Introduced back in 2005, iDEAL quickly evolved into one of the most trusted payment processors in the Netherlands. This payment method is so frequently used in the country, to the point that a few years ago, it was more preferred by credit cards. It is owned and managed by Currence, an association in the Netherlands, which is set up by banks to coordinate the payment systems in the country. This is the same association, which was responsible for Chipknip and PIN.
Unsurprisingly, iDEAL is a payment processor of choice for an ever-growing number of users, as it allows them to carry out their transactions in an easy, secure, and reliable way. As a result, the number of transactions that are processed through iDEAL on an annual basis continues to grow, and in 2019 alone, it exceeded 667 million payments. The number of payments made through iDEAL since its introduction back in 2005 has already gone over 3 billion.
As for the way it functions, payments are executed using the online banking environment of your account or mobile banking apps, and iDEAL provides the gateway, which is needed in order for the transaction to go through. In this way, the preferred amount is transferred from your bank account to the bank account of the receiver right off, and most importantly, without exposing any of your banking details.
Obviously, iDEAL has a number of advantages over some of the other online banking methods available out there, which goes to explain why it has become one of the most commonly used payment methods by sports bettors and fans of casino games. The fact that gambling enthusiasts should not worry about the safety of their funds, will benefit from lightning-fast deposits, and can carry out their payments even when they are on the go undoubtedly add to the appeal of the payment method.
How iDEAL Functions
Today, iDEAL is the most widely used payment method in the Netherlands, and this is so because it is reliable, swift, and efficient. Therefore, it comes as no surprise that approximately 60% of all e-commerce transactions in the Netherlands are executed using iDEAL. Interestingly enough, the number of transactions made via overseas websites is also steadily on the rise, and back in 2019, it went over 99 million.
Payments through iDEAL are possible through protocol and a system of technical agreements between the providers of payment services as the payment method functions on the basis of SEPA Credit Transfer. The online protocol according to which iDEAL functions consists of a transaction and a status protocol. In order for sports bettors to start using iDEAL, they need to have a bank account at one of the banks the company works together with. One of the main reasons why gambling enthusiasts prefer to use iDEAL is that they are not required to link their credit or debit card to iDEAL, which is the case with digital wallets, for example.
There are a number of banks iDEAL works together with, and as it turns out, more than 98% of all online banking users can make payments through it. The role of the issuer can be played by several banks, including ABN AMRO, ASN Bank, bunq, ING, Knab, Rabobank, RegioBank, Svenska Handelsbanken, Tridos Bank, and SNS, among others.
When customers want to make a payment with iDEAL or top up their gaming account with cash, they will use their online banking or the mobile banking app of the bank where they have an account. Since the transaction is wrapped up between the bank of punters and the one of the gaming operator, sports bettors will not be prompted to expose any of their banking details in order to complete the payment. In other words, iDEAL is the intermediary between the two banks that are involved in the payment.
One of the biggest benefits of using iDEAL to load your gaming account with cash is that the transfer of funds is made in real-time. This is to say that the preferred amount will be available in the balance of punters on the spot, thus making it possible for them to go ahead with their bets without any ado.
An important thing gambling enthusiasts should keep in mind is that iDEAL makes for direct payments. This means that once the transaction is authorized, it automatically becomes irrevocable, and because of this, it is a must for punters to carefully check all details before they confirm it.
Opening an Account with iDEAL
There are several other payment processors that act as middlemen between the sportsbook and punters’ bank accounts, but gambling enthusiasts should keep in mind that while using iDEAL, the transactions will be executed in a slightly different way. All gambling enthusiasts need to do in order to make payments via iDEAL is to open an account at one of the banks we listed already.
If punters already have a bank account, they will be good to go with their payments as they will not be required to open or maintain an iDEAL account in order to use the payment processor. Gambling aficionados will be able to pay directly, given that they have access to their online or mobile banking.
Punters who prefer to bet on sports while being on the go might be pleased to hear that they will have the opportunity to use their smartphone or tablet for iDEAL payments. No matter the Internet browser of their portable device, gambling enthusiasts will be able to carry out their payments with the same ease.
Payments through iDEAL can be carried out in a walk also if gambling enthusiasts decide to make use of one of the downloadable apps. The dedicated apps make it possible to pay by scanning the unique iDEAL QR codes and can be downloaded from the App Store and Google Play.
The completion of the payments is quick and hassle-free, and what punters need to do is scan the QR code using the app and review the payment details. Please note that on some occasions, they might be allowed to change the amount. Then, they will be forwarded the page of their bank where they will be prompted to authorize the payment.
Another way in which payments can be completed is through the iDEAL links. These links are also a reliable, secure, and easy way to make payments, and iDEAL users can receive them through different online channels, like email and text messages. In order to complete the transaction, all one needs to do is follow the link and authorize the payment. Yet, punters will not be allowed to carry out their payments through such links as this option is available when paying bills or subscriptions.
If they prefer, punters might also take advantage of the scheduling option iDEAL provides. If punters see iDEAL’s logo and Inplannen right next to it, this means that they will be allowed to pick the date and the time when their transaction will be executed. Just as with regular iDEAL payments, users will be taken to their online banking page, and once they log into their account, they need to pick the account to which scheduled payment will be sent. If users have enough funds in their account, the transaction will go through on the preferred date, but otherwise, the bank might try again or reject the payment completely.
To make sure that the transaction was successfully complete, iDEAL users simply need to review their account statements, where the 16-digit transaction number will appear.
Depositing To Your Sportsbook Balance with iDEAL
iDEAL has many advantages, and one of the main reasons why punters prefer to use it to carry out gambling-related transactions is that the transfer of funds is worry-free and takes no time at all. Punters are unlikely to struggle to find a sportsbook, which responds to their requirements and accepts payments through iDEAL as the betting platforms where payments through it are facilitated are thick on the ground. Once they log into their accounts and head over to the banking page, gambling enthusiasts will be required to pick the deposit method they prefer to use.
As soon as sports bettors pick iDEAL as their desired deposit method by clicking or tapping on its icon, they will be asked to key in the amount they want to add to their gaming balance. The deposit minimums and maximums for iDEAL vary greatly between the different sportsbooks, but normally, the least amount punters will be allowed to add to their balance will be €10. If they decide to go ahead with their deposit, punters will be taken to a separate window, and when this happens, they need to pick the bank where they have an account using the drop-down menu.
When punters pick their bank from the list, they will be taken to its page where they need to use their security ID and account number to log into their online banking. Once punters have entered all details that are needed in order for the transaction to go through, they will be asked to review all information they have provided before they authorize the payment, including the amount they want to deposit, their name, the number of their bank account, as well as the reference number of the transaction. Gambling aficionados are advised to check everything carefully as once they confirm the transaction, it cannot be revoked. As soon as the payment is completed, punters will receive a notification right off.
Please keep in mind that based on the bank you are using the services of, you might also be asked to decide if you prefer to log into your online banking through an e.dentifier or through a QR code. With others, they might only be allowed to use a QR code. Another thing to keep in mind is that some banks allow their users to further strengthen the safety of their transactions through one-time codes.
No matter the steps punters will be asked to follow in order to complete their deposit, they can be sure that the preferred amount will appear in the balance of their gaming account in a matter of a few moments.
Withdrawing from Your Sportsbook Balance with iDEAL
One of the biggest downsides of iDEAL is undoubtedly the fact that the payment processor does not double as a cashout method. This might result in some inconvenience for sports bettors, for the very reason that they will need to use another payment processor when the time comes to take their winnings off the sportsbook. Most of the time, punters will need to withdraw the winnings they have amassed through bank transfer. To ensure that they will be able to cash out their winnings without a care in the world, punters are advised to get in touch with the support agents before they request a transaction.
If bank transfer is the method they need to use, gambling aficionados should bear in mind that the time required to process their withdrawal might reach up to seven days. Of course, they should not forget about the handling time of their request, which might range between 24 and 72 hours based on the betting site where they have opened an account.
Additionally, gambling enthusiasts should not forget about the verification process they need to go through before their withdrawal request is reviewed.
iDEAL Fees and Costs
Using iDEAL while betting on sports over the Internet has lots of advantages, and one of the biggest strengths of the payment processor is undoubtedly its cost-effectiveness. Punters need to know that there will not be any bank costs while handling their payments through iDEAL. That being said, they should be informed that the company, which facilitates payments through iDEAL might decide to add some extra charges to the usage of this payment processor. Remember that if the usage of iDEAL results in additional charges, the company, which facilitates payments through this processor is required to announce them before the transaction is initiated.
Because of this, before they go ahead with their payments, sports bettors are advised to look into the banking page of their bookie of choice to ensure that iDEAL payments will be cost-free. Fortunately, with most interactive sportsbooks that accept payments through this payment processor, no fees are billed, which is among the main reasons why iDEAL is so well preferred.
The only occasion when iDEAL users will be required to pay extra charges is when they request a payment through the QR codes. Whenever such a payment request is made, it will be up to the payer and the payee to decide who will pay the additional charge of €0,30.
iDEAL Security and Privacy
As we explained already, iDEAL is a payment processor, which is based on punters’ online or mobile banking, which is to say that there will be sophisticated security techniques in place. Punters can load their accounts with cash using iDEAL with the peace of mind that their funds are just as protected as if they decide to purchase goods or pay for services over the Internet through their online or mobile banking.
Handling their transactions through iDEAL means that gambling enthusiasts will be using a reliable and secure payment processor, but if they want, they can learn how to protect their funds. The Dutch Payment Association has introduced the website https://www.veiligbankieren.nl/ gambling enthusiasts should take a look at if they want to find out more about the things they can do in order to wrap up their payments in the utmost security.
What punters might like about iDEAL is that they will be prevented from executing the same transaction again. Users of the payment processor should not worry if they decide to pay with QR codes or use a payment request as these options are not less secure.
While moving funds to their account through iDEAL, gambling enthusiasts will not be prompted to enter any of their banking details to complete the transaction. When punters pick iDEAL as their desired deposit method and enter the amount they want to add to their balance, they will not be asked to enter their banking details in the sportsbook’s cashier. The transaction is wrapped up between punters and their bank, which is to say that in practice, no sensitive information will be laid bare to the operator. In addition to this, some banks allow their customers to strengthen the safety of their transactions through two-factor authentication.
Of course, while looking for an iDEAL-friendly sports betting platform, punters should also pay attention to the safety measures the operator employs in order to keep the funds and the sensitive information of its users secure against the actions of fraudsters.
Advantages of iDEAL
Adding funds to your gaming account via iDEAL has many benefits, which goes to explain why the payment processor becomes even more extensively used. The primary cause for the ever-growing popularity of this payment processor is that transactions through it take no time to complete. Once gambling aficionados authorize the transaction, the amount will be instantly added to their bankroll, and they will be completely ready to start placing real-money bets on the sports and events they want.
The ease of use of the payment processor is yet another major benefit iDEAL has. Gambling enthusiasts are not required to open an account and top it up with cash before they can start making payments.
Aside from that, iDEAL is up to scratch when it comes to safety. While betting on sports over the Internet, gambling enthusiasts want to be absolutely certain that their funds will be properly protected, and this payment processor undoubtedly provides them with the desired peace of mind.
Payments through iDEAL are wrapped up in the utmost safety simply because the sportsbook is in no way involved in the transaction. Instead, all payments will be handled between the bank of punters and the bank of the gaming operator. Punters can rest assured that their banking details cannot be misused as while utilizing iDEAL, they will avoid the need to expose their banking details.
Speaking of security, we should also mention that transactions are executed using all standards and security techniques of a standard bank transfer as in practice, punters will use the online or mobile banking environment of their bank. The fact that they are not required to link their credit or debit card to iDEAL also makes many sports bettors consider it as a deposit option.
The great accessibility of the payment method is also worth mentioning as the betting sites that process payments through it are undoubtedly not one or two. Thus, if they prefer to handle their payments precisely through iDEAL, gambling enthusiasts will not have a hard time discovering a sports betting platform, which is up to par.
While using iDEAL, punters can decide between lots of different ways to carry out their payments. Based on their preferences, gambling enthusiasts can handle their transactions using one of the dedicated apps, through QR codes, or using payment links. For better convenience, they can also take advantage of the scheduling option iDEAL introduced a short while back.
Lastly, iDEAL is exceptionally affordable to be used not only when making gambling-related transactions but also when purchasing goods or paying for services. The lion’s share of the gaming operators guarantees that there are no added costs to deposits carried out via iDEAL. What punters are advised to check, however, is whether there are additional charges on the side of their bank.
Disadvantages of iDEAL
Even though iDEAL has so many strong suits and ticks all the right boxes in terms of safety, processing times, and availability, among others, the payment processor has several shortcomings that should be addressed.
Perhaps, the biggest issue punters will face when handling their payments through iDEAL is that they cannot resort to it when they want to take their winnings off their sportsbook of choice. Most of the time, gambling enthusiasts will need to withdraw their winnings through bank transfer, but some bookies might give them a choice from other payment processors. No matter the case, punters might be ill at ease when using a different payment method from the one they used to top up their account.
Another disadvantage of iDEAL is that punters can use it only if they have an account at one of the Dutch banks the company cooperates with. This is to say that iDEAL can only be employed by gambling enthusiasts from the Netherlands, which is a major setback. Speaking of this, sports bettors should also bear in mind that the only currency in which they will be allowed to handle their payments is EUR. Thus, if their sports betting platform of choice does not process payments in this currency, punters will face a conversion fee.
Lastly, deposits made through iDEAL cannot be reversed. As we said earlier, once gambling enthusiasts confirm the transaction, it will be wrapped up right off and cannot be canceled.
Even though it is oriented towards the Dutch market, iDEAL is one of the most frequently used deposit methods by sports bettors. The payment processor is exceptionally convenient and offers high levels of security, which makes many punters resort to it. Its cost-effectiveness and lightning-fast processing times further add to its appeal, especially when one intends to use it for gambling-related transactions. Yet, iDEAL has several weaknesses, and its biggest disadvantages are that it cannot be used for cashouts and that it is only available to Dutch punters.