Online Trade Aiding European Businesses during COVID-19

Online Trade

After appearing in world news headlines in January 2020, COVID-19 went global by March. While some countries were quicker to act than others, the majority of nations have now imposed some form of lockdown to limit the spread of Coronavirus. Stadiums are empty, restaurant tables aren’t filled, and people now use online casino sites instead of real-world casinos.

The European business community always finds a way to innovate and online trade has proven vital in the pandemic. With vaccines causing controversy and solutions to Corona virus lacking, lockdowns are a way of life now. In the case of casino operators, it has even helped to close their doors and focus on casino websites instead.

Fast Online Casino Withdrawals

With casino players going online, there are new challenges to address, including finding sites that allow you to withdraw as soon as you win. However, a fast withdrawal will only be possible if you use a rapid payment method at your preferred online casino site. Just below, you can consult some of the quickest payment methods that are accepted by casino sites, that are also now available at many online retailers:

  • eWallets

Everyone has to know PayPal, which is one of the most widely accepted eWallet among online casinos. However, there are other worthy names, featuring the likes of Skrill and Neteller. Ultimately, eWallets can be the quickest payment methods, based on their ability to trigger instant transactions;

  • Cryptocurrency

Credit cards and bank transfers are notoriously slow and can require multiple business days before winnings are provided. In contrast, you could request payment within approximately 12 minutes via Bitcoin or Ethereum;

  • Fast Bank Transfer

At some casinos, there are specialised services that can facilitate the rapid transfer of winnings via bank transfers. This is infinitely preferable to waiting up to a week for winnings.

One word of advice, however, is to always confirm that your account has been verified. In Europe, online casino operators are beholden to impose Know Your Consumer (KYC) checks and adhere to GDPR standards relating to data protection and management. This means that an instant withdrawal will be impossible unless your account has been verified. Quite simply, this is achieved by proving your identity with the casino.

Understanding Online Casino Bonus Terms

To guard against abuse and misuse, online casinos use terms and conditions (T&Cs) to ensure that both the operator and the player can benefit. With T&Cs playing a fundamental role in the gaming experience, it can pay to understand more about bonus terms. By taking the time to understand online casino bonus terms, you can claim the best offers, avoid the bad ones, and use your bonuses to achieve the maximum level of effectiveness. You can start by learning about the T&Cs below:

  • Minimum/maximum deposit

Okay, so the percentage and maximum bonus look enticing. However, you need to know the minimum deposit to be eligible. Alternatively, a high roller will want to know the maximum deposit that can be leveraged to claim a bonus. Depositing above the maximum makes no sense when the funds could be held back for a future bonus;

  • Wagering requirements

The term “wagering requirements” can fill online casino players with dread. However, you shouldn’t be afraid. You just need to remember to confirm the wagering requirements for any bonus that you want to claim. Anything around 40x wagering requirements is a reasonable level;

  • Eligible & weighted games

You could find in the T&Cs that certain table games or progressive jackpots are excluded from being played with a bonus. Also, there can be varying weightings when it comes to playing certain game categories with a bonus. As an example, a blackjack table might only count 10% against the wagering requirements while video slots are usually 100%. Quite simply, a lower weighting will also down the wagering process;

  • Minimum/maximum withdrawals

Let’s say that you have $10 in winnings after beating the wagering requirements. However, you could find that the casino doesn’t let you withdraw anything below $20. Similarly, there can restrictions on the maximum winnings that can be generated from bonuses. Knowing the T&Cs in advance will let you sidestep disappointment;

  • Excluded payment methods

Unfortunately, some casinos will choose to exclude specified payment methods from the eligibility of receiving a bonus. As a tip, watch out for deposits that are made via Skrill or Neteller.

EU Attempts to Stimulate Recovery

The EU has acted quickly to draft plans that are designed to support the economy and residents of member states. More than €3.7 billion has been earmarked to support EU businesses and citizens. Plans have been made to support businesses, secure jobs, aid the recovery of tourism, and protect digital assets.

Despite the bullish plans of the EU, a winter of lockdowns has impacted the economies of member states. Having opened up economies in the autumn, EU states registered a record-setting 12.7% increase in the gross domestic product (GDP). However, the figure must be viewed in the context of economic activity being suppressed in the months leading up to the fourth quarter of 2020.

Payment Challenges

With trade rising among online consumers, fresh challenges are facing EU businesses. Naturally, payments play a pivotal role because the consumer needs to pay if they want to purchase a good or service from an online business. Understandably, there’s an added sense of complexity when comparing online payments to traditionally visiting a shop.

Unfortunately, online transactions can fall victim to cybercriminals, which is why EU businesses now utilize encryption to protect their platforms from external threats. However, consumers can also be preyed upon by cybercriminals who want to obtain their credit card or payment credentials. With credit cards subject to 3-D Secure and two-factor authentication, online businesses are now struggling to implement Strong Customer Authentication (SCA), as required by the EU.

Asia Introduces Europe to “Shoppertainment”

In Asia, the term “Shoppertainment” has been coined by AliExpress to describe the combination of shopping and entertainment. After emerging in China, this trend has been born from integrating elements of shopping, lifestyle, and engagement, with the retailers creating digital experiences that are fuelled by videos, images, and live streaming events.

Shopping in the EU has adjusted to lockdown living by transitioning more to the online industry. However, the act of shopping online is yet to be revolutionised, with users reading reviews, comparing prices, and looking for sales as normal. Moving forward, AliExpress wants to show the EU that customers can have better experiences and learn more about potential products by engaging with shopping-based experiences.

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