Most casino players in the UK may not know much about Sofort. However, most German and Austrian customers are well aware of this fintech firm as it is quite popular among users in central Europe. And on this page, we will be explaining how Sofort works and whether or not it is a good fit for your online casino payment needs.
Sofort is, in essence, an online payment processor that verifies and handles transactions between the banks and merchants that have partnered with the company.
Based on this, one might think of Sofort as a sort of wire transfer method; this is similar, but not exactly the same. Financial institutions must join the Sofort network even if it is based on internet banking. As a result, Sofort acts as a go-between for a network of online banks that has agreed to share funds. This provides a virtually immediate, hassle-free way to transfer funds or make a payment because of the infrastructure that is in place. However, Sofort's network includes just a small number of banks, most of which are located in Germany and Austria.
Sofort isn't exactly like an e-wallet either. Customers using e-wallets like PayPal and Neteller must deposit money into their accounts or set up automatic withdrawals from their bank accounts or credit cards each time they make a transaction. Sofort sees these as unnecessary detours, which is why they've done away with all of it in favour of a simple transaction method that only requires a simple verification process.
It doesn't take long for clients who use Sofort as their preferred means of payment on an online casino to complete their transactions.
Select Sofort as your transaction method and you will be sent to a secure payment form on the Sofort website. A Sofort partner bank's information, such as the sort code and confirmation code, are all you need to authorize the transfer.
Encryption ensures that all of your personal information is transmitted in a safe manner. The receiving online casino will get a confirmation of the fund transfer as soon as the transaction has been recorded.
For one, Sofort's very fast transaction times with partnered banks make them very appealing to online casino players. You don't have to register, create new usernames and passwords, or re-enter your financial information because you aren't creating a virtual e-wallet account per se.
With the confirmation code, Sofort also offers a two-step authorization process. This means that your personal data are safer than when you use a credit card or an E-Wallet, like PayPal, to make payments.
When an online casino supports Sofort as a form of payment, it is a great option for German and Austrian customers. It's safe and easy to use, and there's little to no downtime. Unfortunately, online casino players in the UK may not be able to utilize Sofort since your bank may not be participating; as of now, only a few German and Austrian banks are actually partnered with Sofort.