Baloto electronico is a cash payment method that is based in Colombia, offered by Pagos online. It is based on obtaining vouchers and then using the voucher codes to deposit money into the player’s online casino account. It is a somewhat unique payment method that is only available to those physically living in Colombia. There are about 10,000 terminals in 450 cities around Colombia. They are found in drug stores, grocery stores, chain stores, and other shops. This payment method is very popular in Colombia, with over 800,000 transactions per day. Some of the terminals allow users to transfer money directly to the gaming sites instead of having to wait for the extra step of processing through the retailer. Users can also pay for other services like utility companies, phone services, and tax authorities.
It is a great option for those who do not want to share their financial information with third parties or do not have access to a bank account, debit card, or credit card. This process allows the player to pay the Baloto retailer in cash if they would like, which is very unusual for most payment methods. However, this is also one of the most time-consuming payment methods because some online casinos will wait until the voucher is paid before they make a deposit to the online casino.
How to deposit with Baloto?
To use this payment method, the user must first find a casino that accepts Baloto as a payment method. Then, go to the cashier page on the online casino’s website. Once the player is on that page, he or she only needs to enter the amount that they wish to deposit. The following page will present a transaction summary for the deposit. Approve the summary if it is correct. After approval, the player is taken to the Pagos Online Baloto landing page. The page will provide two payment codes, and they will let the player know when the payment number will be activated. There are only four activation periods per day, and the deposit will not be accepted at the online casino until the payment code is activated. So, it may take several hours for the deposit to successfully go through to the online casino.
Players should retain their codes so they can present those codes to the Baloto payment outlet. Once the player has provided the retailer with this code, then they must pay the exact amount of the voucher. Usually, the online casino will wait until the voucher is paid before depositing any money in the online account. Some online casinos will use Envoy with this process as well, particularly for international transactions. Some casinos will deposit the funds immediately and simply require that the voucher be paid within five days.
Advantages of Baloto
If the player is worried about sharing his or her financial information with the online casino, then this payment method offers a great way to avoid that. It also helps the gamer limit their gambling funds if that is their goal because they must physically pay for the services instead of having them processed online. It is also a great option for those who do not have a bank account or payment card. The fact that there are many terminals throughout Colombia is also helpful. Of course, it is also an added bonus that users can pay other bills at these terminals as well.
Disadvantages of Baloto
One of the major disadvantages for this payment method is that it is only available to those who physically live in Columbia. The extra processing time can be annoying as well. When a player has to physically give retailer cash, then that will almost always take more time than just entering a credit card or bank account information directly into the online casino. Although processing time varies depending on the online casino, chances are that the user has to pause gameplay action to be sure that this payment method goes through properly. Keeping track of the payment codes and making sure that the vouchers get paid can be a difficult process as well. It helps that there are terminals that directly connect to some casinos, but there are likely some casinos that are not connected in this way.
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