GiroPay is a German online payment method that is becoming increasingly popular with customers and bookmakers both in the country and in the surrounding nations.
But just to whom is this payment option available? And what are the benefits and drawbacks of using GiroPay instead of other methods when funding a betting account. Let’s take a look.
GiroPay has been in existence since 2006. Owned by GmbH, the service is very similar to that offered by iDeal (Dutch) and Interac Online (Canadian). It grew quickly and by 2010, the company had processed more than 5.8 million transactions and were obtaining 70,000 new sign ups each month.
Part of the reason for the popularity of GiroPay and other similar services, is the improvement in technology and accessibility to internet banking. This means that individuals can quickly process their banking transactions from the home or office, and when funding betting accounts, unlike in times gone by, they would not need to go to their local bank to add funds.
How GiroPay Works
GiroPay acts as an intermediary between merchants and banks, and allows consumers to make secure payments online. It is an attractive option for many who don’t wish to enter their credit card details online, and depositing money with GiroPay is a relatively easy and fast process.
To use GiroPay, customers just need a bank account that is enabled for online banking and one that is set up to use a PIN and TAN (transaction authentication number). When selecting GiroPay as the payment option, customers will be redirected to GiroPay’s website and from there and the next step is to select their bank and then input their details.
Once the payment has been processed, then the betting account will be loaded with the new balance. GiroPay guarantee the payments from the banks to the bookmakers, and as such the funds are added instantly.
Some of these firms include: Sparkasse, Volksbanken, GLS Gemeinschaftsbank, Deutsche Kreditbank (DKB), Bankhaus Ellwanger and Bankhaus Bauer.
Benefits and Drawbacks of GiroPay Betting
There are a number of benefits and a few drawbacks to using GiroPay to fund betting accounts:
GiroPay acts as a gateway between local banks and enables customers to fund their betting accounts using bank transfers, often where they would not have been able to do so otherwise.
The GiroPay solution is both very secure (AES 256-bit encryption with TLS 1.2 for secure transmission) and accepted by a large number of bookmakers and the established brand gives individuals confidence in its integrity.
Transactions using GiroPay are free to the customer from the banks end. Most bookmakers also provide GiroPay as a free service and therefore unlike when using some other payment methods.
As GiroPay is also available through companies such as Skrill and PayPal, it enables bettors who like the flexibility of using e-wallets to fund their accounts from their bank accounts.