When you play online for real money at a bingo site, you will have to transfer money to your account. For this, you should use a payment option that allows you to transfer money in a way that is convenient and reliable. One of the best options for this is PayPal. It is an e-wallet that offers incredible ease of making online payments.
With this payment method, you can avoid the inconvenience of using traditional cash transfer methods. If you intend to use PayPal as a payment method to fund your bingo account, ensure that you pick one of the many PayPal bingo sites out there. With the payment method being popular among players, there are several online bingo sites who accept PayPal now.
The payment platform, PayPal, is provided by an e-commerce business of the same name. The company was established in Palo Alto, California, in 1998. It is currently run from San Jose, California. In late 2002, the company became a subsidiary completely owned by eBay. The two were initially rivals. PayPal was widely used by both buyers and sellers to make transactions on eBay. They rarely used eBay’s payment provision. When eBay realized that there was a possibility that it could lose its transaction business to PayPal, the company bought it out.
Best PayPal Bingo Sites
Below are the sites we consider to be the best PayPal bingo rooms. Our selection criteria includes reputation, promotions, bonuses, advertising, network, and operator – amongst others. We additionally consider the length of relationship the bingo operator has had with PayPal and look at complaints/disputes that are valid when determining which PayPal bingo sites are the best to suggest. With that being said, our list of the best PayPal bingo sites is as follows:
How PayPal Works with Your Bingo Site Account
PayPal holds your money and allows you to make payments and receive money transfers through it. You can fund your PayPal account through your bank account. You can even use credit cards for this. Link your credit card or bank account with your PayPal account. Once you do this, you can transfer money to PayPal. It also allows you to accept payments from the bingo site you play at. However, this is contingent on whether the bingo site provides PayPal as a transfer method.
PayPal’s Role as a Key Service Provider
Initially, PayPal was one of the leading providers of online transaction services in the US. However, when the Unlawful Internet Gambling Enforcement Act (UIGEA) came into effect, PayPal stopped its services for funding gambling accounts. The company ceased making payments to all sites that offered gambling provisions. PayPal had taken this action voluntarily and withdrew from the gambling market well prior to the passing of UIGEA and had remained out of the niche for several years. This was done in an effort to ensure that the company complies with the law and to avoid any potential conflicts of interest with any governing bodies or agencies within the USA.
PayPal’s Exit from and Re-entry into Gambling Market
In 2003, after PayPal stopped processing payments from gambling customers, it went a step further and paid New York State $200,000. This was done to make up for any costs the State would have incurred during the investigation and to pay for penalties. The company then went on to mention in its User Agreement page that making payments to sites involved in gambling, gaming, or activities with entry fee requirements similar to them was prohibited.
This means that even bingo players could not use the payment option. However, in the recent months, PayPal has made some changes. It has created a provision in its user agreement allowing bingo players from countries where gambling is legal, to use PayPal to fund their gambling accounts. So, if you intend to play bingo in a country where gambling on the internet is specifically carved out and called “legal,” you can use PayPal as a convenient option for making deposits to and withdrawals from your online bingo account.
Deposit and Cash-out Time for PayPal
PayPal offers an instant deposit provision. To add money to your account, all you have to do is go to your online account with the bingo site. Enter your PayPal account log-in details and the e-wallet will transfer funds immediately to your bingo account and you can play PayPal online bingo games. This is in contrast to wire transfer, which can sometimes take days to be processed.
Cashing out with PayPal can take a few days. This can vary based on the cash-out policy that a bingo site follows. The time taken for the completion of a transaction and for the money to reach your PayPal account can be anywhere between two to ten days. The bingo site may require a few days to sanction the transaction and process it. For instance, Ruby Bingo requires four days as pending period and one day for processing.
Why we prefer PayPal bingo sites
PayPal is the largest international online payment processor (e-wallet). They removed themselves from the Internet gambling scene and then smartly and carefully re-entered the market to serve online gambling transactions. However, they have done so selectively. PayPal have taken measures to avoid rogue bingo sites, as well as avoiding those gambling sites that may serve an “illegal” jurisdiction. Thus, their selection process of which sites they serve is above the rest. Combine this with the ease of transactions, and PayPal by far becomes our favourite payment processor for playing online bingo.