What is PayPal?
PayPal is an eWallet payment solution. It is an American company and one of the oldest, most well known and trusted online payment solutions in the world. First established in 1998 as Confinity, PayPal’s initial public offering began in 2002. Its corporate headquarters is in California and the company has over 26,000 employees worldwide.
PayPal is an international digital wallet that enables fast, safe and easy online payments. It allows users to send and accept payments without having to enter their financial information every time. PayPal supports 100+ different currencies and is used across the globe by over 390 million people in 200+ countries. Known for having top security, PayPal provides businesses with top-of-the-line risk management technologies.
Top Software Providers that offer PayPal
ProgressPlay
Dragonfish
Aspire Global
Jumpman Gaming
L&L Europe
BetConstruct
Integration and Functionality
The PayPal Commerce Platform has been designed for streamlined integration. It is a full-stack payment processing solution that can help you accept and make payments globally. Via this platform, businesses can provide their customers with a secure, quick and flexible funds transaction experience.
Beyond the PayPal eWallet, alternative payment options and numerous currencies are supported, giving you the power to accept credit cards, debit cards, Venmo and others.
How to get a business account through PayPal
Here’s the basics of how to get started with the PayPal Commerce Platform.
- Head to the PayPal website and click “Sign Up”.
- Choose business account.
- Enter your email address.
- Enter your personal login details.
- Agree to the Privacy Policy and User Agreement then create your account
- Tell PayPal about your business (e.g. business type, category, website, country, etc.).
- Provide personal details including date of birth, nationality, home address.
- PayPal will send you an email and ask you to verify your information.
- Once approved, your PayPal Business account is ready to use. You can then move on to the next step, linking your bank account.
It is important to note that PayPal has strict rules in regard to its services being used for online gambling. PayPal allows only approved gambling merchants to use its service in certain jurisdictions where gambling activities are legal. To be approved by PayPal, gambling merchants must demonstrate to the company’s satisfaction that they have the ability to block gambling activities for account holders in the United States and in any jurisdiction where gambling activities may be illegal.
Due to the fact that it can be difficult to obtain a PayPal business account on your own for gambling purposes, the easier route is to partner with a trusted software provider – such as those Casinnovate reviews – who can provide you with this payment solution. For instance, the MoneyMatrix solution provided by EveryMatrix is partnered with PayPal and makes this eWallet available for iGaming clients in 15 countries.
That said, if you intend to setup a business account directly through PayPal, contact their support first, and they’ll provide you with the specific information you need.
How PayPal functions as an iGaming payment solution
PayPal is a banking solution that can be used for both deposits and withdrawals via desktop and mobile. There are no fees for players who make deposits or withdrawals using this payment method.
PayPal makes it easy for iGaming businesses to localize their offering, especially across Europe where PayPal is an acceptable payment method in many countries. While it does support 100+ currencies, for the online gambling market, the primary currencies available include USD, EUR and GBP.
Benefits and Drawbacks for Players using PayPal
Benefits
- Easy to get an account – Players can create a free PayPal Personal account in a few steps at PayPal.com.
- Make casino/betting payments with ease – Players simply head to the casino’s/sportsbook’s Cashier, choose PayPal from the banking methods, select the amount they want to deposit/withdraw and confirm the transaction.
- Rapid funds transfer – Successful deposits result in an instant transferring of funds. Once processed by the casino/sportsbook, withdrawals are often transferred to the player’s PayPal account on the same day.
- No casino fees – Players are not charged a fee by the casino to make deposits or withdrawals using PayPal.
Drawbacks
- PayPal deposits are excluded from bonuses/promotions – Reasons often include reducing the risk of fraud and chargebacks and also so that businesses don’t have to charge players a fee to use PayPal.
- UK players cannot use credit cards to fund their PayPal account – The Gambling Commission banned gambling with credit cards for UK players, including banning gambling businesses from accepting eWallet payments loaded with a credit card.
Countries
Examples of countries where PayPal is permitted for online gambling include:
- United Kingdom
- Austria
- Belgium
- Denmark
- Finland
- France
- Greece
- Ireland
- Portugal
- Sweden
- Italy
- Spain
Safety and Security
PayPal is an expert in global payments and compliance. The company helps manage payment risk, fraud, liability and regulatory burdens worldwide. Their simplified compliance process and global fraud detection capabilities allow businesses peace of mind so they can focus on what matters.
PayPal helps to securely protect both players and gambling businesses with end-to-end fraud controls, automated transaction monitoring, payee support, anti-money laundering, and compliance controls.
Customer Support
PayPal has a dedicated 24/7 support team that offers assistance and guidance to their users, regardless if they hold a business or personal account.
In addition to a detailed FAQ that provides answers to common technical questions, you can open a ticket to obtain help from PayPal’s team of in-house technical support experts. You can also seek community support and consult with a fellow peer in the PayPal community. PayPal support can be reached via email and telephone.
PayPal Fast Facts
- Type of payment method – eWallet
- Deposit available – Yes
- Withdrawal available – Yes
- Multiple currencies accepted – Yes
- Easy integration – Yes
- Popular iGaming regions – Europe
Conclusion
PayPal is a top-notch payment solution in the iGaming industry, especially for businesses targeting the European market. It’s high security, risk management tools and ease of functionality make it one of the best eWallets around. Want to include PayPal as part of the payment methods you offer your players? Check out our software platform reviews to explore your options or get in touch with us, and we can help you find the ideal partner.
