Do you like playing casino games online? Have you tried different payment methods but were never truly satisfied with the service? Like most online gamblers, it can be a challenge to find a payment processor that can meet all your requirements. The good news is that there are numerous payment methods and providers that you can try to find one that is most suitable for your needs. Here we discuss payments made through SEPA, an entity that has been around for more than a decade.
SEPA or Single Euro Payments Area is a payment method that lets customers and businesses perform financial transactions electronically in euro no matter where they are located following agreed-upon conditions, obligations, and rights. Today, over 500 million customers and more than 20 million businesses use SEPA to perform payments and other financial transactions. Although the name may sound complicated, electronic payments coursed through SEPA are very quick and easy. As a matter of fact, many online casinos offer SEPA as a payment method. There are several ways online casino players can benefit from using SEPA in depositing funds to their online casino account.
SEPA is a product of the agreement of 34 countries located all over Europe – the countries included in the European Union, San Marino, Monaco, and the members of EFTA or European Free Trade Association. The objective of this project to improve the efficiency of electronic euro payments by creating one integrated local market.
SEPA is a joint agreement between 34 different countries that speak 26 official languages throughout Europe. They include all of the nations that are a part of the European Union, as well as the four members of the European Free Trade Association as well as Monaco and San Marino. The goal of the project has been to make cross-border payments more efficient, turning all of the various local markets for the euro into one single integrated domestic market that can quickly process transactions.
It’s difficult to pinpoint the exact date when SEPA started, but if we look back, it was in 2008 when the first pan-European transactions began; debit card and direct debits were made available later on. In 2014, SEPA payments became completely operational all throughout Europe, with an astounding 99% of direct debit and credit transfers going through the SEPA system.
You have probably used different payment methods and platforms to maintain your online casino balance. You may also have tried searching for reviews about SEPA casino payments. In a nutshell, almost all payments are done electronically, whether done via credit card, debit card or bank transfer will be handled by SEPA. This is especially true for payments from Europe to any online casinos based in Europe.
To perform a deposit transaction using SEPA, you will be required to supply the necessary information requested by the online casino, which included the BIC (or SWIFT) and IBAM numbers associated to your personal bank account. It is important to remember that transactions coursed through SEPA will be processed in euros even if your account or the casino’s account has a different currency, so you should expect some differences because of the prevailing exchange rates.
Finding a trustworthy and reliable transfer method can be challenging especially since there are so many options to consider. One of the difficulties faced by customers and companies in the past is the coordination of banking networks in different countries. The common problems encountered were errors and delays in transactions as financial institutions process payments coming from different countries with varied systems and protocols.
Things have changed, thanks to the increased cooperation of different countries, particularly the European nations. A very good result of this cooperation is SEPA or Single Euro Payments Area. This has helped merchants, both online and offline, to accept direct payments from their customers in a speedy and secure manner. SEPA has made it possible for citizens across the continent to purchase goods and services over the Internet, including deposit transactions to their preferred online casinos.
A major advantage of the SEPA system is that transfers are processed faster compared to other international transfer methods since SEPA transfers are considered domestic payments. Although the process cannot be described as “instant” as compared to what other online payment processors provide, online merchants including online casinos trust the system very well that you can be assured that the money you transferred to your online casino balance will be immediately credited once the transaction is approved. This is clearly advantageous since it means you can start playing soon after you submit a funds transfer request. SEPA is expected to continuously develop and improve their system to allow real-time payments and transfers.
You will find it easy to locate an online casino that accepts deposits and withdrawals using SEPA. Here are the reasons why you should choose SEPA in performing deposits and withdrawals from your favorite online gambling sites.